Murrells Inlet Home Sales Increase in July

The number of single family homes sold in Murrells Inlet have increased just over 28% when compared to July of 2010 and appears to support an increase in home sales in the Murrells Inlet area as has been the case in many local market areas.  The bad news is that the sale price of homes in Murrells Inlet have declined 17.4% over sale prices in July 2010 with the average sale price of $222,473 compared to $269,353 in July 2010.

The single family inventory has over 500 homes currently listed for sale at this time and marketing time remains high as a result of slowed demand for homes coupled with overpriced listings in some Murrells Inlet neighborhoods.  The REO inventory remains low in the area as does short sale activity which accounted for only 14.3% of sales in July.  There were 166 new listings in Murrells Inlet in the last 3 months and buyers have plenty of choices in the market area.

This is a broad overview of Murrells Inlet single family homes sales for the month of July 2011.  If you would like a more in depth analysis of what your home is worth in todays market please contact us for assistance. Copyright©2011 Sandra Bundy, Broker-in-Charge, B&P, Inc.  Serving the Pee Dee and Grand Strand of South Carolina.

 

A Short Sale Success Story

Yesterday marked the end of my short sale journey with a family I had met over a year ago that was struggling financially when we closed the sale of the home they had owned for over 20 years. The fact that they allowed me to help was more about them wanting to do what was right for their situation and less about the fear I find with so many people I meet who are in over their heads financially.

It all started when I knocked on their door and told them their lender had sent me to offer assistance because they were getting behind on their mortgage payments. I’ve done it hundreds of times as a home retention consultant and this family unlike many who shut me out actually listened when I talked to them about alternatives to foreclosure that might work for them. No the first option was not a short sale as we originally started out working on a loan modification but they soon realized when the modification was approved they would not be able to keep up due to job loss and medical issues.

What this family realized was that even with a loan modification they would continue to struggle with making their mortgage payments and at the end of the day selling the home they had built was the best decision. I listed the home for sale while the market took a dive with values falling 50% over the course of my listing. During this time there were documents this family had to provide to their lender and the hardship letter they lived daily that they had to write so we could get short sale approval.

Yesterday when I spoke with the homeowner as they were removing the final boxes from the home that had once been filled with all things precious they said they felt relief because the weight had lifted and they could move on without the heavy burden. They like so many others would be moving in with family until they can get back on their feet and it is very likely that in a few years with new jobs and better health they will buy another home and because they avoided foreclosure with a short sale they certainly should be able to do just that.

During this process they told me the best thing the bank had done was send me to help as they were getting ready to give up before I knocked on their door. I didn’t expect to hear such praise from this family facing foreclosure and not knowing if an offer would come to make the short sale possible. Thankfully it did but the real thanks goes to this family because with all the difficulties and paperwork necessary to complete the short sale they never once complained and always provided everything requested and that is what it takes to have a short sale success story. Copyright©2011 Sandra Bundy, Broker-in-Charge, B&P, Inc. Serving the Pee Dee and Grand Strand of South Carolina.

If you are struggling with making your mortgage payments and need help you can contact me at 843-902-7615 for information and resources available.

Living in Murrells Inlet without breaking your budget

Murrells Inlet Marshwalk

Murrells Inlet Marshwalk

Murrells Inlet has become a must do day trip for vacationers that visit Myrtle Beach and the Grand Strand every year and a top destination for locals too.   From the famous ‘Seafood Capital’  with a handful of restaurants Murrells Inlet has become a top pick for nighly dining and entertainment or just a stroll down the Marshwalk.  If you look at any popular location you will find common attributes and most of the time higher pricing but it is possible to live in Murrells Inlet without breaking your home buying budget. 

Savvy real estate investors are looking at Murrells Inlet homes along with second home buyers because of the wonderful free amenities that exist in the area.  You can launch your boat in the inlet or the river with boat access within just over a mile or for golf lovers Murrells Inlet will not disappoint.  Add the bike path, Marshwalk and Waccamaw Community Hospital along with plenty of dining and shopping and you have a winning combination for location.   Sleepy no more this fishing village has arrived and is a welcome place to call home.

Even in these tough times homes that are priced correctly continue to sell and it is doubtful prices will go much lower in the sought after community.  This is especially true in Murrells Inlet with the great amenities and affordable prices we now have in the area.  Just today I spotted a brick home within walking distance to the creek listed at $120k. Yes it needs work but the point is the price is fantastic and it may very well be under contract by tomorrow.   Living in Murrells Inlet without breaking your budget is possible and if you are interested in Murrells Inlet homes contact me for help in finding your Murrells Inlet home.  Copyright©2011 Sandra Bundy, Broker-in-Charge, B&P, Inc.  Serving the Pee Dee and Grand Strand of South Carolina.

The saga of the overpriced listing

As I was checking the status of Murrells Inlet home sales for June to see how this month might play out I ran across a whopping 52% list to sale value for a couple of Garden City Beach homes and discovered the saga of the overpriced listing. It is no wonder that both the recent sales were on the market an average of 643 days I mean when a listing is overpriced you should expect higher marketing times.

One thing for sure about Murrells Inlet home prices is that overpriced listings linger on the market longer than most. These days homes are selling at a much slower pace than the good old days only a few short years ago. Back then a seller could throw out a price and the appreciating market was sure to catch up. Not anymore and likely not ever again as we have learned the true value in a home is more deeply tied to what is happening to our neighbors and if they are going to foreclosure then there goes our homes value.

You would expect both of the Murrells Inlet properties to chase a falling market and both certainly did selling at just over half the original list price. One sale was under contract 63 days after the final price reduction and the second home went under contract the same day it was reduced a sure sign that overpriced listings are rejected by buyers in todays market.

While sellers have an idea of what they would like to sell their home for a good agent will help sellers to understand that the market sets the price. In the case of overpricing listings sellers can expect that their property will be spending more time on the market and will not sell until it is priced correctly.

It is our goal to help avoid overpriced listings even if that means not getting the business. For me the saga of the overpriced listing is one I would rather not have as in this or any market proper pricing is key to selling Murrells Inlet homes. Copyright©2011 Sandra Bundy, Broker-in-Charge, B&P, Inc. Serving the Pee Dee and Grand Strand of South Carolina.

Murrells Inlet Home Sales for May 2011

With only 1 foreclosure sale for the month of May sale prices in Murrells Inlet appeared to trend upward a slight 1.4% over May 2010. More remarkable is the number of single family homes sold dropped 46% over May 2010 with only 28 units sold last month. While the average sale price for homes in Murrells Inlet for May was $222,059, marketing time showed little significant change over last year averaging 157 days. The sale price trend for single family homes is also up 6.5% from April’s average sale price of $208,396.

Arriving at these figures was a bit of a challenge given the errors in the MLS for some locations and the changes in the MLS as far as how they classify Murrells Inlet homes. All Garden City Beach homes were eliminated from the data because they are not Murrells Inlet although several were entered that way in the MLS. Had these not been removed the year over year data showed over $67,000 loss in value for Murrells Inlet homes and that just doesn’t appear to be the case.

Copyright©2011 Sandra Bundy, Broker-in-Charge, B&P, Inc. Serving the Pee Dee and Grand Strand of South Carolina.