Sunday, November 28, 2010

Why Buy Myrtle Beach Real Estate today?

This is a question that Realtors working in the Myrtle Beach real estate market are asked everyday. Buyers are wondering if the market has hit the bottom and if now is the best time to buy. Of course, we do not have a crystal ball yet there are a few things that you may want to make note of and then decide what it means.
  • Local real estate agents are starting to invest in real estate now. They are buying condos and homes in Myrtle Beach right now. They are trying to find quick flips, looking to buy quality properties at a deep discount, to hold them long term in order to build wealth.
  • Banks are needing to dump existing inventory in order to clean up their books for 2011.
  • On quality properties, we are seeing multiple offers. Listen, we have not seen multiple offers for 4 years now...what does this mean?
  • Supply is lower then has been in 5 years. You can still get a deal on sub-par properties but the quality is almost gone.
  • Current owners of Myrtle Beach real estate are not wanting to hold for the long term so they are getting out of their properties now.
  • Investment groups are starting to form again in an attempt to leverage capital and buy multiple properties. Some of these groups are coming from China and Canada.
  • The average number of days on the market is starting to decline. Some Myrtle Beach condos and homes are selling within one week of being listed. I sold one last week that received 3 offers within 24 hours.
  • Lots are starting to sell again. Land and lots have been the worst performing segment of our market and now it is starting to move.
  • We are seeing developers start construction on homes in Myrtle Beach and the surrounding areas again. Yes, the price of land for sale in Myrtle Beach is so low that developers are building again!
I am not going to be that Realtor that makes a bunch of predictions as to where the Myrtle Beach real estate market is heading in order to make some quick sales. I will tell you that the above facts are actually taking place in our market right now. You have to answer what this means for yourself. Think logically...not emotionally; and ask yourself if this is the time to buy or is it time to wait.

Those who buy now will end up with a quality property that will likely appreciate over time. People who wait will get deals on what the savvy investors didn't want. Be careful, dont just go buy anything and everything. You need a knowledgeable agent who will help you find a quality piece of real estate that meets your long term goals.

At The Harrelson Group, we study the trends every day in order to best position our clients in our market and in today's economy. We hope that you will be our next satisfied client!

Tuesday, November 23, 2010

Myrtle Beach Home Sales and the Holidays

Here is the question that I have been asked lately,
"Why sell now versus waiting until the holidays are over or waiting till Spring?"

This is a great question and I will address this in a way that may shed some light on the way the Myrtle Beach market works. Remember, I have been selling in the Myrtle Beach market for 17 years, I went to kindergarten 35 years ago in Myrtle Beach and I graduated high school from Myrtle Beach. In other words, I know this market very well.

Here are the benefits of selling now versus waiting until Spring next year...
  1. The banks are putting a hold to foreclosing on people during the holidays. Every year, the banks slow or stop foreclosures because they do not want to evict people during the holiday season. This is a temporary blessing for the Myrtle Beach real estate market because it keeps the supply down for about 3 months. When supply is low, demand can remain the same and those that are listed will have a better chance of selling and a chance to get a little more than fair market value. It is just a myth that you get more in the summer typically get more in the winter because there is less competition. You cannot reap these benefits if you are sitting on the sidelines.
  2. Buyers are more qualified in the winter.  I'm always asked, are there buyers during the winter? Yes, there are buyers. Actually, there are less buyers, yet the ones that are here are golfers, snow birds or people looking for a second property. In other words, the buyers in our market now are serious and extremely qualified. The advantage for selling today is that you get to expose it to the most qualified buyers that come to our market all year. The average buyer looking today has a higher personal net worth then those looking in the summer. It's Thanksgiving week right now and our schedules are booked with buyer appointments for the next 2 weeks. Trust me, the buyers that are taking time to look at properties during the holidays are serious about buying. They don't look at properties for no reason...they would rather go shopping. As agents, we know that every buyer call is valuable during this time of year.
  3. Like you, a lot of property owners are thinking of listing at the beginning of next year or at least by spring. That decision can cost you a lot of money. Think about this...if everyone is waiting to list after the new year while the banks are putting a temporary hold on foreclosures then two things will happen. First, the supply of listings will be very low making it better for those that are currently on the market. Second, all of those that are waiting will dump their properties on the market at the same time that the bank releases foreclosures again. Then we will feel the impact of an over-supplied market again. Real estate markets are controlled by supply and demand. The only way to get more money for a property is to sell when the supply is low.
I know that a lot of owners are thinking of selling their property next year. At this point, it doesn't appear that the market is going to recover for awhile so if you are thinking of selling then you have to consider making a move right now. The last two weeks have proven to me that the next few months are going to be very good for those that are listed for sale. I have had an increase in personal sales over the past month and some of them have been for higher prices then the last sales in those particular areas. I have been negotiating more money for my sellers because there was less was lower. This is the impact of lower supply.

I am not in the business of talking you into selling your property, yet if selling is something you are remotely considering then you have to look into it right now. I personally just sold one of my properties two weeks ago for the same reasons that I am stating in this email.

I hope you find this information useful. I am going to work straight through the holidays in order to take advantage of the next few months. If you have questions about what selling could mean to you then please call or email me immediately. As always, I am your Myrtle Beach Homes resource. I am here to help you make informed real estate decisions.

See our website for more information on why we are your best choice to help you sell your home!

~Greg Harrelson
Myrtle Beach Real Estate

Friday, November 19, 2010

Myrtle Beach Homes - Prestwick Golf and Tennis

The Advantages of buying a home in Prestwick...

We have helped many buyers move into the Prestwick Golf and Tennis community. Over the years, we have asked the buyers why they chose to purchase a home for sale in Prestwick Golf and Tennis versus all of the other communities that they visited.

Here are the 5 most common reasons why buyers choose the Prestwick Country Club to call home.
  1. It is gated and has 24 hour security. Buyers feel safe raising a family in the community. They feel comfortable with their kids riding their bikes, knowing there is no through traffic.
  2. It's a popular golf community. Even the long-time locals consider Prestwick golf to be a top notch golf course.
  3. The location of Prestwick is perfect. It is close to the hospital, golf, shopping, restaurants and everything else the Myrtle Beach area has to offer yet it is away from all of the traffic and congestion.
  4. Buyers tell us this is one of the best values along the Grand Strand. It offers golf, tennis, location, beach, gated, and security without breaking the bank.  Prestwick homes are affordable.
  5. It's a community...not just a neighborhood. Homeowners love the fact that you walk down your driveway and the next door neighbor says hello.
Well, this is why the buyers are choosing to buy a him in Prestwick. If you have any questions regarding this fine community then please call or email us anytime. You can alsonfind more photos and listings of Homes for Sale in Prestwick Country Club on our website.
~Greg Harrelson

Sunday, November 7, 2010

Myrtle Beach Homes Sales Increase Pace.

Finally, there is some good news to hit the Myrtle Beach real estate market. As we know too well, the market in Myrtle Beach has been on a steep decline over the past 4 years, causing many homeowners to find themselves facing foreclosure. If you own a property where there has been a foreclosure in the neighborhood, then you are well aware as to how it effects your property's value.

Here are a few positive facts about the local real estate market...
  1. There are fewer Myrtle Beach foreclosures being listed on the market for sale.
  2. Price declines for homes in Myrtle Beach are slowing - meaning we are getting close to the bottom.
  3. Buyers have recognized the great values we have in Myrtle Beach, and therefore are starting to move forward with their purchase.
  4. Banks are cooperating with those needing to Short Sale their property. Myrtle Beach short sales are taking less time to process, which helps in decreasing foreclosures.
  5. Some of the Northern real estate markets are showing signs of recovery which makes it easier for those wanting to invest in Myrtle Beach real estate. It frees up their cash to invest in our area.
I wish we could report that prices were on the rise, yet there is no evidence to support that statement. We do know that the first step to market recovery is through increased buyer activity. We will keep a close eye on the market over the next few months to see if this trend continues throughout the holiday season and the new year.

If you are thinking of buying a home in Myrtle Beach, you may want to act quickly before the quality properties are all gone. If you are thinking of selling, this may be the time to get the home sold and move on with your plans.

Feel free to give us a call and we can share with you how the changes in the market impact you and your real estate investment. ~ Greg Harrelson

Thursday, November 4, 2010

How Much Did My Neighbor's House Sell For?

"What did my neighbors home sell for" is one of the most common questions that a home owner asks a real estate agent.

In most cases, an owner wants to know what their neighbors' homes sold for in order to get an idea of what their home is worth. Be careful in making quick assumptions because there is more information needed to determine one's real value of a property.

The following information is necessary to determine the real value of your home. There are many things to consider besides what the neighbor did - which might or might not have been an optimal price.

  1. What is the average price per square square foot (heated) in the community?
  2. How many bedrooms?
  3. How many bathrooms?
  4. What was the condition of the home sold?
  5. What are other homes listed for with similar benefits and features?
  6. What are the prices of homes that failed to sell recently?
  7. What is the average number of days that it takes to get property sold in my area?
As you can see, your neighbor's selling price is just one piece of information that you must know to determine the value of your property. We see a lot of owners miscalculate their property's value due to the lack of information.

Example...a property near yours sells for $200,000 and has 2000 heated square feet.  Maybe you only have 1500 square feet. So, what is yours worth? Before you come to a conclusion, make sure you answer the above questions.

I get a lot of calls that start off with, "My neighbor sold for $200,000 so I want to sell mine at that price...please list it."

As a professional real estate agent in Myrtle Beach, I must find out the size, condition and features before I could quote a price and place it on the market. Unfortunately, there are agents who will list it without doing their research and these are the listings that fail to sell and end up on the MLS expired list.
As a free service, we help people determine an accurate price for their condos and homes for sale in Myrtle Beach. You can also sign up for our weekly current market research report for your property. Make sure you spend a few extra minutes gathering the proper information before you jump to any conclusions. A little bit of research upfront can save you time and money in the long run.

~Greg Harrelson