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Staging Tips for Any Grand Strand Listing

Tuesday, March 18th, 2014

Staging Tips for Any Grand Strand Listing | The Hoffman Group

When it comes to selling your home or condo a professional real estate agent will get down to strategy and selling tactics.

One of the most effective tactics is the staging conversation. Effective staging is critical, but many home sellers have a blind spot to their own home. They have seen their home the way it is and it has become acceptable. Most home sellers aren’t too keen on changing what they feel is okay.

Following are a few tips and tricks you should consider as a home seller to maximize your return on the sale of your Grand Strand home or condo:

  1. Let your real estate agent be blunt.
    You want your home to sell and close quickly. Therefore get honest feedback from your agent. A professional real estate agent will always be tactful in giving advice, and as a seller, you should welcome that advice. It could impact your bottom line greatly.
  2. Tour other listings with your agent.
    One of the best ways to get inspiration for the potential is to tour other listings. Seeing what other homes and condos have to offer not only can validate your agent’s feedback, but may inspire some other creative ideas.
  3. Stage from the outside in.
    First impressions are everything. Selling your home takes effort if you want the right price and a quick sale. Therefore put on your buyer’s hat and ask yourself if the first impression of your home is memorable or so-so. It would even be good to sit down and watch a few episodes of House Hunters, Love It or List It, or The Property Brothers and see how first impressions affect buyers. A great and entertaining show is The Vanilla Ice Project. Yes, that’s right Vanilla Ice, the famous rapper! You will be amazed at the staging he puts into a home.
  4. Less is more.
    Most buyers don’t have an imagination. The more stuff they see, the less they can envision themselves in a home. Therefore get rid of all the clutter. Don’t let personal decorations get in the way. Remove anything that affects the real packaging of the home to a potential buyer.
  5. Think like a buyer.
    Sure, that bright paint was to your personality and liking. But the reality is, the more neutral your home’s color scheme, the more ready it is for a potential buyer to see themselves living there and to come in and make it their own.
  6. Spend money to make money.
    Yes, you may need to spend some money to make money. Just look at the return you will get if your home or condo is pristine.

With mortgage rates still low and Myrtle Beach home prices on the rise, now is the time to buy or sell that new home or condo in the Grand Strand. To get started feel free to call us at (877) 671-5024.

A Growing Myrtle Beach Housing Market

Thursday, March 13th, 2014

A Growing Myrtle Beach Housing Market | The Hoffman Group

Myrtle Beach continues to see growth in the housing market as the Grand Strand approaches its beautiful summer months. Zillow, an online real estate database, reported that home values in Myrtle Beach have risen 9.4% over the past year, with the median home value for Myrtle Beach sitting at $111,000 for February 2014. The median price of homes is currently $139,900.

February’s economic reports also indicate a strengthening economy as well. The month of February marks 175,000 jobs created, more than the expected 163,000, and the largest jobs gain in three months. Revisions concerning job creation numbers for the months of December and January also added 25,000 more new job creations than had been previously reported.

The labor market also received a positive, albeit small, sign of a continued growing economy. According to the Bureau of Labor Statistics, the unemployment rate rose to 6.7% for the month of February, up from just 6.6% from the previous month. This time last year saw a 7.7% unemployment rate. The Labor Force Participation rate remained at 63%, a 35-year low. Despite weak labor news, these reports are a positive sign, though consistent improvement is needed.

February’s reported average 15-year and 30-year fixed mortgage rates are both down from January’s numbers. Freddie Mac reports that the 15-Year Fixed-Rate fell to a monthly average of 3.35% from January’s average of 3.48%. The 30-Year Fixed-Rate also fell, landing at a monthly average 4.30% for last month, down from 4.43% from January.

Despite the recent economic news, the most important thing to remember remains the Fed’s purchases of $35 billion in Treasuries and $30 billion in Mortgage Bonds, (the types of bonds on which home loan rates are based) in order to help stimulate and grow the economy and housing market. Remember that the Fed originally purchased a combined $85 billion in Treasuries and Bonds. If the economy should falter or slow it’s growth, the Fed may reconsider it’s recent tapering off in purchase.

With low mortgage rates and Myrtle Beach home prices on the rise, now is still a great time to buy a new home or condo in the Grand Strand right before the beautiful summer months arrive. If you are in the market to purchase a new home or condo, a professional real estate agent at the Hoffman Group would be glad to assist you. To get started feel free to call us at (877) 671-5024.

Are You Getting a Good Deal?

Sunday, March 2nd, 2014

The Hoffman Group | Enjoy Myrtle Beach

Buying a home or condo is an exciting event, but one that can leave many homebuyers wondering if they got a great deal. Following are four questions that you should ask yourself to help determine whether or not you’re prepared to find the right deal for you.

1. What does a great deal look like to me?

Before you enter the Grand Strand real estate market take a moment to decide what a great deal looks like to you. Consider this both in terms of your finances and your purchasing goals. This will help minimize the emotion swings as you begin viewing homes and make your decision process much more sound.

2. Do I have a purchase strategy?

Begin with a good strategy and don’t fly by the seat of your pants when purchasing a home or condo. A good place to start is with a professional real estate agent. Consult with your agent to determine the type of properties and seller concessions that are available in today’s market. A good agent will then help you and the lender to make sure you are taking advantage of all possible financing options from seller contributions and obligations to market incentives. The best advice for sure is to secure loan approval and to make sure your real estate agent and lender are on the same page before you begin your home or condo search. Knowing how much you can spend, what you will need for funds at closing and what you will want to negotiate with the seller will save you a lot of time, and give you a stronger bargaining position for the home or condo that you want.

3. Do I understand the current real estate market in a way that gives me leverage?

It’s not just mortgage interest rates that are important. You should have a good understanding of the local real estate market for the area in which you desire to purchase. A professional real estate agent can provide you with comparable market data that includes lots of information from recent sales prices, sales to list price ratios that can give you a good supply and demand snapshot, property descriptions, property improvements, days on the market, type of financing, date closed, seller concessions, and more. This information is vital in helping assist you with making an informed decision for the right offer for the home or condo you want to purchase.

4. Do I have good resources to educate myself about the market?

A good place to start is right here on The Hoffman Group blog. Our blog will provide you with more information than any other real estate source in the Grand Strand when it comes to local market trends and real estate information. The next step is to understand the role your agent plays in representing you. Here is a good infographic to help you see what your agent is doing on your behalf.

If you’re thinking of purchasing a new home or condo in the Myrtle Beach area, check out our free white paper, Myrtle Beach Real Estate: 5 Things You Should Know, to get some great information about the home buying and selling process. Feel free to call us at (877) 671-5024. We are looking forward helping you find your next home.

Why A Real Estate Agent Matters

Tuesday, February 25th, 2014

The Hoffman Group | Myrtle Beach

March is almost upon us, which means we are getting closer to the beautiful summer months of the Grand Strand. There isn’t a more perfect time than now to begin the process for purchasing your your dream vacation or second home in Myrtle Beach and the Grand Strand area.

Before you begin your home search, one of the first steps you should take is to secure the services of a professional real estate agent who will help guide you through the home buying process. This will not only save you from unnecessary stress but provide you with the information you need to make an informed real estate decision.

Following are four reasons why having a professional real estate agent represent you does matter in today’s real estate market.

  1. Area expertise. Just as the national housing market fluctuates from month to month, so do individual communities around Myrtle Beach and the Grand Strand area. Entering the purchase process without someone who is familiar with the area you’re looking to purchase in could result in you missing out on the right home at the right price.
  2. Housing and market knowledge. Not only will a professional real estate agent have an up-to-date knowledge on market conditions, but they will be able to effectively guide you in the right direction to find your dream home or condo.
  3. Professional recommendations. A professional agent will be able to recommend trusted professionals whose expertise you may retain during the home buying or selling process, including inspectors, repair specialists, loan officers, and mortgage companies.
  4. Negotiation power. Negotiating a great price is high on nearly everyone’s list when purchasing a home. A professional real estate agent can be a powerful negotiator in your corner due to their knowledge and experience.

If you are currently in the market to purchase a condo or single-family home, we would be glad to help you. There is still time to take advantage of great rates and excellent properties that are on the market. To get started today feel free to call us at (877) 671-5024

Full Steam Ahead… Sort Of

Tuesday, February 18th, 2014

The Grand Strand Residential Trends | The Hoffman Group

Back in mid-2012 we began reporting that the Grand Strand real estate market was poised for growth. In late 2012 the market began seeing light and continued improvements, setting single-family home sales records for 2013.

There were many factors contributing to the growth for The Grand Strand last year, factors that included ample inventory of listings, distressed properties for sale, record low mortgage interest rates, and the Fed’s help with stimulating the economy. Most of 2013 was a strong year for The Grand Strand real estate market, which posted double digit growth.

I Think I Can, I Think I can

The popular children’s book, The Little Engine That Could is the story of an optimistic little engine that agrees to pull a train over a mountain, when all the larger engines refuse for various reasons. The little engine succeeds while repeating the motto “I think I can, I think I can”.

Now that we’re into 2014, there is still plenty of “I think I can” optimism for The Grand Strand market, with only a few “engines” that could temper that optimism, among them the possibility of higher mortgage rates, low supply for single-family houses and condos, and the Fed’s role in continuing the economic recovery.

For the first time in quite awhile though, homeowners are talking about home appreciation. According to Clemson economist, Bruce Yandle, “Looking ahead, 2014 should start off with slower growth in the overall economy, which will increase through the year so that it will feel significant by the third quarter.” He also noted that South Carolina has the fifth fastest growing economy among the 50 states and that it is seeing the fifth highest population growth rate. This indicates a continued bright future is ahead for the real estate market.

Yandle went on to say, ”If you felt good about 2013, you’ll feel even better about 2014″. He couldn’t have predicted it more accurately. Sales volume for single-family residential and condos is slightly down starting out the year, 11% and 14% respectively compared to the previous year. However, the median sales price for single-family residential sales has remained level compared to last year. Sales prices for single-family as well as condos remain steady, primarily due to decreases in inventory, which has been gradually declining since May of 2013. When supply shrinks, demand tends to rise, and thus prices increase. This decreasing inventory trend points toward a slight rise in prices, which the market is currently experiencing.

If you are currently in the market to purchase a condo or single-family home, we would be glad to help you. You can still take advantage of great rates and excellent properties that are on the market. To get started today feel free to call us at (877) 671-5024

The material provided is for informational and educational purposes only and sometimes contains current or forward-looking statements on real estate market conditions, and should not be construed as legal, investment and/or real estate advice. Although the material is deemed to be accurate and reliable, we do not make any representations as to its accuracy or completeness and as a result, there is no guarantee it is without errors, or that it is necessarily the opinion of The Hoffman Group.