Myrtle Beach Real Estate

Hello Everyone:

This Thursday will kick off the grand opening weekend for the Market Common, the 26 acre retail and residential living area on the renovated Myrtle Beach Airforce Base. This is a very exciting moment for the Myrtle Beach Area, and Governor Mark Sanford will be present during the ribbon cutting ceremony. There are numerous events scheduled for the upcoming weekend that you just don’t want to miss.

 Following the ribbon cutting ceremony scheduled for Thursday, there will be a jazz performance from 1:00-3:00pm. There will also be several promotions going on throughout the day ending with a fireworks display around 8:30pm. Many other businesses will hold their businesses open to the public Friday evening. Throughout the weekend you can expect celebrity sitings, and on Sunday, the Piggly Wiggly grocery store will be hosting a cookout.

If you are in the Myrtle Beach Area April 3-6, take some time out of your day to visit the new Market Common. The ribbon cutting will take place this April 3, 2008 around 12:00pm. I’ll see you there.

When shopping the real estate market, buyers have several decisions to make when searching for their new home. One of the most common, and first decisions to be made in today’s market is whether to buy a new home or buy an existing home, commonly known as a “resale”. In this blog post I will discuss the pros and cons of buying a new home and a resale as it is related to the Myrtle Beach real estate market in today’s economy.

New Homes in Myrtle Beach:

Pros:

1. Choose Upgrades and Lot Location- One of the biggest advantages of buying a new home is that you get to pick your location within the community. You can choose with ease whether you want to be on a lake, on a corner lot, backing to conservation or backing to another house. Also when building a new home it is easier to pick out what countertops, flooring, structural changes or any other upgrades than it is when purchasing a resale
2. Builder Incentives- Many homebuyers today are going to the neighborhoods where the builders are offering the most incentives. From what I have witnessed the larger more well-known builders like Centex, DR Horton, Beazer and Lennar seem to be offering the most incentives. There are several ways that these builders are enticing buyers to purchase in their neighborhoods and not elsewhere. Some of the most common incentives that I see are large discounts in pricing, zero lot premiums, paid closing costs, rate buy-downs on your mortgage and upgrade packages.
3. Time to Prepare for the
   Move-
   Building a new home often takes between 4-6 months, therefore you have time to prepare yourself for the move. This is a big advantage in the Myrtle Beach Area, as most of our buyers are relocating from other areas. There is also an excitement built up by watching your own home being built.

Cons:

1. Lack of Furnishings: When you purchase a new home, most commonly you can expect to purchase common necessities before the new house feels like a home. Some of the most common purchases of a new home owner are Refrigerator, Washer/Dryer, Window Treatments and usually some outdoor shrubs.
2. New Neighborhood: In the Myrtle Beach area, most of the new neighborhoods are mostly clear cut lots with very few remaining trees if any. Many home owners like the shade, privacy and beauty that trees offer to a more established neighborhood.
3. In a Hurry, to bad: If you are in a rush to move into your home, obviously that can’t happen unless you buy a “spec home” or a standing inventory house. With these purchase though you commonly miss out the ability to pick your upgrades. If you are in a time crunch to move, you most likely will want to go with the resale which has a normal closing date of 30 days after contract.

Resale Homes:

Pros:

1. TLC- That is right; when you purchase a resale, you are not just buying a house, you are purchasing someone’s home. People have taken time and placed their love into caring for the home. With this time, love and care comes plenty of extras that new houses do not offer. Resale homes tend to have more appliances, better paint schemes and blinds and drapes.
2. Established Community- Around a resale home, you will mostly find a more established community. Within this community, residents have found a sense of purpose, and usually the Home Owner’s Association is established. Also, you will find better green spaces and treed areas within the established community.
3. Ready to Move… No Problem – With a resale, it is usually easier to pick up and move rather than waiting several months for your home to be built.

Cons:

1. Condition- When you purchase a resale, obviously all of the appliances, the HVAC unit and the structural components of the home are not going to be as new as the newly constructed house never lived in. To overcome this, most home buyers will have a home inspection completed, and ask for any immediate repairs to be addressed.
2. Finding the Perfect Home: In today’s market there are a lot of homes on the market, and you may have to look at them all to make sure that you are getting a great deal compared to the new home down the street. New home builders have made it very difficult to compete against, but if you look hard enough, you can find great deals with most if not all the bells and whistles that you are looking for.

Whether you are looking for a new home or a resale in the Myrtle Beach Real Estate Market, I feel that there are opportunities out there to get a great home at outstanding prices.