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The Housing Recovery is Real

Sunday, June 2nd, 2013

The Housing Recovery is Real | The Hoffman Group

The stage has been set for a continuing housing recovery for 2013 and the years following as the Grand Strand area is experiencing strong growth within both the single family home and condo markets. Despite the rise of home prices and the growth of construction activity in and around the Myrtle Beach area, there is sill room for additional growth in these areas.

Thanks to a high demand for both houses and condos throughout the area and broad affordability, the Myrtle Beach area is an example of a prime location and optimum time to get involved in local real estate. Several new developments such as The Cottages at 7th, along with the popularity of the Myrtle Beach area are adding to the steady improvement. The addition of Myrtle Beach to the National Home Builder’s Improving Market Index in February is yet another indication that the market here as well as in other South Carolina metro areas (Greenville, Columbia, Charleston, Florence, Andersen, and Spartanburg) is strengthening.

Leading Indicators From a Strong Housing Market

Reports show that Single Family Residences (SFR) sales increased nearly 32% for the month of April of this year when compared to April of 2012. This is the highest single family residence sales per month activity since 2007. A look at this year’s SFR sales year to date show that sales are up 19.25% over 2012 levels, pointing to a significant growth in the housing market throughout the Grand Strand for 2013.

This growth isn’t limited to Single Family Residences, as condo sales also show a moderate growth over last year’s numbers, with year-to-date condo sales up about 8% over 2012. Condo listings for the month of April are down by around 10% from April of 2012 as both total and distressed inventories are also down. This shrinking supply and higher demand is also helping power the growing housing market.

If you are in the market to purchase a new vacation condo or property, we would be glad to help you. Be sure to grab our free whitepaper, Myrtle Beach Real Estate: 5 Things You Should Know, for insight and information on purchasing a home or condo in the Myrtle Beach and Grand Strand area.

The material provided is for informational and educational purposes only 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.

How to Add Value to Your Myrtle Beach Real Estate

Wednesday, May 29th, 2013

The Hoffman Group, Myrtle Beach, SC

The Myrtle Beach and Grand Strand area are seeing an influx in new homes, existing home sales, and an overall increase in property values throughout the area. Due in part to the popularity of this sought-after vacation destination, the real estate growth and expansion within Myrtle Beach is creating an ideal market for those wishing to purchase now as well as those who are seeking to sell their homes.

Increasing the value of your property, or getting a higher sale price when you decide to sell can be as simple as touching up the paint or as extensive as building an addition to your home. You can break down the process of adding value to your home or condo into three specific parts: planning, exterior, and interior.

1. Planning for Perfection

Knowing the end goal of any renovation or project to add value to your real estate is the best way to avoid exceeding your budget. Successful projects require both a realistic budget as well as careful planning that isn’t rushed or glossed over. Start with the basics and work your way up. Make a list of which rooms and areas need paint touchup or a whole new coat of paint. Decide if any appliances are outdated and need replacing, or if the bathrooms need an overhaul. Walk around outside your property and evaluate which areas could benefit from updated landscaping.

Coherent design is especially important when considering what areas to improve, what areas to leave alone, and how much you’re willing to spend. Endeavor to compliment the structure of your home as well as the neighborhood and area in which it is located. It’s important not to over build or over improve for your area, but to focus on the overall appeal of the property and home.

2. Outside Cosmetic Modifications

Curb appeal is essential, and it’s important to consider all exterior areas of your property for the overall impression it gives. If you are in a condo the first impression is formed more by how well your rooms come together and flow to create a lasting experience. If you are in a house, there are more areas to consider as part of the curb appeal and overall value. Update your landscaping by putting in some fresh shrubs and flowers. Trim and prune trees to give them new life and keep them healthy. A great exterior strategy can make even the most boring homes appear fresh and inviting.

3. Interior Overhaul

Perhaps the easiest and most inexpensive option to improving the interior space is thoroughly cleaning it from top to bottom. Painting and touching up the walls can also add considerable value. If you are selling, be sure to have every room accounted for and not left empty. If you do have any unfurnished rooms, taking a little time to define the space with a few furnishings can help a potential buyer imagine their own use for the space, and add to the “wow” appeal of your home.

If you are in the market to purchase a new vacation condo or property, we would be glad to help you. Be sure to grab our free whitepaper, Myrtle Beach Real Estate: 5 Things You Should Know, for insight and information on purchasing a property in the Myrtle Beach and Grand Strand area.

The material provided is for informational and educational purposes only and should not be constructed 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.

How To Get the Best Myrtle Beach Home Loan

Sunday, May 19th, 2013

How To Get the Best Myrtle Beach Home Loan | The Hoffman Group | Myrtle Beach, SC

Buying season is upon us and many are wondering if they could be in the market for a new condo or residential property. With the economic recovery gaining some traction, mortgage lenders are beginning to accept and approve loan applicants that only a few months ago were declined due to borderline credit risk.

On March 20, Ellie Mae, Inc., a private-sector supplier of internet technology systems to the mortgage industry, showed in their monthly report that average FICO scores of borrowers was down four points from the previous month. Meanwhile, the average down payment was lower, and debt-to-income ratios were higher, all of which are indications that mortgage loan underwriting standards have shown actual signs of easing. This is also validated by a recent story in The Los Angeles Times that reported a loosening of lending standards.

Slow … but progress

The New York Times on April 12, published a story under the headline Signs of Easier Money for Mortgages. The article stated that you still need a great credit score with a lower down payment, or good credit with a larger down payment to get the best lending programs.

Of course, there are VA and FHA loans available for those with spottier credit and that desire lower down payments. These loans do come with additional closing costs but for borrowers who are of the opinion that today’s low mortgage rates won’t last much longer, it is a viable option.

Getting the best home loan

To qualify for the best mortgage rates possible in the market there are some simple things you can do that will help you qualify.

Following are five of the steps FICO, the company behind America’s largest credit-scoring system, recommends:

  1. Get a copy of your credit report, and have any errors (they’re more common than you may think) corrected.
  2. If you’re behind with any accounts get — and stay — current.
  3. Pay down your credit cards as much as you can. Ideally, your total balances should be 20 percent of your total credit limits — or less.
  4. Don’t apply for any new forms of credit during the run up to your mortgage application. That includes auto loans, consumer accounts and credit cards.
  5. Paying off a collection account won’t make it go away unless you get the creditor to agree to remove it. It’s best to pay off collections as soon as they appear — new activity on an old collection causes the derogatory information to be weighted more heavily and could drop your credit score.

If you’ve had difficulty in the past getting approved, there’s a good chance lending standards will continue to loosen, and it may only be a matter of time before you get the keys to that new Myrtle Beach condo or home - especially if you follow the five rules prescribed by FICO.

To further understand credit scoring and why your scores matter, get this free booklet fromFICO - you can download here.

The North Myrtle Beach Market Report for March 2013

Thursday, April 25th, 2013

The North Myrtle Beach Market Report provides month to month and year to date comparisons for the single family and condo transactions in the North Myrtle Beach market.

CLICK HERE for The North Myrtle Beach Market Report for March 2013

The Hoffman Group is pleased to share these statistical reports to help you better understand the current economic condition of the real estate market in Myrtle Beach, SC and surrounding areas. Distributed monthly by the Coastal Carolina Association of Realtors Multiple Listing Service, the data is deemed reliable but not guaranteed. You should always discuss such data with a trusted REALTOR before making any purchase decisions.

CALL US TODAY AT 1-877-671-5024 to speak with a REALTOR® sales associate and begin the search for the property that is best suited to your purchase needs.

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The Grand Strand Market Report for March 2013

Thursday, April 25th, 2013

The Grand Strand Market Report reviews market trends from Horry and Georgetown counties through data that provides single family, condo, and residential lot statistics for current inventory and closed sales.

CLICK HERE for The Grand Strand Market Report for March 2013

The Hoffman Group is pleased to share these statistical reports to help you better understand the current economic condition of the real estate market in Myrtle Beach, SC and surrounding areas. Distributed monthly by the Coastal Carolina Association of Realtors Multiple Listing Service, the data is deemed reliable but not guaranteed. You should always discuss such data with a trusted REALTOR before making any purchase decisions.

CALL US TODAY AT 1-877-671-5024 to speak with a REALTOR® sales associate and begin the search for the property that is best suited to your purchase needs.

Adobe Acrobat may be required to view this file.
It is a free tool that allows you to view PDF documents online or offline.