Monday, July 29, 2013

Pawley’s Island Real Estate – Finally starting to Sell!

Everyone knows the name Myrtle Beach, yet very few have ever heard of Pawley’s Island, SC. For those that have not taken the time to explore the most southern tip of the Grand Strand, you must put it in your schedule soon.

Pawley’s Island is one of those unique towns that people visit and never leave. Most recently, real estate sales in Pawley’s have really taken off. Much of the town is considered a luxury-type area, yet since real estate prices have dropped so much, Pawley’s Island real estate has become affordable. As a matter of fact, many people believe that this area offers the best value on the South Carolina coast. Although separate from the actual city of Pawley's Island, the beaches of North Litchfield and Litchfield Country Club are part of the community, and what makes it so attractive to those looking for the privacy and luxury that is not found anywhere else.

Not only do you have many of the top golf courses and their country clubs, but you also get to walk on the most private beaches and breathtaking marsh walks. These are some of the pristine natural attractions that homebuyers fall in love with. Add to that a sense of community unlike most of the tourism-based beaches, and a collection of the finest restaurants known to man - it isn't hard to understand why people choose to live there.

Some of the most popular communities in here include Pawley’s Plantation, Wilbrook Plantation, and the beachfront areas with beautiful oceanfront homes for sale. Along the beach you find luxurious brand new beach houses as well as the grand old historic homes that line the boulevard in the unique area called "the point", where the ocean and inlet meet each other in a dramatic display of nature's beauty and wonder.

If you are looking for a place to call home, you need to look at Pawley’s Island real estate before you decide. Start your visit by walking through some of the eclectic local markets, get a bite to eat in a cozy local restaurant and take a walk on a beach that remains more private than any of the others along the Strand. Call or contact us and we'll take you on an extended tour of one of the most beautiful areas the SC coast has to offer.

Tuesday, July 2, 2013

Will Increasing Interest Rates Slow the Myrtle Beach Market?

I think everyone knows that the Myrtle Beach Real Estate market has been on fire. MLS statistics show a decrease in supply, increase in prices, decrease in ‘days on market’ and more building permits being pulled in years. All of this is indicative of a healthy real estate market.

Mainstream news has not been talking much about interest rates yet I bet it is something they will be talking about soon. Most people are not aware that interest rates have been moving higher. This is something that we all expected yet there are some concerns that buyers and seller need to take into consideration.

  1. If interest rates increase by only 1%, that equates to about $10,000 more in interest payments on the buyer’s loan. So, paying 1% more is often the same as paying $10,000 more. Of course, it could be a lot more for properties above $200,000.

  2. When interest rates increase, the payments of the buyers new mortgage increases also. If the payments increase, buyers cannot qualify to buy as much property. In other words, the buyer's buying power decreases.

  3. If the buyer cannot spend as much because of higher interest rates, then that could decrease demand for existing listing inventory. A decrease in demand eventually has a negative impact on pricing.

  4. Remember, prices have already increased - forcing the buyers to spend more for the same home. Now that we see higher listing prices, here come the higher interest rates. Combine a higher price with a higher interest rate and we have something we need to pay attention to. In this situation, the buyer has to pay more, yet it is not going in the seller’s pocket…It is going in the bank's pocket.

This is not information to panic about, but it is always good to be informed. There are already buyers that are being denied financing due to payment increases. We have had a great 12 months in the Myrtle Beach real estate market and we hope this will continue.

We feel it is our duty to keep the public informed and this is one more attempt to fulfill our commitment. If you  feel you are in need of additional discussions, we are happy to answer questions and serve you.

~Greg Harrelson
Your Resource for SC Coastal Real Estate