Market Statistics Worth Knowing

As you know, I do a bit more research on our market than the average real estate agent. Knowing the market inside and out helps us make better buying and selling decisions.

There are a few things that we MUST understand about the market right now.  There are times when we think the market should do one thing yet it never seems to happen. Right now, most people think the market should have appreciated at a much higher rate and the following is likely to be the reason this hasn't happened.

1) New Construction represents 30%- 35% of all MLS closed transactions.
Why is this important?
A lot of property owners are hoping that their properties value would rise after the foreclosures were gone. Builders and developers are now creating more inventory to compete with re-sale listings.
So, instead of inventory levels decreasing, the number of new listings hitting the market actually increased.

2) New Construction sales are projected to represent 50% of all closed sales in the market – This projection was made by a local real estate analyst and tells us that inventory levels will likely continue to increase.
Why is this important?
New construction is competition to anyone that is trying to sell a pre-owned property. Does this mean you will have a problem selling? Not at all! It does mean that buyers are comparing your property to something new. This can impact your price and limit appreciation.

3) It may not be a fact that interest rates are going to rise but I think we all believe this will occur sometime in the near future.
Why is this important?
If interest rates increase, the ‘purchasing power’ of the buyer decreases. As the cost of borrowing money increases, the amount the buyer will be qualified to borrow will decrease. It is a fact that when interest rates increase by 1%, the price of property the buyer can qualify to purchase will decrease by 10%.  This will affect demand!

4) Building Permits from January to June this year increased by 118% compared to that same timeframe in 2011. And, a 41% increase over that same timeframe in 2012. This is one more piece of data that tells us we have competition coming up the pipeline.
Why is this important?
Building permit levels are a good indication of future supply. So many people have been waiting for supply to decrease hoping this would be the time where they could recoup some of their losses. It appears that inventory is not going to decline quickly and that could limit appreciation. Basically, builders are taking advantage of the buyer activity in the market and they are producing product that competes with your property.

You may not find a need to react to this information. But, if you are thinking of selling in the next 3 years, you may want to make your move. We can see the new construction wave building. What is likely to happen is that the builders will over-build and then start offering incentives to buyers. This will create more demand for new construction than there is for pre-owned properties. To compete with new construction, there is a great chance that you will have to lower the price…Something none of us want to do.

I am always looking for ways to protect your equity. If you find this information helpful and would like to discuss a selling strategy for your property, please give me a call immediately.

Thank you for allowing me to be your Realtor.
~Greg

Myrtle Beach Real Estate
Charleston Real Estate

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.

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
www.C21TheHarrelsonGroup.com
www.BarefootRealty.com
www.C21CharlestonRealEstate.com

Selling a Home in Myrtle Beach

Tips on How to Get a Good Price When You Sell Your Home

Now that the real estate market in Myrtle Beach is improving, a lot of property owners are wondering if this is the time to sell a home and get a good price. The truth of the matter is that getting a good price has more to do with the marketing of the home than it does the market itself.

Of course, a busted real estate market doesn't help yet a good real estate agent can always out perform the market if they have the right strategy. Here are a few Simple steps for getting your home sold for Top Dollar in Myrtle Beach:

1. Choose a qualified Myrtle Beach Realtor. Think about this, you have a choice to hire an agent that is a beginner or part timer just as easy as you can choose an agent that has a proven track record and lots of success. No matter your choice, the commission is likely going to be the same. Why pay more for less service when you can pay the same and get more service?

2. Choose the right price. The market dictates the selling price for your property yet you have to determine the market trends to see if you can price it a bit higher knowing the market will catch up with your price over a short period of time. I am not convincing you to over-price your property, yet we see a lot of agents telling owners a price that will sell it in two days - when they could have gotten $5000 more if they would have waited one month.

3. Ask questions. Ask agents what they do to sell homes. I know this seems obvious yet agents never get this question. Owners always ask what price but fail to ask about the agents. This is setting yourself up for failure because some agents will tell you any price to get your listing. You do not want that. 

4. Request a list of marketing strategies your agent will implement. If your agent is only going to put in the MLS and wait then you are wasting your time. Get a list of 3 things your agent will do to market your property within the first 30 days.

Selling a home in Myrtle Beach for a good price is not the challenge. Finding an agent willing to market your property aggressively so you can get top dollar is the challenge.

At Century 21 The Harrelson Group, we are committed to getting you a good price for your property. We are not in the business of giving away your home.

Let us know how we can serve you better.
Greg Harrelson+

The Truth about Infusionsoft for Real Estate Agents

                     The Best Tool for Managing Leads - Infusionsoft

In the real estate industry today, there are so many companies creating the "next BIG thing" - and promising  that it will change our business forever. Of course, each of these new ideas come with a heavy upfront cost and ongoing monthly charges. The most common outcome is that the agent takes on this new system to later find out that it does not produce the results they were promised.

Automating to increase the number of leads you are getting is becoming a huge topic. I predict that agents will spend more money this year than ever before on drip systems, campaign software and websites that are optimized to capture internet leads. I will breakdown how true automation for lead generation works...

How does Infusionsoft work?

1) Assuming you already have a website, you simply take the lead that you captured and enter it into an Infusionsoft account.

2) Once in Infusionsoft, you activate a drip campign specific to the type of lead that you just uploaded into the system. Infusionsoft will allow you to create as many different campaigns as you need. I suggest you do this for every lead type you can think of.

3) Now that your campaigns are working, Infusionsoft will allow you to monitor the clicking activity of those in your database.

4) When you see one of your leads clicking on a lot of your content, you then have Infusionsoft trigger an alert that reminds you to call this lead.

Imagine having 1000 people in this system. It may seem far-fetched today, yet building a database can happen sooner than you think. Take all of your old buyer leads and place them in the system. Add your COI and past customers as well as every attorney or mortgage person you have ever worked with. Next thing you know, you have 1000 potential leads in your system.

Okay, I admit, there are a few additional steps necessary to execute on this plan.  I am trying to give you a very brief idea of how this works. Go to Infusionsoft for real estate agents to read more about it and learn how to use it.

Warning! There is a big difference in an autoresponder and an automated lead generating tool. I will explain more on that topic in an upcoming blog which will be posted on www.realestatesalessolutions.com.

Posted for Greg Harrelson

Myrtle Beach Homes Scarce in $200k Price Ranges

Myrtle Beach Homes under $200,000

Finding a home in the Myrtle Beach area under $200,000 is starting to get tough. These homes do exist yet the supply is shrinking every month. When you combine this price range with the low interest rates available, these are the most affordable option in our local real estate market.

There are many communities you can choose stretching from Myrtle Beach to the North Carolina border and out to Conway. Here is a list of just  few of these neighborhoods:

Bellegrove in Carolina Forest - These are great starter homes located in a great school district and close to shopping, hospitals, and restuarants. There are still homes here for under $160,000.

Avalon in Carolina Forest - Also located in this popular part of town, you can find homes in this community under $150,000.

Rosehaven in Conway - This is one of the best values on the Strand. These Conway homes are offered at $119,900. For more information, give us a call.

Pines @ St. James - Homes priced under $100,000. Located in the Socastee section of Myrtle Beach. Call us for info on these super low-priced homes.

This is a short list of homes for sale in Myrtle Beach under $200,000. The good news is that we have many homes for you to look at in this price range. If you are interested in a complete list of available homes in this price range or any other price range you may be looking then please give us a call.

Edgewater Condos in Barefoot Resort

Featuring the many amenities of the world-class Barefoot Resort and offering a range of floor plans, sizes and price points, the Edgewater Condos make owning a luxurious slice of paradise affordable to just about everyone. Ranging in size from 1,400 to more than 2,100 square feet, these 2-, 3- and 4-bedroom condominiums offer some of the best selection Barefoot Resort has to offer at prices ranging from around $250K into the $500s. In addition to the other amenities that come with the good life at Barefoot Resort, these superb condominiums also come with an Intracoastal Waterway boardwalk just for owners along with a community boat dock.

Other amenities include the resort’s four world-famous golf courses, the Fazio, Dye, Norman and Love courses. There’s also the resort’s full-service Barefoot Landing Marina, one of the finest on the East Coast.  Near the marina, residents can also use the state’s largest saltwater swimming pool, three-quarters of an acre overlooking the 2 marinas and the Waterway.

The resort’s Residents Club features another huge pool, tennis and basketball courts, and a clubhouse that’s perfect for entertaining large groups. Owners and their guests can also enjoy miles of hiking and biking trails crisscrossing the resort’s 2,300 lush acres. The beach is just across Hwy 17 and during the summer the Barefoot Resort has a free shuttle service to the private cabanas on the beach.

Check out our new website for Barefoot Realty and Barefoot Resort if you would like to learn all there is to learn about these communities.

Real Estate Law of Supply and Demand

For the past 7 years, property owners have been waiting for Myrtle Beach home prices to increase. The hope that the government would save the economy or banks would do more loan modifications were amongst the leading ideas that consumers listed as ways to save the collapsing real estate market.

In the end, there is one significant influencing factor that has to occur for prices to increase in any real estate market.

Supply must GO DOWN in order to see an upward tick in real estate prices. Of course, demand is almost equally important. We have to have buyers to buy the supply if movement is to occur. However, there are times when there is a lot of demand and a lot of supply and the market prices stay stagnant. In Myrtle Beach, we have seen this for a few years now. So, Supply is the key factor.

We will hear many arguments about where home prices in Myrtle Beach are heading. One thing that is not being argued right now is supply. Measuring supply is simple, factual and can be monitored easily through the MLS.

It is a fact that supply is on the decline in Myrtle Beach right now. In many cases, supply is down over 50% in condo buildings as well as residential neighborhoods.

If supply is on the decline then prices have to make a move upward. It is called the Law of Supply and Demand. This law applies to real estate all over America.

In addition to more positive prices, we also see average days on market decreasing as well as multiple offers on our active inventory. Of course, I am not claiming we are about to see a booming real estate market in Myrtle Beach anytime soon. I will step out and claim that the market has made a much needed shift which allows many home owners or condo owners in Myrtle Beach a chance to sell.

The agents at Century 21 The Harrelson group are a dedicated group of Myrtle Beach Realtors looking to serve the consumer at the highest level. If we can be of service to you or anyone you know, please don't hesitate to give us a call.

The Harrelson Group has successfully served over 1000 buyers and home sellers in Myrtle Beach in 2012. We hope to serve you next.

Myrtle Beach Home Prices on the Rise?

Owners of Myrtle Beach real estate have been asking what home prices have been doing most recently. The good news is that home prices in the Grand Strand have seen some increases. Not only have we seen the available inventory shrink to multi-year lows but we have seen a gradual increase in some pockets of the market.

Prices of Myrtle Beach homes for sale have increased in some areas, giving the owners a sense of confidence that they will be able to get their property sold. The same is happening in the condo market where we are seeing less inventory coming onto the market. With less foreclosures and short sales being listed for sale, traditional owners are able to sell their properties at a price a bit higher than before.

Though this report comes with a breathe of fresh air, it is important to understand that a full recovery could be years away. The best news I can deliver is that the falling prices have stopped at this time and we do not see any reason why it would start again.

Let us know if you would like to see how the changing prices could impact your property. We have been working the real estate market of Myrtle Beach and North Myrtle Beach for years and would be more than happy to show you what is taking place at this time.

*From Greg - presently in Mexico on top of a volcano for Easter Seals!

Homeowners to Get Help from FEMA for Hurricane Sandy



As all of our thoughts go out to the northeast and those cities that have suffered so much devastation with Hurricane Sandy, the government is offering some help with homeowners that used Freddie Mac and Fannie Mae for their mortgages.

Homeowners in communities declared as Disaster Areas by President Obama due to the hurricane and have Freddie Mac mortgages will be eligible for a "payment holiday" for up to a year as well as having late fees and penalties waived by the loan programs or mortgage companies that used them to service the mortgage.

While the options are available, they will be determined on a case-by-case basis and probably closely monitored. Fannie Mae mortgages can be granted forbearance of payments and fees for 90 day increments, with extra time granted, based on the damages and hardship on the borrower.

Locations that were declared as major Disaster Areas with Hurricane Sandy include New York, New Jersey, Connecticutt, New Hampshire, Virginia, West Virginia, Delaware, Rhode Island, Pennsylvania, Washington DC, and Maryland. Information can be found on this FEMA Disaster Page - http://www.fema.gov/disasters

This is good news for new and established homeowners that are in for weeks of cleanup and expenses.

This kind of help is also a lifesaver to all those that have homes for sale and must repair the properties to a sellable condition after any kind of major disaster. Home sales tend to slow or stall in these areas, adding to the hardship and monetary loss to the cities and the residents in them. It has been estimated the this hurricane/winter storm may affect as many as 284,000 homes and produce losses to nearly $90 billion dollars.

South Carolina was fortunate to have no damage from the storm, but homes and condos for sale in Myrtle Beach  may indirectly be affected as many of our buyers are retirees and investors from the northeast where the devastation was so paralyzing. These government aid programs will help the entire country to recover a little faster, perhaps.

Photo of Outer Banks in Hurricane Sandy by OuterBeaches.com

Real Estate - Getting a Second Chance

Myrtle Beach Short Sale Seller to Home Purchaser in less than 18 months

We have seen so many property owners in Myrtle Beach and other areas of the Grand Strand who have found themselves owning a home, condo or land where the mortgage is significantly higher than the property value. Not only has this happened to investors in Myrtle Beach, it has happened in real estate markets all across America.

There are many fears that a homeowner faces when finding themeselves in this situations. Probably the biggest fear I hear is the negative credit reporting issues that one may face if they do a short sale. It is true, there could be some negative impacts on a credit report, yet many sellers are realizing that a temporary blemish on credit for the ability to sell a problem investment out-weighs the benefit and could be a smart decision.

In the Myrtle Beach real estate market, we are starting to see the mortgage lenders start to lend again. With so many owners going though the short sale process, lenders are having to consider loosening their mortgage criteria in order to do so. There are so many good borrowers who found themselves stuck in a bad investment, yet have never missed payments other than that one property they bought at the top of the real estate market. Banks are starting to look at the total borrower - not just their credit report.

Early this year, we had a buyer get qualified for a mortgage even though they had just sold their home 15 months ago via the short sale process. In this case, they were forgiven thousands of dollars via a short sale and were able to buy again. Most owners don't know this is a possibility, therefore stay in underwater homes for fear they will never get a loan again.

Every situation is different and it is important that you discuss your options with a real estate professional before making any decisions. There are more solutions offered from the banks than you may know.

Please contact us if you want to know how to qualify for a loan even if you are in need of short- selling a home or condo in the Myrtle Beach area.
~Greg Harrelson

Myrtle Beach Short Sales are the Investors Choice

Most of us know the real estate market in Myrtle Beach has taken a turn for the better. It is amazing how many buyers are telling me they wished they would have purchased a foreclosure last year. Myrtle Beach was one of the hardest hit markets in America which means there are  great investment opportunities at very low prices. Of course, many investors are becoming frustrated because the number of foreclosures on the market has taken a significant decline. When one does come on the market, there is likely to be 3-4 offers on it within two days.

So, how do you get a deal on in Myrtle Beach?

It just may be the Short Sale listings...

Short Sales in Myrtle Beach have seen an increase in showings. Recently, I listed a short sale on the oceanfront which had three offers on it. You heard me correct...3 offers competing for a short sale. I don't need to make predictions about the real estate market because you know what it means when properties for sale are receiving multiple offers.

There are still some great deals on short sales in our area. Just like foreclosures, these short sales won't be here for ever. I suggest you make your move soon if you plan to time the market and buy at the lowest price point. There will always be homes and condos for sale in Myrtle Beach yet the days of these rock bottom prices are coming to an end.

Be responsible when investing in Myrtle Beach or any other market around the country. Make sure you are dealing with an experienced professional who will give you accurate and honest information.

Feel free to download an updated list of short sale listings and foreclosures in Myrtle Beach.
Download Instantly for free by clicking www.MyrtleBeachRealEstate.co

Myrtle Beach Real Estate Agents Wanted

Is this your best year ever in Myrtle Beach real estate?

We all know the Myrtle Beach area real estate market has been very active this year. Despite the the volatile stock market and the confusing economy, our local market has provided us an opportunity to build a very rewarding real estate business and enjoy improving the lifestyle of our clients and their families.

So, are you having your best year ever?
Hopefully, each of you answered yes!

Moving forward, it is important that you do not rely on the upturn in our local real estate market to provide you added business. Of course, it is always nice when an improving market will gift us a few extra deals but it is critical that you understand that there is so much more than a few extra deals available for those that focus on building their business.

I personally believe that we are about to see more sales done by fewer agents. Here are a two reasons why this will likely be the case.

1. There are more agents involved in companies that have coaching programs. There is a big difference in training versus coaching. Everyone has training but those that are getting coached are likely going to see a quantum leap in their production.
2. There are a few companies dominating the Internet for real estate terms in Myrtle Beach. Those few companies are generating more quality buyer leads then we ever imagined in the past. More leads with fewer agents means more deals per agent and more net profits.

I'm sure you've noticed, there is a lot of recruiting going on these days. Each of us are getting emails daily wanting us to join a new company with promises that their high commission split is the key to making us more money.

I am all for each of us making more money. But what happened to the days when a company recruited us because they could offer more value than another company?  In the end, most agents around the country are looking for a good team-like environment where they can have fun at work and make a great living for their families.

If you are thinking of making a change, now is the time. I would like to have a few moments to discuss our coaching program as well as show you the traffic and number of company generated leads we are distributing to our agents. It is up to you to decide if there is a value above what you currently have.

And as always, C21 The Harrelson Group is dedicated to our clients. We want only an agent that truly cares and will give what it takes to make the buyers and sellers of real estate in Myrtle Beach have a trouble-free, extra profitable real estate transaction.

Please email me, text me or give me a call. "Let's make each of the next five years your best year ever!"

.

~Greg Harrelson

C21 The Harrelson Group

North Myrtle Beach Homes

843-457-7816

Myrtle Beach Real Estate is Moving

There is no doubt that Myrtle Beach real estate is on the move. I know the media has been sharing all of the horror stories about investors buying condos and losing thousands of dollars. These stories have been true yet there is another story about to be told and we may want to pay attention.

Remember, the real estate crash in Myrtle Beach started in late 2005 which is nearly 7 full years ago. The amount of losses rival with some of the biggest losses in history. With all of that said, at some point the Myrtle Beach real estate market will recover. Like most markets, you never know when they will recover until after recovery has taken place.

Study the following changes that are oc curring in Myrtle Beach and you decide which way the market is moving...

1. Inventory is decreasing in most areas as much as 30%.

2. Many listed properties are receiving multiple offers to purchase.

3. Land sales are on track for a significant increase in 2012.

4. Builders are starting spec homes again.

5. Custom homes are becoming popular again.

6. Banks are loaning at a faster pace right now.

7. More people are getting real estate licenses.

8. The average days it takes to get a property sold has decreased.

When you review the list above, which way do you think the market is heading? It doesn't sound as if it is going to drop more anytime soon.

Nobody can predict the market. All we can do is look at the fundamentals of real estate and make an educated guess as to what we think will happen. Personally, I believe it is time to get serious about making some real estate investments in Myrtle Beach and make a move before the media starts talking again. Once it is on the news, it's old news!

Please understand, investing should not be done without good information. You want to make sure you have a knowledgeable real estate agent on your side.

Any agent can sell you a property, but not all agents can help you make a great investment. You may be looking for a Myrtle Beach home or a condo on the ocean, in either case, there are opportunities out there.

Again, don't fall into the trap that investors did last time. The Myrtle Beach real estate market will be a buy and hold market, not that crazy buy, flip and become a billionaire over night.

Wealth will be created over the long haul.

Myrtle Beach Real Estate Agents Receive Awards

While many people are complaining that the Myrtle Beach Real Estate market remains inactive, there are some full time real estate agents who are setting records.

A few Century 21 The Harrelson Group agents have received some impressive awards that are only given to agents who are on the move.

A few awards worth mentioning...

Top Agents Awards go to Brendon Payne, John Lindstrand, Renee Fletcher, Jill Powell, Greg Harrelson, Laura Garlitz, Eric Wilson and Carrie Amick.

In addition to the success these agents have experienced, Century 21 The Harrelson Group has received awards for being the

#1 office in South Carolina for most sales,
#1 office of most sales volume
#1 office for most production per agent.

These awards are handed out by the corporate office of Century 21 from New Jersey.  Earning this type of recognition is only done when a group of agents have taken their profession seriously and provided solutions for buyers and sellers.  We strive to always be your best Myrtle Beach Real Estate resource!