Myrtle Beach leads the Grand Strand in Short Sale Listings

Short Sales

While Horry County ranks third highest for foreclosures in South Carolina a positive sign in the real estate market can be attributed to the increase in short sale listings along the Grand Strand.  Short sales are far better than foreclosures for struggling homeowners and neighboring property owners.  Currently Myrtle Beach leads the Grand Strand in Short Sale listings with 191 single family homes offer as short sales versus 94 bank owned properties.

Murrells Inlet has 37 short sale listings and 22 REO of 526 single family listings while Pawleys Island only has 3 REO listings and 16 short sales.  Georgetown has 20 REO listings and 17 short sales of 253 listings.  Currently there are 279 REO listings in the CCAR MLS while there are 461 Short Sale listings and buyers also understand that short sales are a good alternative to foreclosed homes as they are often in much better condition.

The short sale trend is likely to continue as homeowners become more educated about the benefits of working with their bank to sell their homes instead of letting the home go to foreclosure.  A short sale has much less negative impacts on credit scores than in the past and homeowners are also coming to realize that foreclosures can hurt them tremendously especially where employment is concerned since employers are turning to credit scores when making hiring and promotion decisions.

Short sale processes have been streamlined by banks and the real estate community is more educated in how to serve their clients that need to sell their home when they owe more than it is worth.  If you or someone you know is having difficulty making mortgage payments and need to sale your home contact us for more information on how a short sale might be of benefit.

Copyright©2012 Sandra Bundy, Broker-in-Charge, B&P, Inc.  Serving the Pee Dee and Grand Strand of South Carolina.

Grand Strand Area Short Sales to Rise in 2012

Short Sale Listing in Myrtle Beach

According to the non-profit counseling agency CredAbility South Carolina ranks 9th in household distress with the overall distress at 63.9% for the third quarter of 2011.  Not surprising when the unemployment rate in SC for September at 11% ranking 5th highest in the US.  Homeowners that want to sell their home in this tough climate are more likely than not to owe more than their home is worth especially if they made their purchase during the housing boom in the Myrtle Beach area.  With no housing recovery in sight short sales along the Grand Strand are likely to rise next year.

In some of Myrtle Beaches newest neighborhoods sale prices declined 23% this past year and while real estate prices might appear to be holding steady for now any increase in foreclosures could have negative impacts on home values.   In May of this year the halt of foreclosures on owner occupied homes slowed down foreclosures but as work out options are exhausted foreclosures could increase.  Horry County already ranks among the highest in foreclosures in South Carolina.  A better option for Myrtle Beach area homeowners facing foreclosure is to consider a short sale.  Not only would a short sale help neighborhood home prices but it also allows homeowners to remain in control of the sale and move on.

Homeowners often overlook the option of short sales even if they have not experienced financial hardships however a short sale might be a good option especially where the owner needs to sale the property in a timely manner.   Increasing inventory and higher marketing time are evident in many neighborhoods and short sales could outpace foreclosures in the coming months which would certainly mean a winning outcome for area home prices in the Myrtle Beach area.  Copyright©2011 Sandra Bundy, Broker-in-Charge, B&P, Inc.  Serving the Pee Dee and Grand Strand of South Carolina.

If you would like a confidential consultation on a short sale of your home contact Sandra Bundy for more information.

Is it Time to Change your Home Buying Strategy?

There is no doubt that it is a buyers market in Murrells Inlet and the surrounding communities of Myrtle Beach and Pawleys Island. Just today as I checked out the active home listing inventory there are no less than 1800 single family homes for sale and when you count all areas along the Grand Strand that number goes up to over 4000. These numbers don’t include condo units or other home choices available in the Myrtle Beach real estate market. Given all the choices home buyers have in today’s real estate market is it time to change your home buying strategy?

Home Buying Strategy – Start Home Search Online

Looking at homes usually starts online for most buyers and it is a useful resource.  While a majority of home buyers start their search for homes on the internet the hidden gem of a home in Murrells Inlet is well known by local REALTORS® and unless you are very familiar with all the neighborhoods on the Grand Strand your online search won’t alert you like your Myrtle Beach area neighborhood expert can.

Better Home Buying Strategy – Search Online for a REALTOR®

SC agency relationships when buying real estate offer 2 choices for buyers with the choice of customer or client level services.  The listings you are viewing online are made possible because the seller has hired a REALTOR® to represent their interests in selling their home.  As a buyer of real estate in SC you have the choice of also being represented by a Buyer’s Agent who will promote and protect your best interest too.  Don’t overlook this valuable service available to you when you are purchasing a home in South Carolina.

Home Buying Strategy – Getting Pre-Qualified for a home loan

Contacting a lender should be at the top of your priority list when you are ready to make a home purchase and lenders are more than happy to assist you with your financing options.  Getting pre-qualified is a great starting point and a must for any home buyer.

Better Home Buying Strategy – Get Pre-Approved for a home loan

Today’s real estate bargains in Murrells Inlet and along the Grand Strand can and do go into multiple offer situations especially well priced homes in good condition.  In addition Myrtle Beach foreclosures are a favorite among deal seekers and a pre-approval is the only way you might get your foot in the door.  Ask your lender to take the steps necessary to provide you with a pre-approval so you don’t miss out on the Murrells Inlet home you want to purchase.  While cash buyers could win out on REO bargins that is not always the case and if you are looking at homes in need of repairs a 203k loan is a must.

Home Buying Strategy – Looking for Foreclosure Bargains

Myrtle Beach foreclosures are a popular target of area home buyers and many are certainly deals when compared to competing properties for sale in Grand Strand area neighborhoods.  Bank owned properties have made up approximately 20% of single family home sales in Myrtle Beach neighborhoods over the last year.  Inventory of foreclosure listings in Murrells Inlet, Pawleys Island and Myrtle Beach make up approximately 2.4% of active single family listings.

Better Home Buying Strategy – Check out Short Sales

Home prices in some areas of the Grand Strand continue to be listed above market value as sellers resist getting real about proper pricing in today’s real estate climate.  REO inventory accounts for only 2.7% of active single family home listings in Myrtle Beach but if you are looking for home bargains considering a short sale listing could be a smart move.  With over 11% of Myrtle Beach homes listed as short sales they offer more choices and are priced at market value.  In addition short sale processing has been streamlined by most major lenders and closing timeframes have been shortened making them a viable option for home buyers in the Myrtle Beach area.

If you have questions about buying or selling a home in Murrells Inlet, Myrtle Beach or the Pawleys Island area contact us for more information on how we can assist you with your next real estate transaction.  Copyright©2011 Sandra Bundy, Broker-in-Charge, B&P, Inc.  Serving the Pee Dee and Grand Strand of South Carolina.

REALTOR® is a federally registered collective membership mark which identifies a real estate professional who is a Member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics.