Similarly, the condominium inventory rose seasonally by 5% but remain down 4.2% as compared to January, 2011. The median sales price for a condo is $94,900, a decline from January 2011. This decline is fueled by distressed sales and cash transactions.

Overall, the housing market continues to improve, albeit slowly, across Horry and Georgetown Counties. As consumer confidence rises and the employment rate improves we expect to see a better market as the year progresses.

Inventory

Inventory - January 2012

Closed Sales

Closed Sales for Single Family Residences - January 2012

Median Sales Price

Median Sales Price for Single Family Residences - January 2012

Download:  Grand Strand Real Estate Market Statistics – January 2012

Single Family Residential (SFR) continues to exhibit signs of stabilization. SFR inventory continued to decline as December marked the seventh straight month of inventory reduction. For December 2011, SFR inventory is down 5% from its level a year ago. However, distressed SFR inventory increased in December indicating a growing concentration of distressed inventory. SFR sales for 2011 were up 5.2% versus 2010 levels. However, December SFR sales were down 13.9% and 7.0% from their 2010 and 2009 levels, respectively. SFR median sales price continued to stabilize at $170-175,000. For 2011, SFR median sales price was down 6.1% which is ‘in line’ with our forecast. Similar to SFR inventory, condo inventory has declined for seven months and is down 7.8% from December, 2010 levels. Condo sales activity has remained steady since mid 2009. For 2011, condo sales were flat with 2010. Although demand for condos has remained steady and inventory has declined, the pricing remains weak. Overall, 2011 median sale prices for condos are down 10.3% due to limited financing and distressed sales. Finally, 2011 presented a ‘mixed bag’ for residential lot activity. For 2011, residential lot sales are up 29.1% while the median sales price fell to $30,000, a 33% decline from 2010.

Inventory

Inventory - December 2011

Closed Sales

Closed Sales for Single Family Residences - December 2011

Median Sales Price

Median Sales Price for Single Family Residences - December 2011

Download:  Grand Strand Real Estate Market Statistics – December 2011

August real estate performance was a mixed bag for the Grand Strand. Single Family Residential (SFR) inventory continued to decline as it is down 8.3% over the last 12 months. Although SFR distressed inventory is up vs. August 2010 and represents 17.2% of the inventory, it has declined for 3 consecutive months. SFR sales were up 13.3% from July and up 9.9% as compared to August 2010. Year to Date (YTD) sales are up slightly versus 2010 evels. Median Sales Price for SFR was flat to prior month and prior year levels. YTD, SFR median sales price is down 6.2% versus 2010 level. Cash transactions have been a growing share of SFR activity and represents about 35% of transaction activity. Condo activity remains at lackluster levels as inventory has declined 12.2% over the past year. Distressed condo inventory continues to decline as it has dropped 14.9% over the last year. Condo sales activity was virtually flat with July but down 13.6% versus August 2010. YTD, condo sales are up slightly (2.7%) as compared to 2010. Median sales prices for condos continue to erode and are down 8.6% from July and 12.6% versus August 2010. Year to date, the median sales price for condos is $107,250. This decline is driven by the high percent of distressed sales activity and cash transactions.

Inventory

Inventory of Single Family Residences

Closed Sales

Closed Sales Chart (August 2011)

Median Sales Price

Median Sales Price (Non-Distressed, Distressed & Combined)

Download:  Grand Strand Real Estate Market Statistics – August 2011

At the end of July, single family residential (SFR) and condo inventory declined 7.2% and 11.3% respectively as compared to July, 2010 levels. The decline appears to be equally distributed in non‐distressed and distressed inventory as distressed inventory still comprises approximately 17% of total inventory. SFR sales maintained consistent levels to July, 2010 (up 2%). Year to date, SFR sales are flat to 2010 production. Median sale prices for SFR sales were $170,250. Year to date, median sales prices are down 4.7% versus 2010 levels. We maintain our 2011 forecast of flat SFR sales and median sales price decline of 5-7% vs. 2010 levels. Condo sales activity declined 14.7% versus June and off 6.3% versus July 2010. This is the fourth consecutive month of sales decline. Condo median sales price was $110,000 which is driven by distressed sales and limited financing. Distressed condo sales represent 33% of all sales volume and cash purchase transactions comprise 60% of all transactions.

Closed Sales

Closed Sales Chart (July 2011)

Median Sales Price

Median Sales Price (Non-Distressed, Distressed & Combined)

Sold to List Price Ratio

Sold to List Price Ratio (June 2011)

Download:  Grand Strand Real Estate Market Statistics – July 2011

Single Family Residential (SFR) sales activity increased as compared to may. However, sales production declined approximately 19% versus June, 2010. This marks the hird consecutive month of year over year sales decline. Year to date, SFR sales activity remains flat to 2010 levels. June’s SFR median sales price increased vs. prior month and was 6% greater than June, 2010. This increase was driven by lower distressed sales (as a % of total). We maintain our 2011 forecast of median sales prices to be off 5‐7% vs. 2010 levels. Similar to SFR sales, condo sales activity was off approximately 6% vs. May and June, 2010. Year to date sales production is up 4% versus 2010 levels. June’s decline in sales volume was driven by lower distressed sales. This decline resulted in higher median sales prices vs. prior month levels. Year to date, 2011 median sales prices continue to lag 2010 levels.

Closed Sales

Closed Sales Chart (June 2011)

Median Sales Price

Median Sales Price (Non-Distressed, Distressed & Combined)

Sold to List Price Ratio

Sold to List Price Ratio (June 2011)

Download:  Grand Strand Market Report – June 2011

The difference between a profitable smooth transaction and a break even, miserable experience is often a fine line. In the majority of cases it comes down to the subtle know how of your professional. By utilizing the knowledge of a well-trained real estate investor, you’ll ensure the quick, profitable sale of your home. This report is designed to arm you with the knowledge to avoid 11 common mistakes that cost sellers serious money.

Refusing to Make Profit Inducing Repairs
It always costs you more money to sell ‘as is’ than to make repairs that will increase the value of your home. Even minor improvements will often yield as much as three to five times the repair cost at the time of sale. Your agent will be able to point out what repairs will significantly increase the value of your home. Seemingly small fix up jobs can have quite an impact.

1. Not Considering Other Financing Terms

Cash is not always the most advantageous transaction. Income level, tax benefits and current legislation are all critical factors when considering purchase terms. Professional Real Estate Investors are experts at home transactions and can lead you down the path that will give you the highest yield.

2. Provide Easy Access for Showings

Accessibility is a major key to profitability. Appointment-only showings are the most restrictive, while a lock box is the least. However there are certain considerations to take into account: your lifestyle, time frame for the desired sale and the relationship with the person representing your interests. The more accessible your home is, the better the odds of finding a person willing to pay your asking price. You never know if the one that couldn’t get a viewing was the one that got away. By developing a trusting relationship with an investor, he or she will show the home with your best interests in mind.

3. Priced Too Low/Priced Too High

One critical reason to find an experienced professional real estate investment professional is to make sure the property is priced appropriately for a timely and profitable sale. If the property is priced too high it will sit and develop the identity of a problem property. If it’s priced too low it could cost you considerable profits. The real estate market has subtle nuances and market changes that should be re-evaluated by your representaive every 10-14 days to help you maximize your return.

4. Relying Solely on Traditional Methods To Sell Your Home

The real estate professional who is innovative and willing to offer new strategies of attracting home buyers will always outperform those who rely on traditional methods. Demand around the clock advertising exposure, innovative lead generation methods and lead accountability. These services exist and should be offered on your home sale.

5. Market Timing/Seasonal Selling

Just as a broker who continually follows the trends of a stock, your real estate professional continually follows trends of your home market. They will know if the market cycle is poised to net you the most money. Avoid believing that property sales are seasonal – property is always selling.

6. Refusing to Make Cosmetic Changes

The prospective home buyer’s first impression is the most important. Hundreds of thousands of home sales have been lost to unkempt lawns, cluttered rooms, bad stains, unpleasant odors… all the seemingly little things. Imagine you were the home buyer and clean your place from top to bottom – military style.

7. Wasting Time With An Unqualified Prospect

Your representative’s responsibility is to screen a prospect’s qualifications before valuable time is lost. Be sure to align yourself with the right professional and eliminate negotiating with unqualified prospects.

8. Don’t Test The Market

Never put your property on line to sell unless you are serious. The right professional will find you buyers and if you are harboring indecision… you will blow the sale.

9. Believing You are Powerless to Make a Difference

Be a part of the team! Take an active role with your real estate professional to see what you can do to facilitate your sale. Networking with professional peers and personal friends often results in the sale of a home. It’s surprising how many homes are sold this way.

10. Believing All Realtors, Brokers & Others are the Same

With all the intricate details and critical decisions to be made concerning your home sale, should you rely on anyone but an experienced real estate investment professional? Many friends and family members have been estranged as a result of failing to meet expectations. Your home sale is a time consuming, effort related, difficult task. Maximize your profit by utilizing a experienced real estate investment professional.

Tax incentives for real estate investors can often make the difference in your tax rates. Deductions for rental property can often be used to offset wage income. Tax breaks can often enable investors to turn a loss into a profit.

For which items can investors get tax breaks? You could claim deductions for actual costs you incur for financing, managing and operating the rental property. This includes mortgage interest payments, real estate taxes, insurance, maintenance, repairs, property management fees, travel, advertising, and utilities (assuming the tenant doesn’t pay them). These expenses can be subtracted from your adjusted gross income when determining your personal income taxes. Of course, these deductions cannot exceed the amount of real estate income you receive. In addition to deductions for operating costs, you can also receive breaks for depreciation. Buildings naturally deteriorate over time, and these “losses” can be deducted regardless of the actual market value of the property. Because depreciation is a non-cash expense — you are not actually spending any money — the tax code can get a bit tricky. For more information about depreciation and various tax alternatives, ask your tax advisor about Section 1031 of the U.S. Tax Code.

Have a Positive Cash Flow

There are two kinds of positive cash flows: pre-tax and after-tax. A pre-tax positive cash flow occurs when income received is greater than expenses incurred. This sort of situation is difficult to find, but they are usually a strong and safe investment. An after-tax positive cash flow may have expenses that outweigh collected income, but various tax breaks allow for a positive cash flow. This is more common, but it is generally not as strong or safe as a pre-tax positive cash flow.

Regardless of what kind of real estate you choose to invest in, timely collections from your tenants is absolutely necessary. A positive cash flow — whether it be pre-tax or after-tax — requires rental income. Be sure to find quality tenants; a thorough credit and employment check is probably a good idea.

Use Leverage

One of the most important factors in determining a solid investment is the amount of equity you are purchasing. Equity is the difference between the actual worth of the property and the balanced owed on the mortgage.

Benefit from Growing Equity

While investing in real estate is relatively complex, it is often worth the extra work. When compared to other financial investments, like bonds or CD’s, the return on investment for real estate purchases can often be greater.

The key to real estate investing is equity. Determine an amount of equity that you want to achieve. When you reach your goal, it’s time to sell or refinance. Determining the proper amount of equity may require the assistance of a real estate professional.

1. Compare Property Values and Rents

Financial statistics only go so far; the best measure of a property’s market value is often the sale prices of nearby properties. The same holds true for area rents. A low price can often be justified by a reasonable rent; renters who can afford a high rent can afford to buy instead, so reasonably priced rent is a need.

2. Be careful – Tax laws may change

Don’t base your tax investment on current tax laws. The tax code is constantly changing, and a good investment is a good investment regardless of the tax code. The right property with the right financing is what you should look for as an investor.

3. Specialize in something you Know

Start in a market segment you know. Whether you focus on fixer-uppers, foreclosures, starter homes, low-down payment properties, condominiums, or small apartment buildings, you’ll benefit from experience by specializing in one aspect of investment real estate properties.

4. Know the Costs going in!

Know the financial statements inside out. What are operating expenses? What are loan payments? Vacancy costs? Taxes? What does the cash flow statement look like? These are key issues that must be addressed before making a solid investment.

5. Know where your tenants are coming from

If the last rent increase was recent, your tenants may be considering a move. If tenants have a short-term lease, they may be living there simply to attract unsuspecting buyers. It is also important to collect the tenants’ security deposits at closing.

6. Assess the tax situation

Taxes are an integral part of successful real estate investing, and they often make the difference between a positive cash flow and a negative one. Know the tax situation, and see how it can be manipulated to your advantage. It may be a good idea to consult a tax advisor.

7. Investigate insurance coverage

If seller’s coverage is based on lower-than-current replacement value, your insurance cost may increase when you pay a higher purchase price.

8. Confirm Utility Costs

Ask the local utilities to verify recent utility expenses, especially if any of these costs are included in your tenant’s rent.

9. Consult Your Accountant

Taxation is a key element of successful real estate investing, so be sure to find an accountant who is well-versed with the constantly evolving tax code.

10. Inspect!

Make sure that you always perform a thorough inspection of the property before buying it. Never, ever buy any property without at least examining the site. In some cases, hiring professional inspectors to examine the structural mechanical system may be a sound investment.

Real estate investment has provided many investors with positive cash flow, tax benefits and satisfaction of making an impact in others lives. Like any investment however, real estate has intricate nuances and market trends that when ignored can cause an investor tremendous heart ache.
Unbelievably many first time investors are willing to part with their hard earned cash without taking the time to study their investment. They rely on traditional trends and gut feelings. Before you risk your investment take the time to learn all you can about your market. By aligning yourself with the right professional you can avoid these 12 common mistakes and you’ll ensure an excellent return on your investment.

1. Failure to Determine Your Time Need

Cash flow, capital appreciation, tax benefits, loss of management, equity paydown and pride of ownership are just some of the things that need to be addressed before you make that investment. A service minded real estate professional can be a tremendous asset by taking the time to evaluate your needs and making sure you’ve got all your bases covered.

2. Not Checking out the Seller or Sellers Agents Numbers

Claims of extremely high rates of return run rampant in real estate investment. Don’t get caught up in the excitement – check everything: rents, payment history, taxes, expenses, deposits, future modifications… everything. Make sure you have the right agent…it’s like having a good insurance policy against overlooking all the seemingly insignificant but very important details.

3. Forgetting You Are Buying a Business

Owning investment property carries with it a great potential for creating wealth and… some potentially difficult decisions. Evictions, re-investment into the property and time management all need careful consideration. Remember this is not a ‘hands off’ business.

4. Avoid Negative Cash Flow

Property that eats cash every month can drain your working capital. This can create stress, frustration and become quite painful. Predicting constant appreciation is extremely difficult if not impossible for the unseasoned investor. A strain on your cash flow may cause you to sell the investment before the benefits of ownership are ever realized.

5. Failure to do a Thorough Inspection

Look under every rock! Hire a professional inspector. Ask the tenants about pest problems, structural damage or reoccurring problems. Don’t overlook anything! A value driven real estate professional will help you find the right inspector and can help you avoid costly mistakes. When investing your hard earned money be sure and use sound business judgment!

6. Failing to Have Adequate Insurance

Investment property brings liability. Tenants, cars, parking lots, cleaning facilities, property liability – the list is quite extensive. Adequate insurance coverage is an absolute must! Be sure to consult with an insurance professional and protect your hard earned assets.

7. Inspect, Approve, and Confirm All Documents

The list of documents that need to be proofed can be overwhelming to the first time investor. Building permits, zoning laws, rental and lease applications, health licenses, laundry leases, underlying loan documents, CC&R’s, by-laws, title policies, mineral leases, inspection reports, purchase contracts, insurance.. don’t attempt to do it alone. The right professional can remove most of the stress and bring the transaction to a conclusion smoothly.

8. Get a Bill of Sale for All Property Involved

Many types of personal property (appliances, furniture, fixtures, etc.) can be involved in an investment sale. Be very detailed -know who owns what!

9. Charge Fair Rents

Vacancies, turnovers and lease terminators are your biggest expense. Charge fair rents, treat your tenants with respect and respond as quickly as possible to their needs. It’s a lot less costly in the long run to take care of the little problems before they become big problems. Vacant property is your Achilles heel.

10. Select Qualified, Good Tenants From the Start

Take the time to check references. Previous landlords, employers, financial references, credit and judgments are all vitally important. If there are any questions do a thorough investigation. Drive by their previous residence. A little work up front can save tremendous problems later.

11. Make Sure You Get Estoppel Letters

Get letters from tenants confirming the status of tenancy. Make sure their version of the rental or lease agreement corresponds with the sellers interpretation.

12. Don’t Spend Positive Cash Flow

Most of successful investors have free and clear properties. Be sure to re-invest your cash flow back into the property payment and speed up the amortization schedule. This decreases your debt load and increases your equity which builds your net worth. Investment property can be one of the most rewarding aspects of your financial portfolio. Be certain to have all your ducks in a row before you invest. Do your homework! Consult with a professional real estate agent and protect yourself from the hidden troubles that can plague first time investors.

Thank you for visiting our website. Are you thinking about buying a home and wondering if it’s a good idea? May we share a few thoughts with you?

The main advantage of renting is that you don’t have to deal with most maintenance problems. But by renting, you lose the chance to build equity, take advantage of tax benefits, and protect yourself against rent increases. Also, you may not be free to decorate without permission and may be at the mercy of the landlord.

Owning a home has many benefits. When you make a mortgage payment, you are building equity. And that’s an investment. Owning a home also qualifies you for tax breaks that assist you in dealing with your new financial responsibilities, like insurance, real estate taxes, and upkeep, which can be substantial. But given the freedom, stability, and security of owning your own home, they are worth it.

A home is more than a financial asset; it’s a place to live and raise children; it’s a plan for the future; it’s an investment in your community.

Do you really need a real estate professional

As you’re considering buying a home, you may be asking yourself or your friends whether you really need a real estate professional to help you.

Using a real estate professional is actually a very good idea. All the details involved in home buying, particularly the financial ones, can be mind-boggling. Good real estate professional can guide you through the entire process and make the experience much easier, possibly saving you thousands of dollars.

We are well-acquainted with all the important things you’ll want to know about a neighborhood you may be considering…the quality of schools, the number of children in the area, the safety of the neighborhood, traffic volume, and more.

We can help you determine the price range you can afford and search the classified ads and multiple listing services for homes you’ll want to see. With immediate access to homes as soon as they’re put on the market, we can save you many wasted hours.

When it’s time to make an offer on a home, we can show you ways to structure your deal to save you money.

We can explain the advantages and disadvantages of different types of mortgages, guide you through the paperwork, and be there to hold your hand and answer last-minute questions when you sign the final papers at closing.

Wish List

Thank you for visiting our website. Are you ready to buy a home? Do you know what you want? If you’re a first-time homebuyer, you need to know where and how to begin the home buying process. It can be worthwhile to put together a wish list, then discuss it when meeting with your Realtor to figure out the next steps.

Here’s a list you can use to define some of the things you want before you start looking at homes. You might find out in the process that your vision will change, but it’s good to have a beginning point.

• Square footage
• Number of bedrooms
• Number of baths
• Garage size
• Lot size
• Age of house
• Square feet of house
• Style of house
• Number of floors
• Type of neighborhood
• Air conditioning?
• Fireplace?
• Cable TV?
• Storage space?
• Energy efficient?
• Pool/jacuzzi?
• Eat in kitchen?
• Dining room?
• Finished basement?

Convenience to:

• Grocery store
• Schools
• Shopping
• Hospital
• Doctor/dentist
• Parks
• Church
• Airport
• Highways
• Public transportation

House Hunting Tips

Are you ready to look for a home? Here are some of our house hunting tips.

Prepare a wish list to define some of the things you want before you start looking at homes. This can help you narrow your search. Do you need a basement? Is air-conditioning a must? How close do you need to be to schools? Or would you rather be far away from young children?

As you drive through a neighborhood, look for pride of ownership. Are the homes carefully maintained? Are the lawns and gardens manicured? The condition of your neighbors’ homes will affect the value of your home.

If you’re buying a new home, visit some of the developer’s older home projects. How well are they holding up? Would those owners buy another home from that particular developer? (Remember that even new homes should be professionally inspected before buying.)

Bring a camera and a checklist. When you visit more than a couple of homes, details can start to get mixed up. Here is a checklist you can print out for each home you visit.

Don’t forget your pre-approval letter. This will show sellers that you are a serious buyer who is likely to get a loan. It can make the difference in securing the home if there are other people bidding.

Professional Home Inspection

Are you preparing to buy a home? Here’s a tip we’re sharing with people who are buying homes.

It is a really good idea to get your property inspected by a professional before you buy. The purchase of a home is probably the biggest investment you will ever make. You don’t want any unpleasant surprises. Even newly constructed homes can have major flaws. The small price you pay an inspector can save you thousands of dollars in the long run.

A home inspector is typically contacted right after the contract or purchase agreement has been signed, and is often available within a few days. However, before you sign, be sure that there is an inspection clause in the contract, and be sure your offer to purchase is subject to your review and approval of a professional home inspection.

To find a reliable inspector, you can ask friends, contact The American Society of Home Inspectors or we can give you recommendations. Plan on being present during the inspection. That way you can ask questions and learn more about the home first hand. If the inspection reveals problems, you have some choices. If no problems are found, you will have learned many things about your home, including what maintenance is necessary to keep it in good shape.

A standard home inspector’s report will review the condition of the home’s heating system, central air conditioning system, interior plumbing and electrical systems; the roof, attic, and visible insulation; walls, ceilings, floors, windows and doors; the foundation, basement, and visible structure.

Closing Costs

Are you thinking about buying a home? Here’s a tip we are sharing with people who are buying a home. We hope you find it useful.

On closing day, you officially become the owner of your home. It’s important to understand and prepare for the costs associated with closing. Here are some kinds of the fees involved in a standard closing.

• Inspections – you may have already paid these costs. If not, they are collected at closing.
• Title Insurance – pays to research who legally owns the property and protects you and the lender against loss or damage if someone should challenge your ownership.
• Loan Origination Fee – This is the fee paid to the company originating your loan to cover their costs associated with creating, processing, and closing your mortgage.
• Homeowners Insurance – Your lender will require proof that you have adequate homeowners insurance. You may be required to pay the first year’s premium.
• PMI – Private Mortgage Insurance is required by your lender if you put less than a 20 percent down payment on your home.
• Property taxes – These are based upon the purchase price of your home

In a typical home purchase, closing costs equal about 2 to 5 percent of the purchase price of the home. You don’t want to be caught short at this important time. If you’d like more information, just call or send us an email.

Planning Your Move

As with other parts of buying a home, it pays to know in advance what to expect when it comes to the actual move. We hope these tips and Internet references will help make your move more stress free.

You may be eligible to deduct some of your moving expenses from your income tax if:

• Your new job or job transfer is at least 50 miles farther from your home than the old one was.
• If you had no previous job, the new one is at least 50 miles from your old home.
• You are in the armed forces and had a permanent change of station.

• Put heavy items like books in small boxes.
• Pack soft items like towels and stuffed animals in large garbage bags.
• Drapes can be packed in wardrobe boxes, which can be purchased from a packing store.
• Put plastic bags around the hoses of your washing machine and secure them with rubber bands to prevent leakage in transit.
• Don’t forget to back up your computer files before you pack.

Below are some websites with more information about moving:

• U-haul sells boxes and moving supplies.
• U.S. Postal Service offers a moving resource guide, including a complete change of address package and services based on your zip code.