South Carolina's Largest Garage Sale, September 7, 2013

The Myrtle Beach Convention Center will hold South Carolina's Largest Garage Sale on September 7, 2013, from 7 am to 2 pm.  

Now in its 25th year, hundreds of vendors , admission is free, parking $3.

Grand Strand Economic Quarterly Report 2nd Quarter 2013

SiteTech Systems has released their Grand Strand Economic Quarterly Report for the 2^nd Quarter of 2013 showing general improvement in the local economy.  Employment is up, unemployment is down, tourism is up, and the number of single family houses sold is up as is the median selling price while condos haven’t fared so well.  They state: “Overall, the region continues on a path of modest recovery.”

Read the full report at: http://www.sitetechsystems.com/Grand_Strand_EQR.pdf

Myrtle Beach Real Estate Market Report for July 2013

Good news for the Grand Strand Real Estate Market

In July, Single Family Residential Sales were up 12.5% compared to 2012; year to date, SFR sales are up 20.1% from 2012. In addition to these strong sales numbers, prices are up as well, the median sales price was $177,836 up 4.94% over last July and 4.77% year to date.  Inventories of homes for sale continued to decline, but are still up 4.45% from last year, but the good news for sellers is the distressed inventory (houses in foreclosure) is down 32.6% below last year—taking some downward pressure off prices.

Condos sales are up 17% compared to last July and 7.6% year to date. The median condo sale price is $110,000, up 16.4% over last July and up 2.6% year to date.  Condo inventory is down 8.43% and the distressed inventory down a whopping 43.7%.

What do all these numbers mean to the average seller or buyer?  For sellers, it’s looking better and if you’ve priced your house with the market, stick with your price.  For buyers, it’s no longer the time to make unrealistically low offers as sellers are seeing multiple offers for well-priced homes.

This data is based on research by Site Tech Systems; read their full report at: 

http://www.sitetechsystems.com/Grand_Strand_Market_Report.pdf

Myrtle Beach Mortgage Rates for August 12, 2013

Mortgage Rates for August 12, 2013 by one Grand Strand Lender:

30 yr fixed 4.50% purchase;   4.50% refinance

20 yr fixed 4.125% purchase; 4.25% refinance

15 yr fixed 3.50% purchase;   3.625% refinance

10 yr fixed 3.375% purchase; 3.50% refinance  

While up a little from months past, they still represent a historic opportunity to lock in a low rate.

Myrtle Beach Real Estate Market for June 2013

In June Single Family homes continued strong with the number of sales year to date up 19.2% from 2012 with the median sales price up 6.72% YTD.

However, inventories are up almost 7% from last year and mortgage interest rates are slowly climbing higher; these factors will keep the number of sales and further price gains under pressure, but off setting this is the number of distressed properties (foreclosed, etc.) which is down 33.8% from last year.

Condos show smaller gains with the number of sales up 4.8% year to date and the median sales price about the same; distressed properties are down sharply, 43.7% from last year, potentially good news for sellers. Condos remain difficult to finance with about 61% being cash sales compared with about 26% for single family homes.

The complete market report compiled by SiteTech Systems can be found at:

http://www.sitetechsystems.com/Grand_Strand_Market_Report.pdf

Current Mortgage Interest Rates

Here are the current rates from one local lender:

30 yr fixed 4.375% purchase; 4.625% refinance

20 yr fixed 4.125% purchase; 4.25% refinance

15 yr fixed 3.50% purchase; 3.625% refinance

10 yr fixed 3.375% purchase; 3.625% refinance

Existing Home Sales Nationwide

The National Association of Realtors has just published an article about existing home sales which shows strong gains across the country. Here's the link:

http://economistsoutlook.blogs.realtor.org/2013/06/28/existing-home-sales-by-price-category/

U S Home Prices Continue to Climb

Home Prices Post Biggest Jump in 7 Years

Home prices are moving up at a quicker pace, rising in May by their largest annual amount in more than seven years with more to come, according to the latest report released by CoreLogic. 

Home prices increased 2.6 percent in May over April and have shot up 12.2 percent compared to last year’s prices according to CoreLogic economists who predict that home prices will rise by another 2.9 percent in June, making the yearly price gain 13.2 percent year-over-year. 

Tight inventories of homes for sale across the nation seem to be the driving factor with pent up demand and low interest rates adding to the action.   

When including distressed sales, the following five states have seen the highest home appreciation in the past year, according to CoreLogic:

• Nevada: +26%
• California: +20.2%
• Arizona: +16.9%
• Hawaii: +16.1%
• Oregon: +15.5%

What are home prices doing in the Grand Strand?  Check SiteTech Systems latest report at:http://www.sitetechsystems.com/Grand_Strand_Market_Report.pdf

Pictures from the Memorial Day Parade

April Home Prices See Biggest Yearly Gain in 7 Years

Nationwide, the housing recovery has picked up speed and many parts of the country are seeing a return of multiple offers, house flippers (gasp!) and a tight supply of available homes.

CoreLogic's home price index rose 12.1 percent in April over year ago levels--a huge rise that is not sustainable--they predict a 2.7 percent rise in May when that data is available.

These states has the largest price gains over the past year, but remember, they're among those that fell the most:
Nevada up 24.6%, California up 19.4%, Arizona up 17.3%, Hawaii up 17% and Oregon up 15.5% 

Most of these states have a long way to go to get back to pre housing bust levels. (Remember the math: if a property fell 50%, it has to go up 100% to get back to where it started.)

In the Grand Strand, prices and sales are up more modestly, which is good.  The May report from SiteTech Systems can be found at: SitetechSystem's Grand Strand Market Report for May 2013.

Why is it good we're up more modestly?  Easy, let's learn from recent history; a slow steady improvement in our market is a whole lot better than disruptive large fluctuations.  April's 12.1% national increase is not sustainable and if I'm wrong and it is: What's that called?  A bubble; been there, done that, don't want to do it again! 

Current Mortgage Interest Rates

Current interest rates for Grand Strand mortgages:

30 yr fixed 4.125% purchase; 4.375% refinance

20 yr fixed 3.875% purchase; 4.125% refinance

15 yr fixed 3.25% purchase; 3.50% refinance

10 yr fixed 3.125% purchase; 3.50% refinance

Grand Strand Market Report for May 2013

The residential real estate market continues to improve, for both single family homes and
condos.  Here is the summary from SiteTech Systems:

"After a strong start in 2013, Single Family Residential (SFR) sales continued its
momentum as May’s performance was the best May since 2006. During May,
SFR sales topped 473 homes which is an 18.3% improvement from 2012 and a
47.4% improvement from 2011. May’s performance was the best single month
of sales since June 2006. Year-to-date (YTD), SFR sales are up 21.1% from 2012
levels. In addition to strong SFR sales, the median sales price of SFRs was
$190,000, the best monthly performance since Q3 2010. The improvement in
sales price was driven by fewer distressed sales. YTD, the median sales price is
up 5.03% for the year. As SFR sales continue to grow, more homes are coming
back onto the market. During May, the inventory of home for sales continued
its seasonal rise and is up 5.6% from prior year levels. It is anticipated that the
inventory has peaked and will begin its seasonal decline in June. Offsetting the
growth in SFR inventory, the inventory of distressed homes for sale continued
to decline and is now 31.1% below its prior year level. For condos, the
inventory continues it slow decline and the current inventory is down 10.8%
from May 2012 and distressed inventory is sharply down 39.3% over the last
year. During May, condo sales declined slightly from 2012 and remain up 6.8%
for the full year. The median sales price for condo rebounded in May to
$110,500. This improvement was driven by fewer distressed sales. YTD, the
median sales price of condos remains flat to 2012 levels at
$105,000. Residential lot sales rebounded in May and full year sales are in line
with 2012 performance. Similar to SFR and condos, the median sales price of
residential lots improved in May and the YTD sales price is now up 17.8% from
2012."

Read the entire report at:
Grand_Strand_Market_Report May 2013

Should You Get a Reverse Mortgage?

You can't turn on the TV these days without seeing some worn out actor or former politician pitching reverse mortgages as if they they are a great deal for seniors. Well, maybe.

Some big lenders have pulled out of the reverse mortgage business--Wells Fargo and Bank of American, but plenty of other lenders remain, so if you want one, you'll have no trouble finding a lender.  Why? Because they are highly profitable for the lender, but perhaps not such a good deal for the borrower; they have steep up front fees.

Only get one if you:

• Have equity in your home and no way of paying your bills other than selling your home and living on the proceeds
• Can pay the property taxes and home owners insurance bills from now until you die with or without the money you're getting from the reverse mortgage.

With a reverse mortgage, only available to those 62 years young, you get to cash out most of your equity and keep your house.  The bank pays you the value of your house either in a lump sum or fixed monthly payments both of which are based on formulae taking into account your home's current value, current interest rates and your age.

Since you don't pay back a reverse mortgage, you don't have to prove income--the reverse mortgage is your future income.  If you take the lump sum and spend it, you get to stay until you die, but if you don't pay your property taxes the bank will and then they'll foreclose.  If you don't pay your insurance, the bank will buy a policy for you and expect you to pay for it, but if you can't, the bank will seek permission from HUD to foreclose.

So before you sign up for a reverse mortgage, make sure you'll be able to pay your property taxes and insurance in the future and allow for inflation, as they always go up, not down.  Here, along the South Carolina coast, expect substantial increase in windstorm and flood insurance.

A reverse mortgage can be a blessing if your retirement income isn't enough, just be sure you can always pay your taxes and insurance no matter what.

Georgetown & Pawleys Island Benefit Golf Tournament

The Georgetown/Pawleys Island Elks Lodge #900 is sponsoring a Benefit Golf Tournament for the Smith Clinic of Pawleys Island organized by the Heritage Plantation Golf Club on July 20th.  Start time 8:30AM, $60 per person.  Call 843-235-9435 or 843-455-8496 to reserve your place.

The Smith Medical Clinic, Pawleys Island at Baskerville is an outreach of Holy Cross Faith Memorial Episcopal Church and exists to meet the medical needs, free of charge, of indigent individuals and families in Georgetown County.

Current Mortgage Rates for Grand Strand Borrowers

Here's what one local lender is offering, but always shop around:

30yr fixed 4.125% purchase; 4.375% refinance

20 yr fixed 3.875% purchase; 4.125% refinance

15 yr fixed 3.25% purchase; 3.50% refinance

10 yr fixed 3.00% purchase; 3.25% refinance

Mortgage Interest Rates Move Higher

According to the Mortgage Bankers Association, for the week ended May 31st, the average contract interest rate for a 30 year fixed rate mortgage was 4.07% the highest since April 2012.  

Don't Strip the Neck!

This sums up the highway proposal....

A citizens' coalition has formed to force public dialogue on the proposals to modify the median of Highway 17 in the Pawley's Island business district.  In short, the plan calls for 1.8 miles of a raised median with 17 breaks for U turns--this is going to make traffic better?  You got to be kidding me!

Details:

• The current revised plan is NOT a highway beautification project and will have NO landscaping.
• An unattractive 4-5 foot wide concrete median will appear in much of the 1.8 mile project.
• Seventeen (17) U-Turns will replace ALL left turns – requiring vehicles to cross over two lanes of oncoming traffic to get to the U-Turn lane on the opposite side of the highway and then vehicles must merge back into traffic with NO acceleration lanes.
• Access to major connector streets will be limited – streets such as Professional Land, Tiller Drive, Parkersville Road and Archer Road.
• Emergency vehicles and large trucks WILL NOT be able to make most U-Turns. Many heavy trucks will be forced to go through Petigu & Martin Luther King Road residential areas.
• The project will have MAJOR ECONOMIC IMPACT on landowners and businesses.
• Most businesses cannot be accessed from the opposite side of Highway 17.
• This project will lead to more strip development.

Two upcoming meetings: 

County Council -- June 11 at  5:30PM at the Old Courthouse, Georgetown,

HWY 17 Project Information Meeting -- June 20 at 7PM at Waccamaw High School Auditorium, Pawley's Island

For more information:  www.dontstriptheneck.org

Wine Tasting at Brookreen Gardens

The Friends of Brookgreen Gardens will host a wine tasting in the Live Oak Allee, Saturday, June 15, from 5:30 to 8 PM.  An annual fundraiser, the wine tasting and silent auction, promises a casual evening's enjoyment.  Tickets are $65 (Members $50) and reservations are required--call 843-235-6016. 

Farmers' Markets in the Grand Strand

Think the produce at your local supermarket looks a little tired?  Try some of these farmers'  markets:

Surfside Beach -- Tuesdays -- 10AM to 3PM at the corner of Surfside Drive and Poplar Street

Deville Street -- Saturdays -- 10AM to 2PM  at the Market Common

Conway -- Saturday -- 8AM to 1PM  at 217 Laurel Street

Pawley's Island -- Wednesdays -- 9AM to 1PM at Parkersville Park

North Myrtle Beach -- Wednesday, Friday and Saturday 9AM to 6PM at corner of Oak and Joe White

Brookgreen Gardens History Project

Former residents, descendants and workers of the plantations that now make up Brookgreen Gardens are invited to share their Gullah Geechee experiences and memories with interns of the B. N. Duke Scholars Program of Duke University at Durham, NC. The plantations are Brookgreen, Laurel Hill, Springfield and The Oaks. The Gullah Geechee Cultural Heritage Corridor Commission has partnered with Duke in a two year community outreach; information gathered will help understand the Gullah Geechee culture of Georgetown County.  The interviews will be on June 22 and 27 and July 11 and 13; to sign up call 843-235-6049.