Here is an update about Market Common Townhomes:

We’ve got a lot of activity here at Market Common these days.  In addition to rolling out our new single family homes at Sweetgrass Square, we have just a few inventory homes left that we must sell in order to make way for new phases.  Therefore, starting this holiday weekend, we’re offering an additional $20,000 off of these homes! 

Alexandria - 2 br, 2.5 ba, 1,200 sq ft. home with garage

$230,000 - now $210,000!!

Easterlyn - 3br, 3.5 ba, 2,200 sq ft. home with garage

$241,000 - now $221,000!!

Rutledge - Live/Work town home - 2br, 2.5 ba, 1,700 sq ft home and business area

$315,000 - now $295,000!!

I also have one of these available for a lease back.

These homes all come with our standard builder’s features of:

granite countertops

maple cabinets

stainless appliances

interior trim packages - stainless fixtures, door hardware, crown molding, and wall trim

hardwood, tile, and carpet flooring

Hardi-plank and brick exteriors

We have great financing incentives with Bank of America and MetLife as well.

These homes are all right in the middle of down town Market Common and a mile and a half from the beach, they’re all fee simple ownership with low HOA fees not subsidized by the developer.

For questions about any Myrtle Beach Real Estate give Darren Woodard a call at 843-267-4627.

Over the past two years, I have heard many concerns from people weighing the options between home ownership, and continuing to rent a home or apartment. I am not a financial analyst, but I can tell you that historically people that own their own homes are more wealthy than those who rent. It is not a coincidence, whereas the people that purchase the home are luckier than those who rent. There are many factors involved that cause homeowners to build wealth through the equity in their homes.

There are many reasons why homeownership is more effective in building wealth rather than renting. For starters take a look at this graph posted on New York Times website. This graph highlights the housing booms and recessions over the past 120 years. From the graph you can see that the housing market was a normal market until about the about 2003. Well, I have news for you. The homes and condos that are actually selling within the Myrtle Beach Real Estate market are currently priced at the levels of the late 2003 to early 2004 prices. The only time in history for house prices to fall below the decades prior were during the years between WWI and WWII. To me this means that the market has corrected itself substantially, and taken out some risks for volutility. Does this mean that the prices will not decline more; absolutely not. It does mean that there is less of a risk to lose your equity. It also leaves more room for increased equity following a major recession in values.

The next way to build equity is the easiest to measure. That is the ability to build equity by paying down your mortgage. You get two advantages as a homeowner in regards to a mortgage versus leasing a property. First of and foremost, not all of your mortgage payment goes to Principal and Interest. Some of that payment is used to buy down the note that the bank holds on your property. There is equity being built in your home every time you make a payment. The next advantage of homeownership in regards to a mortgage is that you are allowed to write off the interest you pay on your personal income taxes. This doesn’t build direct equity in your home, but it does help to build wealth.

There are currently many values in the Myrtle Beach Real Estate market, whether they are in foreclosure or a motivated seller that purchase before the latest real estate boom. The market in Myrtle Beach is going to be strong for years to come, and now might be your time to start building your wealth.

The Obama administration is at it again. This time they are attacking an issue that has been troubling the real estate industry in the Myrtle Beach area and all over the country for nearly two years now. The dreadful word is “Short Sales”. Up until now, I would not consider working on a “Short Sale”, because of the red tape and aggravations that they placed on my clients and me as a Realtor. Now it appears that the process is going to get easier with a new plan in place to do so. This plan came about, because many are too late to take advantage of the bill that was passed to help people modify their home loans.

These “Short Sales” will finally create guideline or a process by which “Short Sales” are handled, and add incentives to the “Short Sales” for parties involved. Here are some examples of the incentives that will be offered according to the “Wall Street Journal”: Up to $1000 given to mortgage service companies, up to $1500 given to the borrower and up to $1000 given to second lien holders to help release the liens that stand in the way of negotiations.

Part of this bill will also make it easier for banks to take possession of foreclosed properties by allowing borrowers to transfer ownership of the properties to banks easier without going through the costly foreclosure process. I know that everyone has an opinion about the costs of such a thing, and the strain on the economy.

My opinion is that I have seen these “Short Sales” remain on the market for ridiculous prices too long, driving down the property values. I would like to see these properties come off the market for good, but then the “Short Sale” process needs to be banned. This process just gives anyone that paid more than the home is worth a loop hole to get from beneath their unwise investment decisions.

The  media all over the country has been discussing the mortgage meltdown for almost a year now. It seems like every time I turn on the TV set, I hear how credit is frozen. I am sick and tired of hearing that people can’t borrow money to purchase automobiles or homes, and how the credit lines are drying up for credit card spending. I personally have not had any mortgage company not be able to close a deal, because their money dried up. I will tell you what I have seen I have seen the lenders tighten their belts, and you will find that underwriting processes are more strenuous.

If you are planning on purchasing a home in todays market, you may want to make sure you give at least 30 days until closing in the contract. Lately, we have been using all of the days laid out in the contracts. The banks are overworked with refinancing loans, and the underwriting departments are really checking over all documents. If you are planning on purchasing a home in the Myrtle Beach Area soon, let me know a good number to reach you. I will have a knowledgeable loan originator contact you before you make the trip. You may want to go that extra step before shopping.

Throughout the Myrtle Beach Area today, most housing and condo development have been built around or have developed Home Owner’s Associations. The purpose of this blog post is to educate prospects of Myrtle Beach SC Real Estate on some differences between home owner’s associations.

First of all, what is the difference between condo ownership and home ownership as it relates to these associations? In a condo development, you do not own the land. Therefore, you are not responsible for taking care of the grounds. Also, you are not responsible for the outside of the building, but you share in these expenses with other members of the association. This understanding is very important when discussing Myrtle Beach Condos with your Realtor, because you must understand how the larger fees associated with condos are derived. Some of the condo association fees also include insurance, but some of them may not, and the condo owner will be assessed separately. Some associations include basic cable and water/sewer in the fee. It is very important to check with the property management company to make sure you know what is covered in your association fee when considering a condo. Don’t just depend on what the MLS sheet reads, because I see mistakes on those documents every day.

Housing developments tend to have a less expensive association fee than a condo, but that is not always the case. Obviously, less is usually covered with a housing development. One of the major things to look for in these association fees is whether or not trash pickup is included. Some of the newer neighborhoods are even including landscaping in the association fee. Many of the newer housing developments also have some sort of amenity center, and more are hiring security.

If you are searching through some houses and condos on my Myrtle Beach MLS Search, and see some properties that you may have questions on, email me at darrenwoodard1@gmail.com. I will find out what is included in the association, and get right back to you.