Is the Housing Crisis Over?

Yes says Cyril Moulle-Berteaux with the Wall Street Journal in an opinion piece.

"The dire headlines coming fast and furious in the financial and popular press suggest that the housing crisis is intensifying. Yet it is very likely that April 2008 will mark the bottom of the U.S. housing market. Yes, the housing market is bottoming right now."
**Taken from the May 6, 2008 opinion piece by Cyril Moulle-Berteaux in the Wall Street Journal

Read the complete article.

Happy Birthday, North Myrtle Beach!

North Myrtle Beach celebrated its 40th birthday today, Wednesday, May 7, 2008.

The leaders of the small towns of Cherry Grove Beach, Ocean Drive Beach ("O.D."), Crescent Beach and Windy Hill Beach thought they could be more successful as one larger city versus several smaller towns. The merger came after more than a year of discussions. The towns incorporated in 1968, and leaders decided to name the town North Myrtle Beach. The name was chosen to play off the success and popularity of Myrtle Beach, a few miles south.

Over the last 40 years, the town has grown considerably. When the town incorporated, it consisted of about 350 beach homes connected by unpaved roads. Now, North Myrtle Beach has about 13,000 full-time residents, four lanes of Highway 17, condos and many businesses. Barefoot Landing has grown into a major shopping area from a hand-full of stores.

I've seen the changes first hand in North Myrtle Beach. My family vacationed for years in North Myrtle Beach in the Crescent Beach section. We stayed in the same home each year, and my sister and I thought it was "our" beach house! Then, only a few high-rise condos dotted the landscape. Most of the condo complexes were low-rise (2-5 stories). We always visited Bert's Surf Shop and had to buy a t-shirt on Main Street in O.D. During the day, we relaxed at the beach and played in the ocean until the lifeguards went home. We ate dinner at the White Point restaurant - then, it was located west of 17 where the Alabama Theatre now sits. Highway 22 and Highway 31 did not exist. It was basically one way in and one way out!

North Myrtle Beach has definitely "grown up" over the years. I have tons of great memories of time spent in North Myrtle Beach with my family and friends. The former small beach towns incorporated 40 years ago to form North Myrtle Beach have surely given many other people wonderful memories as well.

Happy 40th Birthday, North Myrtle Beach!

Why You Need a Home Inspection

Why You Need a Home Inspection

Unlike other major purchases such as an automobile or a college education, your visits to and use of a home before you actually live in it are very limited. You can't "try before you buy" when you're shopping for a house or condominium. As a home buyer you seek out a property that fits your aesthetics, household needs and price range. Much of a home's value (and eventual cost to you) rests in how sound the property and its systems are - but the untrained eye isn't able to determine the significance of common home issues that might be apparent during a walk-through.

A home inspection is designed to give you the information you need to decide if you can accept the home as it is, if you'd be willing to buy it under certain conditions (such as the sellers addressing certain issues before closing), or if you should keep shopping for the right property. A home inspection reviews the condition of the home's structure (foundation, roof, walls, interior and exterior) and systems (electrical, plumbing, air and heating systems) so you can determine the degree of upkeep, anticipated repairs and other work you'd need to do to maintain a safe and habitable property.

Don’t make the largest investment in your life without the piece of mind provided by a Professional Home Inspection!

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Thanks to Jim Gribben of WIN Home Inspections for providing a great explanation of why you should get a home inspection. Jim can be reached at (843) 238-3454 or jgribben@wini.com. If you have any questions about the home inspection process or the home buying process, please contact Kathy Rukat at (843) 267-2710 or Kathy@KathyRukat.com.

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.