Sale Update

775 Plantation Drive, Unit 38

A buyer client of mine successfully closed on the property located at 775 Plantation Drive, Unit 38, Little River, SC. The list price for the property was $108,900 and the property sold for $92,000. This townhouse has 2 bedrooms and 2 1/2 bathrooms.

If you have any questions about Myrtle Beach real estate, please email Kathy Rukat at Kathy@KathyRukat.com or call Kathy at (843) 267-2710.

Obama's Housing Plan

Today in Mesa, Arizona, President Obama announced his $75 billion plan to help the housing market. He outlined the three-part plan that would help up to 9 million borrowers. Obama pointed out that his plan "will not rescue the unscrupulous or irresponsible by throwing good taxpayer money after bad loans" and he urged Americans to “learn to live within our means again.”

Obama explained that the high foreclosure rates seen recently in many American towns does not only effect the homeowners losing their homes but also effects neighbors not facing foreclosure. Foreclosures lower the value of surrounding homes making the homes of homeowners current on their mortgages harder to sell, refinance or obtain home equity loans.

Homeowner Stability Initiative
The Homeowner Stability Initiative would help up to 4 million homeowners that are considered "at risk." The government would provide incentives to mortgage lenders if the lender worked with these borrowers to modify their current loan. The goal is to get the mortgage loan under 31% of the homeowners' income.

Upside Down Mortgages
Many Americans now see their home worth less in the current market than they currently owe of their mortgage. Part of Obama's plan is to help these homeowners refinance their mortgage. In the past, regulations would not allow homeowners to refinance if they owed more than 80% of the current market value of their home. The plan would removed the 80% loan-to-value guideline if the mortgage is owned or guaranteed by Fannie Mae or Freddie Mac. The homeowner must be current with their current mortgage and the new mortgage (including refinancing costs) cannot be higher than 105% of the current property value. The homeowner would need to refinance into a 15-year or 30-year fixed rate mortgage.

New Mortgages
The third prong of Obama's plan focuses on keeping interest rates low for new home buyers. Obama plans to add more money to Fannie Mae and Freddie Mac so the companies can continue to buy mortgages from other companies.

More on the $8,000 Tax Credit

President Obama signed the stimulus package yesterday in Denver, CO. Part of the package included an $8,000 tax credit for first-time home buyers. The National Association of Home Builders credited a website to explain the tax credit - not a tax deduction. The website explains this part of the stimulus package as "A tax credit of up to $8,000 is now available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. Unlike the tax credit enacted in 2008, the new credit does not have to be repaid."

From the front page, click on the blue box to gain more information. From there, you will find information such as the Tax Credit at a Glance, FAQs, The Law's Other Provisions and Home Buyer Resources.

Today at 12:15 p.m. EST President Obama will be speaking about his housing plan in Mesa, Arizona. The plan is expected to help homeowners that owe more on their homes than they are worth and also help homeowners getting close to foreclosure. Watch the news conference and feel free to leave a comment.

2009 Stimulus Package

Today, President Barack Obama will sign the 2009 stimulus package in Denver, CO. Below is a brief synopsis of the credits available for first-time home buyers.

2009 Home Buyer Tax Credit

1) Must buy a primary residence home between January 1, 2009 through December 31, 2009

2) Must owner occupy the home for 3 years otherwise credit must be paid back

3) Income must be less than $75,000 for individuals ($150,000 for couples)

4) Cannot have owned a home for the past three years

5) Tax credit is 10% of homes sale price up to $8,000 maximum credit

6) Tax credit claimed on 2009 tax return (year home purchase occurred)

For Sale - Ocean View Condo at The Renaissance Tower

5905 S. Kings Hwy., Unit 708
Myrtle Beach, SC 29575

Ocean view efficiency condo located in the Renaissance Tower at Myrtle Beach Resort. The current owner renovated the condo. Renovations include knocking out 1/2 a wall to expand the kitchen to accommodate conventional-sized appliances, new cabinets, new HVAC system, addition of ceramic tile throughout, new bedding, new sleeper sofa, new appliances and new vanity. Myrtle Beach Resort is a 33-acre ocean front resort. Amenities at the resort include a lazy river, 4 outdoor pools, 2 indoor pools, 3 health spas, tennis courts, a basketball court, Bocce ball area, playground and the Oceanfront Snack Shop.

For additional information on this condo, please visit www.KathyRukat.com, call (843) 267-2710 or email Kathy@KathyRukat.com.

Fannie Mae Guideline Changes

Fannie Mae announced that they will now allow investors to finance up to 10 properties (the former limit was 4 properties). Fannie Mae added some strict qualifications standards, but they are acknowledging this market needs help. The servicing banks will still need to change their regulations, but change is happening in the investor financing market.

If you have questions about this new policy, please give me a call or send an email.

January 2009 MLS Stats

Welcome to 2009! This year, I will add each month's end of the month stats to my blog so you can keep up-to-date with the Myrtle Beach area real estate market. If you have any questions, please add a comment to my blog.

The Residential category includes new construction, single family detached homes, single family semi-detached homes, single family home with HPR, modular homes, manufactured homes on leased land and manufactured homes with land. The Condo/Townhouse category includes new construction, 1/2 duplexes, condos and townhouses.

Total Active Residential - 5,713
Average Listing Price - $423,451
High Price - $8,000,000
Low Price - $14,500

Total Pending Residential - 52
Average Listing Price - $249,644
High Price - $625,000
Low Price - $29,900

Total Sold Residential - 165
Average Sold Price - $239,245
Average Listing Price - $259,549
High Sold Price - $1,780,000
Low Sold Price - $17,000

New Residential Listings Added in January 2009 - 827
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Total Active Condo/Townhouse - 6,499
Average Listing Price - $251,571
High Price - $4,469,000
Low Price - $19,900

Total Pending Condo/Townhouse - 545
Average Listing Price - $286,763
High Price - $865,000
Low Price - $29,900

Total Sold Condo/Townhouse - 102
Average Sold Price - $183,733
Average List Price - $204,450
High Sold Price - $975,000
Low Sold Price - $42,500

For Sale - Single Family Home in Murrells Inlet

9651 Kings Grant Drive, Murrells Inlet, South Carolina

This 3 bedroom, 2 bathroom home is for sale and currently listed at $180,000. The house is centrally located in Murrells Inlet. Mature landscaping dots the front and back yards of this home located on a cul-de-sac. The large backyard is completely fenced. Owners have recently painted the master bedroom, shutter and front door and replaced the wallpaper in the kitchen. Immediately when walking in the living room, you will notice the vaulted ceilings and open floor plan in the neat as a pin home. The living room, kitchen and dining room occupy the front of the home while all bedrooms are located in the back of the house. Flooring in the foyer, kitchen, dining area and bathrooms have been upgraded to tile. The master bedroom features a garden tub and solid surface countertops. Large closets complete all bedrooms and the master bedroom has two walk-in closets. The sellers are providing a home warranty.

For additional information on this home, contact Kathy Rukat at (843) 267-2710 or Kathy@KathyRukat.com.