The upheaval in global financial markets over the past few years may have been unnerving for almost everyone, but among the hardest-hit group was first time home buyers, in Myrtle Beach and across the country. Many had to deal with the stress caused by an uncertain economy, the fallout on business and job security, and, more directly, a pronounced increase in the difficulty of securing mortgages.

The good news for Myrtle Beach first time home buyers is how the national situation has stabilized. It’s confirmed by the increase in the number of people interested in buying a home for the first time—which has climbed out of the slump. The latest NAR (National Association of Realtors®) annual Profile—a yearly report describing home buyers and sellers—shows that new entrants into the residential market accounted for 39%, just 1% shy of the pre-crash mark.

If you’re selling an Myrtle Beach home this summer and have priced it attractively, it could pay to be mindful of this important segment of our market.

So just who are Myrtle Beach’s first time home buyers? That’s where the NAR report gives us some important clues. Three-quarters of first time buyers across the nation fall into the category of current tenants —those living in rented accommodations—with 18% still living with parents. As you’d expect, almost all (98%) of that segment hope to fund their purchase with a mortgage, with 81% preferring a fixed-rate loan. Some first time home buyers plan to use personal savings for the down payment, but many others plan to get help from family. (Myrtle Beach home sellers take note: one possible incentive to make your listing stand out might be to include an offer to cover closing costs.)

Three-quarters of respondents were aged from 22-42. The single most common reason given for buying a home is to start a family (70%), and of those buying a home for the first time, 51% are married couples. With proportions like those, any home in a family-friendly area should benefit by pointing out attractions like local parks, playgrounds and superior schools.

Maybe the most interesting statistic in the report was that 28% of the first time home buyers were already making plans to move again within five years! It may follow that, at least in many cases, first time home buyers in Myrtle Beach may not want to deal with remodeling issues. Attracting them could be the final reason to bring your property into “move-in” condition.

If you are thinking of Buying or Selling this Summer, please trust in your Myrtle Beach Real Estate Experts at Plantation Realty Group! (843) 796-2111

For owners who are contemplating some major upgrades with an eye to eventually selling a home in Myrtle Beach, there’s always the question of where to do the upgrading. Last year, the National Association of Home Builders weighed in with a study of what today’s home buyer “really want”—which supplies some guidance that may be helpful.

Although the findings aren’t directly applicable for every home, the concepts that were cited as most popular can be informative, particularly to creative-minded homeowners ready to take a fresh look at how they might add allure and value to their property.
While the kitchen remains the top location for upgrades, there are several other valuable options for adding appeal in other areas of your home.

“Drop Zone”

A Drop Zone is designer-speak for any area that conveniently serves as a catch-all utility area. As such, it can be just about the most cost-effective upgrade for owners selling a home because many prospective buyers recognize their value. Such spaces can be customized for use as laundry rooms, mudrooms, or areas where children can store backpacks and coats.

Open Plan Family Area & Kitchen

While many upgrade preferences are regional, one that continues to hold appeal across the board is the creation of an open area where family and friends can congregate. Whether it’s part of an eventual campaign for selling a home in Myrtle Beach, or simply to accommodate your family’s appreciation of the property, it’s worth considering an upgrade that would result in creating more of an open, airy multi-use area.

Master Bedroom as Retreat

When it does come to selling a Myrtle Beach home, one of the most alluring investments an owner can make is to transform the master bedroom from a ho-hum bed-and-dresser into a welcoming sanctuary. Some design specifics to help achieve that effect:

· Lighting improvements, like recessed fixtures and wall sconces
· Upgraded ceilings and moldings
· Hardwood flooring
· Walk-in master closet
· Custom-designed storage multipliers (like tilt-out bins and pull-down racks)

Master Bathroom as Spa

Transforming a master bath to include spa attributes is increasingly popular (when you think about it, it’s really a continuation of the master bedroom/retreat idea). Selling a home today means anticipating the value many buyers place on bathroom upgrades—like separating bath and shower, and upgrading tile floors.

If you are planning on Buying or Selling your Home this Summer, please contact your Myrtle Beach Real Estate Experts at Plantation Realty Group to help you today! (843) 796-2111

     When promising investment properties, in Myrtle Beach or anywhere, are well-promoted, you can count on them drawing a crowd. Why wouldn’t they? Investment properties that perform well are like money machines: put in a quarter, get back a quarter and a nickel (and another nickel, and another, and another…). What’s not to like?

     But not all Myrtle Beach investment properties are well-promoted. There can be any number of reasons why, but the bottom line is that some of the best ones are hard to sniff out. In that case, they may take a “Bird Dog” to discover.

     A word about the term. Ask any hunter (or even any regular viewer of Duck Dynasty—and there are a lot of those!) about the value of a good bird dog, and you’ll get an earful. Those canine sleuths use their highly-evolved senses to locate and retrieve the quarry—even when it is all but invisible to their human companions. Without a good bird dog, hunters would be the ones thrashing through swamp and forest to find supper. Not a pretty picture (and one that could often end in McDonalds’ for the folks back home).
In the world of investment properties, the counterpart is the real estate Bird Dog. Like the hunter, real estate investors highly prize a quality bird dog. They may not bring back a duck or pheasant, but the distressed and undervalued real estate that they locate can be orders of magnitude more lucrative may be of interest: Finds distressed property deals for a real estate investor and gets paid a referral fee according to the terms of their agreement.
 

     One of the mistaken assumptions that first time investors frequently make is to believe that simply finding property on the local MLS is all that’s needed. Although that can be the case, since everyone else seeking investment properties in Myrtle Beach also has access to MLS, the most promising listings usually draw a crowd of competitors. You need to be able to find deals that every other buyer isn’t privy to.

     Success can depend on understanding the historical criteria that have worked best for investment properties in Myrtle Beach that fall within your budget range. Maybe you should target multi-unit properties, or maybe the most lucrative investment properties will be mid-range residential homes. Some investors should be looking for rundown properties to rehabilitate, whereas others might most usefully be scouting out Myrtle Beach’s investment properties that are in better condition but with motivated sellers.

     For new investors or those with limited capital, thinking like a real estate Bird Dog will put you ahead in the hunt for the most lucrative Myrtle Beach investment properties. Even better is working with your own Myrtle Beach real estate bird dog who can source quality deals—and save you a lot of time!

     For the most dedicated team of Real Estate Professionals, trust in your Local Myrtle Beach Real Estate Experts at Plantation Realty Group! (843) 796-2111

Many people assume that when the kids leave home, their newly empty nest automatically signals that downsizing into a smaller house or condo is the next step. In truth, for such families living in Myrtle Beach, downsizing is a common option—one that could very well be the best choice.