Listing Update

The price at 3 Alberta Drive, Myrtle Beach has been reduced from $44,900 to $39,900.

Information on all properties I have listed plus up-to-date real estate information can be found at my website or on my Blog. I can be reached by phone at (843) 267-2710.

"Helping You Find the Sandcastle of Your Dreams!"

For Sale - 3 Bedroom, 2 Bathroom

I've created a video of my listing at 3 Alberta Drive, Myrtle Beach. This house is located off of Pine Island Drive between Highway 15 and Robert Grissom Parkway. The house is approximately 1.5 miles from the beach. Additional information can be found at my website, www.KathyRukat.com. If you have questions, I can be reached at Kathy@KathyRukat.com or (843) 267-2710.

Special Loan Program for SC Teachers - 5.875% Interest Rate

Much of the state of South Carolina is currently in a Buyers' Market - a.k.a. a GREAT time for buyers to purchase a property. Let's say you've found the perfect property. Now, your big concern is obtaining financing... that's a solid concern with the credit crunch lately. If you are a teacher in South Carolina, the SC State Housing Authority announced a new program. See the details below...

SC State Housing Authority is excited to announce our 2008 PALMETTO HERO PROGRAM. The Hero selected for the 2008 initiative is "Teachers." The Borrower must have his or her South Carollina Teachers Certification and currently teach or have a contract to begin teaching within 60 days of closing on the home. He/she must live and teach in South Carolina. The borrower(s) must meet State Housings First-Time homebuyer requirements. The program has a reduced mortgage interest rate and down payment assistance available. The program will be limited to $20 million. Loans are on a first come first serve basis and borrowers must have an accepted sales contract on a home prior to reserving funds. All State Housing loan policies and procedures will be in affect for this program. See our program guides and manual for specific loan details.

INTEREST RATE - Interest rate will be 5.875

DOWN PAYMENT ASSISTANCE:

Tier I - $5,000 Repayable Down Payment Assistance.

$5,000 Repayable Loan has an interest rate of 0% and payments will begin the third anniversary of the first payment on the first mortgage. The payment on the maximum assistance amount of $5,000.00 will be $83.33 per month for 5 years.

Tier I I - $7,000 Forgivable Down Payment Assistance

$7,000 Forgivable Loan requires the borrower to live in the purchased property for five years in order for the loan to be forgiven. The loan must be repaid if the Borrower(s) fails to remain in the property for a minimum of 60 months. (20% of the loan amount is forgiven each year).

Any teacher in South Carolina thinking about buying a property in the next few months should consider this financing option. Take advantage of this limited money!!

If you are thinking about purchasing real estate in the Myrtle Beach area, please contact me at (843) 267-2710 or Kathy@KathyRukat.com. I can get you in touch with a lender that can help you with this loan option.

March MLS Stats

I defined residential homes as single family detached homes and single family new construction as these are the most popular residential properties.

Total Active SFH - 5,291
Average Listing Price - $478,961
High Price - $9,000,000
Low Price - $17,500

Total Pending SFH - 611
Average Listing Price - $283,198
High Price - $2,400,000
Low Price - $40,000

Total Sold SFH - 197
Average Sold Price - $155,540
Average List Price - $163,405
High Price - $210,000
Low Price - $24,500

New SFH Listings Added in November - 950

As you can see with the number of sold listings versus total listings, the Myrtle Beach market is a Buyers' Market. Currently, we have over a two year supply of single family homes to sell. However, when you compare the sold price versus the list price, homes are selling for an average of 95% of the listings price. This percentage is slightly higher than in months past.

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The condo and townhouse category includes condos, townhouses, 1/2 duplexes and new construction projects.

Total Active Condos/Townhouses - 6,993
Average Listing Price - $274,197
High Price - $4,499,000
Low Price - $45,950

Total Pending Condos/Townhouses - 1,051
Average Listing Price - $99,630
High Price - $128,000
Low Price - $49,000

Total Sold Condos/Townhouses - 177
Average Sold Price - $229,801
Average List Price - $244,525
High Price - $1.075,000
Low Price - $45,000

New Condos/Townhouses Listings Added in November - 914

The condo market is similar to the single family home market in that we currently have a high level of inventory. Our sale price versus list price has fallen sightly. Sellers are receiving, on average, 93.9% of their listing price. More condos sold in March 2008 than did in the previous months.