Archive for category Real Estate
New $10,000 Home Buyer’s Credit For CA Homeowners
Posted by Bob Schwartz in Real Estate on 05/17/2010
If you are ostensibly bankrupt, does a $10,000 credit sound like good news? You bet. Unless of course you are the state government that is exhibiting all signs of bankrupt status and you are giving away another home buyer’s credit to homeowners in the state. The CA governor has signed another home buyer’s credit bill which doesn’t make a whole lot of sense for CA from a financial standpoint.
The new (some say extension of the 2009 new home credit) bill, AB 183 will provide $200 million for home buyer tax credits, allocating $100 million for qualified first-time home buyers of existing homes and $100 million for purchasers of new, or previously unoccupied, homes.
The eligible taxpayer who purchases a qualified personal residence on and after May 1, 2010, and on or before Dec. 31, 2010, or who purchases a qualified principal residence on and after Dec. 31, 2010, and closes the sale before Aug. 1, 2011, will be able to take the allowed tax credit.
The credit is equal to the lesser of 5 percent of the purchase price or $10,000, in equal installments over three consecutive years. Purchasers will be required to live in the home for at least two years or forfeit -repay the credit. (Before acting on this preliminary information for the tax credit, one should first consult your legal/tax professional.)
This isn’t a terrible bill except for the opening statements about the financial health of CA government.
California has a $20.7 billion deficit in the general fund budget over the next 16 months and owes $8.8 billion in short-term loans that have to be paid off by June. There is an additional $120-plus billion in outstanding bonds and interest that will be paid over decades. The state’s pension fund, CalPers, has $16.3 billion more in liabilities than assets plus California also faces a $51.8 billion for the health and dental benefits of state retirees and future retirees.
In truth, California has the lowest credit rating of any state in the nation, just above junk bond status. One major problem is the rise in California’s debt-service ratio (DSR). That is, the ratio of annual general fund debt-service costs to annual general fund revenues and transfers. This is often used as one indicator of the state’s debt burden. The higher it is and more rapidly it rises, the more closely bond raters, financial analysts, and investors tend to look at the state’s debt practices, and the more debt-service expenses limit the use of revenues for other programs.
Debt servicing is projected to comprise 9% of general fund revenues by the end of 2014-15. According to Bloomberg News, the market believes a developing country like Kazakhstan, with about 15.7 million people, is less likely to default on its debt than California, which is the eighth largest economy in the world.
Plus, what is the real cost to the state of California? In the past, the Federal government talking about the federal home tax credit and the cash for clunkers program said both those programs (cash for cars & homes) were very popular. Well duh! Anyone out there who does not want free money? So, another two well run government programs. Can you imagine if you ran your personal finances like this?
Most people who have no cash and a bucket full of financial woes don’t go around doling out promises of money. Why is CA for doing it?
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Do You Know These Home Foreclosure Investing Tips?
Posted by James Richard Nelson in Real Estate on 05/15/2010
Real estate foreclosures include several problems from several directions to be sure. However, as is typically the case, where there are obstacles there also are opportunities, and with respect to real estate foreclosures, those opportunities are numerous indeed! But, are the potential foreclosure profits to be derived from such opportunities money mines or pits? Well, the answer to that question is clearly, “Both!”
There are many ways that one can seek to profit from home foreclosures, but they really stem from the three key time periods associated with any particular foreclosure:
1) the time period preceeding foreclosure,
2) the time period from start to finish of the actual foreclosure process, and
3) the time period directly following the foreclosure.
Each period contains attractive possibilities for earning substantial monetary returns, and catastrophic disasters.
During the pre-foreclosure period, qualified property owners should have some value remaining in their properties to permit a short sale. On the plus side of these opportunities are two associated components. First, the investor who can creatively and diligently work his or her way through the operation during this period can gain significant rewards. Second, having acquired the home at a very good price and turned it over successfully for a fast profit, the property seller can be given some of the available cash from the sale making it a win-win situation.
On the liability side, transactions during this period can take longer than normal property purchases because a bank’s approval is needed before the sale process can even be started. In addtion, working with homeowners who are under all the financial stress and emotional strain inherent in such circumstances is very difficult and beyond the strengths of many investors.
During the foreclosure process proper, investors can still earn a very significant return on their investment and can do so without the upfront immediate emotional penalties yielded while working with upset sellers.
However, while the home will likely have been reclaimed by the mortgage holder and be up for auction during this period, new drawbacks must be overcome to deal effectively and reasonably with the bidding craze prevalent during auctions to ensure that one asserts self control and doesn’t pay too much.
Last, those homes that don’t sell at auctions return to the bank and may then be sold as REO homes in MLS listings and elsewhere. Here again, top bargains can be found and capital gains earned, particularly among lenders with an excess of foreclosured properties on their books. Anytime companies have under achieving assets on their books, lenders included, they’re going to be extremely interested in getting out from under them.
The primary downside of investing successfully in foreclosures during this period is funding. Banks are disinclined to lend to prospective buyers of REO homes. And, with many bankers who are swimming in, if not drowned, by losses of this type, getting more than a 20% discount is very improbable.
So, is investing gainfully in real estate foreclosures more money loser than maker, more dream than fact? However, while the home will likely have been reclaimed by the mortgage holder and be up for auction during this period, new drawbacks must be overcome to deal effectively and reasonably with the bidding craze prevalent during auctions to ensure that one asserts self control and doesn’t pay too much.
Not at all! But it is urgent that one learn what to do, when and where to do it, with whom to do it and not to do it, as well as how to do it. And knowing why to do something is helpful, too! My advise? Learn all this and more from some trusted source such as “Foreclosure Profit Finder” available from JuJam Enterprises Incorporated. You can learn more and watch a free video on the subject by visiting their website and blog referenced in the author info below. Check it out for yourself!
James Nelson has over 40 years of successful business experience, and is currently President of JuJam Enterprises Incorporated where they focus on “Helping People Help Themselves.” You can learn more about “Foreclosure Profit Finder” on their website and blog at http://www.JuJamVideoReview.com/foreclosureprofitfinder.html.
Maybe Now Is Not The Time For You To Buy A New Home
Posted by Jay Morris in Real Estate on 05/15/2010
It sounds tempting but now may not be the best time for you to go out and buy a new home. All you hear from many people is “its a buyers market” when you hear people talk about the real estate industry here in the United States. Of course with the tax credits and all of this talk you might be thinking it is the right time to start renting and look at your options as far as home ownership.
With real estate prices sliding, a young renter could be tempted by this but no one is mention to you the amount of risk that comes along with owning a home. No one know whats is going to happen in the real estate markets and there still is the risk that you could buy a home today and in six months owe more on it that what it is worth.
One of the biggest reasons this may not be a good time for you to purchase a new home is because of the financial crunch. Lenders have tightened guidelines and are requiring larger down payments from buyers. A few years ago financing the full purchase price was common and even loans requiring as little as 5% down were very common. Now with the problems in the financial market you may have to put down 10% or more. If you are self employees it may even be more difficult to find a loan. The credit institutions are looking are looking at every single part of your credit history for mistakes or problems.
So these days not only is it difficult to get a loan, but with closing costs and down payment you can have to come up with a huge amount up front.
Normally with an apartment rental you only have to come up with anywhere from a few hundred dollars to a couple of months rent.
If you can afford the down payment and upfront fees should you still go ahead and buy? The answer again is probably not. Currently prices have fallen over the last year and there are signs of the market continuing to decline in many areas across the country. Would you buy into the stock market knowing that it would more than likely go down over the next year?
The biggest thing is you don’t want to be up-side down on your first home purchase.
Many people also forget that renting is actually cheaper than buying. Normally with renting you are not responsible for many of the common maintenance problems. Fixing a HVAC could be a huge expense and could cost thousands of dollars. The electric bill in an apartment will be cheaper than the electric bill for most single family homes. In most apartment complexes you have access to a lot of facilities including a swimming pool, fitness center, pools, theaters and more.
Also when you buy a home you are locked in to a 30 year mortgage. With the current economy and the way business works in the United States you never know when you might have to move to be able to excel in your career or when you job might relocate.
The reasons for many younger people to purchase are endless.
Jason Morris is a rental manager for more information visit other sites at for Myrtle Beach Apartment rentals or Surfside Real Estate
Home Seller Checklist – What to Do and When
Posted by Jason Kay in Real Estate on 05/15/2010
Selling a home is one of the most important decisions that a homeowner can make. To make sure that everything is taken care of, it is critical to create a home seller checklist. It will not only remind you what to do and when to do it, but will also help you cope with what can quickly become an overwhelming process. Here is a quick look at some of the most important points that your home seller checklist should include.
Things to Do Before You List Your House
1.Make Personnel Decisions
There are some important personnel decisions that needs to be made at the very beginning of this process. The two most important are: agents and lawyers. Some people choose to hire a real estate lawyer to help guide them through the process and possible recommend real estate agents that they have worked with. They are a great resource to help answer questions throughout the process. Often this is done for a flat fee.
The other important decision is whether or not to hire a real estate agent. Agents are often a good investment because they can help sell your house at a higher price. However, it is important to look at your local market to help decide if an agent is necessary or not. Many people find that an agent alleviates the overall stress involved, as well as helps keep them organized. An agent will ask for a lot of information and you need to make sure that it is readily available such as: tax bills, utilities, inspections, list of items to be included or excluded from the sale, etc.
2.Get an Appraisal and Preparing Your Home
You can either let your agent create an appraisal of your home or hire an independent, certified appraiser. Believe it or not, there is actually not much subjectivity when it comes to pricing a home. It is important to use the appraisal and price your home correctly from the beginning. If you price your home to high, it will sit on the market for a while and the price will often be lowered several times before you find a buyer. Additionally, because the home was on the market for so long and price deductions have taken place, the buyers will try to negotiate the price even lower. Correct pricing initially, will actually make you more money than pricing the house high and negotiating.
You also must make sure that your home is prepared properly. This includes major fixes to cracks and dents, new paint, and depersonalization. The goal is make your home as neutral as possible. This allows buyers to see the house the way they want to, instead of how you lived in it. Some people opt to hire a home stager to help with this process.
While Your Home is On the Market
It is important to keep your home “show-ready” at all times. This means that it should extremely clean and you should be able to leave the house at a moments notice. Most buyers do not like it when the current owners are there for the walk-through It makes them uncomfortable and will often stop them from asking any questions that they have about the property. During this process, it is also important to keep in touch with your agent, and get progress reports throughout.
After the Close
The National Association of Realtors, have created a list of 10 things that must be done after the close. This includes everything from selecting an escrow agent to preparing the deed. It is surprising how many sales fall apart after the close.
While this was only an overview of the process and your home seller checklist will be much more detailed, it is a great starting point to help you determine what to do and when to do it.
Join the best For Sale By Owner site and sell your house with no commission. Create a free home listing at FREEhomeownerlistings.com.
How Californians Can Double Dip on Home Buyer Tax Credits
Posted by Coleen Bennett in Real Estate on 05/14/2010
The government is doing anything it can to get the real estate market moving again. The federal government is offering a tax credit for home buyers. The state of California just did the same. For a very short window, the two overlap. If you time if right, you could get the federal tax credit and the California state tax credit for buying a home.
First, you would have to sign a contract to buy a home by April 30th, 2010 and close by June 30th. Make sure you qualify under both programs. Here are the details.
Federal Home Buyer Tax Credit
First time home buyers are eligible for an $8,000 tax credit. If you have not owned any real estate in the last three years, you qualify as a first time buyer. Repeat buyers can get a $6,500 tax credit. This is a tax credit, not a deduction. Whatever your final IRS bill is, subtract $8,000 or $6,500. If you don’t pay that much, you’ll get the credit anyway in the form of a refund. You get it all the first year, so if you buy a home before the deadline, the credit will apply to your 2010 federal income tax.
This credit applies when you buy a primary residence, whether it’s a resale or new construction. It’s expiring soon, though. You must sign a contract by April 30th and close escrow by June 30th.
California Home Buyer Tax Credit
The new 2010 California home buyer tax credit also applies to the purchase of a primary residence. First time home buyers can get the credit whether they buy an existing home or new construction. Repeat buyers are eligible for the same $10,000 credit, but only if they buy a brand new home.
This is also a credit, not just a deduction, which means you get a dollar for dollar reduction of your state income tax liability. Unfortunately, this is not a refundable tax credit. You can apply $3,333 to your state taxes for three years, beginning the year you purchase the home. If you don’t pay $3,333 in state taxes each year, you won’t be able to take full advantage of this credit. This doesn’t necessarily mean that you owe the state $3,333 on April 15th. Your annual tax bill includes funds withheld from your paycheck. Look at “tax owed” on your state tax return. This credit is available on homes closed after May 1, 2010 until funds run out.
Other things to remember
These amounts are maximums. The federal tax credit is actually 10% of the home’s value, up to $8,000 or $6,500. If you buy a home for less than $80,000 (unlikely in many parts of California!), then your credit is capped at less than $8,000. Also, the maximum value is $800,000.
The California tax credit is 5% of the purchase price, up to $10,000. If you buy a home priced under $200,000, your credit will be capped at 5% of the value.
There are some other criteria, such as caps on income. If things look good so far, read the specifics of each tax credit. Better yet, contact a tax professional and make sure you’ll qualify before you rely on the money.
The window to take advantage of both credits is very limited, and lenders are very busy. Find a lender and start the loan application process as soon as possible. Collecting bank statements, tax returns and other documentation can be time consuming.
This combination of tax credits and low interest rates will probably never happen again. If you are in a position to buy a home, this is your golden opportunity.
Written by Coleen Bennett Chula Vista New Homes San Marcos New Homes New Homes San Diego
How to Write a Loan Modification Hardship Letter to Mortgage Lenders
Posted by Simon Volkov in Real Estate on 05/14/2010
Learning how to write a loan modification hardship letter can significantly improve your chances of obtaining approval from your mortgage lender. The letter of hardship provides the opportunity to connect with bank loss mitigators on an emotional level while explaining events that caused your financial hardship.
When writing the loan modification hardship letter it is important to take time to organize your thoughts by creating an outline of events, along with any measures taken to rectify the problem. For many people, financial challenges include unemployment, divorce, death of a spouse, and chronic health problems.
While there is no established protocol for writing financial hardship letters, certain strategies can be implemented to improve your chances of success. It is important to realize that there is no guarantee you will be approved for a loan modification based solely on the hardship letter. However, you should take full advantage of the opportunity to reach out to your assigned loss mitigator through the words you place on paper.
While conducting research for my book, Short Sale Hardship Letter eBook Course, I had the opportunity to interview bank loss mitigators, mortgage lenders, and real estate lawyers. The one thing each of these professionals agreed upon was that handwritten letters of hardship are better received than typed letters. With that being said, the debt hardship letter must be easy to read. Borrowers with poor handwriting should ask someone else to write out the letter. Only use a typewriter or word processing program as a last resort.
Mortgage lender hardship letters should be succinct while providing sufficient information to help loss mitigators comprehend the circumstances that led to financial challenges. Keep in mind loss mitigators are responsible for multiple duties. In addition to handling loan modification requests, loss mitigators also deal with mortgage refinance, forbearance agreements, foreclosures and short sale transactions. They do not have time to read lengthy letters of hardship.
Always stick to the facts when writing the loan modification hardship letter. Explain your plan for staying on track with future mortgage payments. Include measures taken to rectify financial problems. If you received a raise, taken a part-time job or received inheritance money, include this information in the letter of hardship.
Borrowers in need of a loan modification should investigate the Making Home Affordable program. This government sponsored program is available to homeowners who are current with mortgage payments and have not been delinquent with payments by more than 30 days in the previous twelve months.
Homeowners must submit Home Affordable loan modification request to their lender prior to the December 31, 2012 deadline. Program details and eligibility requirements are presented at MakingHomeAffordable.com.
If homeowners do not qualify for Making Home Affordable loan modification or mortgage refinance programs, they may qualify for the foreclosure alternatives program. This program offers homeowners the option of entering into deed in lieu of foreclosure or short sale agreement in order to be released from their mortgage loan.
It is crucial for homeowners to conduct research and become familiar with mortgage loan options. In addition to loan modifications and mortgage refinancing, lenders might offer forbearance agreements, the option to short sale, or deed in lieu which allows borrowers to return their home to their lender and walk away. Taking time to gather facts allows homeowners to make informed decisions about their most valuable asset.
Author and real estate investor, Simon Volkov has helped hundreds of distressed homeowners learn how to write a professional loan modification hardship letter. Simon provides a comprehensive real estate and investing library via his website at www.SimonVolkov.com.
Home Path Mortgage: Tips For Buying Fannie Mae Bank Owned Foreclosure Homes
Posted by Simon Volkov in Real Estate on 05/14/2010
Fannie Mae’s Home Path Mortgage program offers mortgage lenders and borrowers cash incentives to buy bank owned foreclosure homes. In addition to offering properties at substantially discounted prices, Home Path only requires a minimal 3-percent down payment along with flexible mortgage terms.
Homes for sale through Home Path Mortgage include single family homes, townhouses, and individual condominium units. Fannie Mae bank owned properties are sold in “as is” condition. Most properties require some level of repair, so buyers should engage in due diligence prior to submitting an offer.
Depending on property condition and location, Fannie Mae occasionally makes minor repairs to improve the home’s marketability. Houses in need of significant repair work may qualify for Home Path’s renovation program which allows borrowers to acquire additional funds for repair through the home mortgage loan.
Home Path Mortgage can be an excellent option for first time home buyers and individuals unable to provide a large down payment. One unique feature of HomePath is borrowers are allowed to use down payment funds provided by outside resources. Down payment assistance money can be obtained as a loan or gift from family, friends, employer, non-profit group or charitable organization.
Buyers of Home Path Mortgage properties can also apply for down payment assistance funds through the Department of Housing and Urban Development Neighborhood Stabilization Program. NSP grants are available to individuals and real estate investors who wish to purchase Fannie Mae bank owned foreclosure homes.
Not all Fannie Mae homes qualify for special financing and down payment assistance programs. Interested buyers can locate qualified properties through the HomePath Mortgage website at HomePath.com.
Buyers can apply for financing through the mortgage lender of their choice. It is best to comparison shop to determine which lender offers the lowest interest rate. An additional 1/4-percent interest can add thousands of dollars over the duration of the home loan.
Prior to submitting an offer on Home Path properties, buyers must obtain bank prequalification. Although prequalification does not guarantee financing, it does let borrowers know how much money they can afford to borrow. Prospective buyers can apply for prequalified lending through the mortgage financier of their choice.
Buyers of HomePath foreclosure properties can obtain up to $8000 tax credit against homes purchased prior to June 30, 2010. First time home buyers can receive an $8000 tax credit, while homeowners can receive a $6500 tax credit if they upgrade to a more expensive home and have resided at their current residence for five or more years.
Additionally, Fannie Mae is offering a 3-1/2-percent incentive to buyers who purchase and close on HomePath properties prior to April 30, 2010. Buyers may receive up to 3.5-percent of the final sale price for closing costs; purchase of Whirlpool® appliances, or a combination of settlement costs and appliance purchases. Mortgage lenders may impose restrictions on use of the 3.5-percent incentive, so buyers should consult with their mortgage service provider for guidance.
Individuals interested in buying Fannie Mae foreclosure homes through Home Path Mortgage should take advantage of the federal housing tax credit and cash incentives prior to scheduled deadlines. Learn more about Fannie Mae’s home buying program and locate a list of participating lenders at www.HomePath.com.
Learn more about buying Fannie Mae bank owned foreclosure homes and the Home Path mortgage program from real estate investor and author, Simon Volkov. Simon offers hundreds of real estate, investing and personal money management articles via his website at www.SimonVolkov.com.
New Construction or Resale Home?
Posted by Preston Guyton in Real Estate on 05/14/2010
New Construction or Resale Home?
As you begin your home search in Myrtle Beach you will have to make a decision between buying a new construction home or resale. This article will take a look at the pros and cons of each, so that you can narrow down which preference will work best for you and your family.
Myrtle Beach Resale Home
Pros
Location – Older, established neighborhoods are often very popular because they are located in the heart of a thriving area of the city. In addition, most of the oceanfront and beach access properties have already been built, which means that it can be very difficult to purchase a lot or new construction home in these areas.
Established Landscaping – One of the biggest things that set older homes apart from a new neighborhood is the landscaping. It takes years for trees and plantings to grow into a beautiful and lush garden. An older home is perfect for homeowners who are looking for larger trees and mature flowerbeds and shrubs, while a new home is often a blank slate that requires years of work and patience before the landscaping is right.
Cons
More Maintenance/Repairs – When you move into a home that is ten or more years old you can expect that you will need to make many repairs and replacements over the next few years. A couple of examples are appliances that wear out and roof shingles that need replacing. Truly older homes might have an entire mechanical system that needs to be replaced, like new electrical wiring or HVAC equipment.
Not energy Efficient – Older homes will never be as energy efficient as a modern home since many of the advances made in the last several years in insulation, low-E windows, energy star appliances, and mechanical systems were not available when the home was first built. Some of these items can be added over time as things need replacing, but many would require a significant remodel to be included into the home.
New Construction in Myrtle Beach
Pros
Location – New construction homes around Myrtle Beach are often designed within a master planned community that features many more amenities than an older neighborhood.
Warranties – Your new home will come with warranties on the products and installation that last between 2 to over 10 years depending on the item. This gives you assurance that you home will not cost you hundreds to thousands of dollars in repairs after your purchase.
Modern Upgrades – Granite countertops, stainless appliances, and home theater wiring are a few of the modern features that new homes offer. Many of these items aren’t available in older homes and would require significant remodeling.
Energy Efficient Design – Tight home construction, energy star appliances, and advanced mechanical systems can be found in most new homes today. This will allow you to keep your utility bills low, while enjoying a more comfortable home.
Cons
Little To No Landscaping – New construction will often come with a pretty basic landscaping package that does little for those who really love established trees and bushes. Instead, it will take some planning, hard work, and time to get your yard to look good.
These are just a few of the pros and cons associated with buying a new construction home versus a resale home in Myrtle Beach. Deciding on the home features that are a priority to you will help dramatically in your home search.
Preston Guyton is a Realtor and Custom Home Builder serving the Myrtle Beach real estate market. For more information on Myrtle Beach homes and properties, contact Preston today or visit PrestonGuyton.com
Home Inspection – Why They Are Important
Posted by Preston Guyton in Real Estate on 05/14/2010
Home Inspection – Why It Is Important
For Buyers
Whether the home is older or new construction, all buyers should get a home inspection before closing on a property. Here are a few of the benefits a buyer will receive.
-Plan Future Expenses – The last thing that anyone wants after buying a new home is to find out that they need to make expensive repairs immediately after moving into the house. An inspection will lessen the chance of a lurking problem, and help you plan for future repairs that all homes need like roof replacements.
-Negotiation Power – In your purchase contract you need an addendum that explains whether repairs discovered during a home inspection will be completed before closing, or the cost of the work is reduced from the final sales price. With a detailed report of pictures and items in need of repair, it is easier to go back to the negotiation table or have an excuse to walk away from the contract.
-Peace of Mind – The home buying process can be complicated and stressful enough without the added worry as to whether the home is in good shape, or hiding an expensive problem to fix. The inspection can help allay these fears and let the buyer’s focus on the enjoyment that they will be getting out of their new home.
For Sellers
What many people do not recognize is that sellers can also benefit from getting a home inspection. Here are a few of the reasons why an inspection can be a good idea for a seller.
-Make Repairs Before Marketing – While you know your own home, an inspection can help point out any hidden repairs that will need to be completed before putting your house up for sale. This will help ensure that your home will impress buyers, their agents, and the inspectors they will be sending after going under contract.
-Prevents Last Minute Sale Problems – Everyone would prefer that the home buying and selling process went smoothly, but that is often not the case. With so many steps involved in a real estate transaction there are many issues that can slow or stop the closing. Necessary home repairs do not have to be one of those issues if they are discovered early and completed well before the closing takes place.
-Creates Confidence in Sale Price – Often a seller will be excited about getting their home under contract only to be confronted with a long list of expensive repairs or price reductions due to a home inspection that discovered problems in the house’s construction or maintenance. The small investment a seller makes in getting an inspection will help assure them that the contract price will stay the same and limit the concern for any surprise negotiations.
Both buyers and sellers should consider getting a home inspection before the real estate transaction takes place. The peace of mind of knowing the home is functioning properly will help the closing to proceed smoothly and on time.
Preston Guyton is a Realtor and Custom Home Builder serving the Garden City,SC Real Estate Market. For more information on Garden City homes and properties, contact Preston today or visit PrestonGuyton.com
Myrtle Beach Golf Course Real Estate
Posted by Preston Guyton in Real Estate on 05/14/2010
Myrtle Beach Golf Course Real Estate
Myrtle Beach is a favorite haven for golfers looking to challenge their game, while enjoying the ocean and the coastal lifestyle. For this reason, Myrtle Beach golf course real estate has become extremely popular for those who are looking for a new home, vacation property, or real estate investment. The following is a few reasons why now is the best time to buy a home that backs up to a golf course in Myrtle Beach.
Affordable Prices
The recent correction in the housing market means that Myrtle Beach’s golf course homes are more affordable than ever. Whether you are looking to be close to a favorite course or balance beach access with a neighborhood golf course, you are bound to find what you are looking for at significantly lower prices than a few years ago. Many buyers are planning for their future retirement lifestyle and buying second homes that will become their permanent homes in a few years. For the immediate future, they can rent it out to vacationers for an additional income. Not only are the homes more affordable, but so are the rates for a quality round of golf.
Golfer’s Paradise
Myrtle Beach has over 100 golf courses, which makes finding real estate next to a golf course very easy. In addition, Golfer Digest voted the city as the best market for golf homes in the country in 2006. To make this decision they weighed the number of high quality local courses with the typical number of playable days and overall cost of living. In the end, Myrtle Beach golf real estate was number 1. It would be difficult with even the most avid golf lover to run out of new places to play golf in this city.
Low Interest Rates
Right now interest rates are around the lowest they have ever been. As the market starts to pick up again and the economy begins to flourish these loan rates will quickly begin to rise. By purchasing a home in the next few months you can lock in these incredibly low rates for the life of your loan, and save a significant amount of money and interest over 30 years. In addition, it is much easier to negotiate with lenders for reduced fees because so many mortgage brokers are fighting over your business.
Fun for Everyone
Whether you have a young family or are looking for that perfect coastal retirement home, Myrtle Beach is a great destination. The golf course homes in Myrtle Beach are never too far away from the beach, so it is easy to fill your day with sun, greens, and sand. Additionally, entertainment, fine dining, and child friendly fun can be found throughout the Myrtle Beach area.
There are many reasons why someone should consider the Myrtle Beach golf course real estate that is available today. If you are considering a relocation, vacation home, or investment purchase, then you should do yourself a favor and see what Myrtle Beach has to offer. You won’t be disappointed.
Preston Guyton is a Realtor and Custom Home Builder serving the Myrtle Beach Real Estate Market. For more information on Myrtle Beach golf homes and properties, contact Preston or visit our Myrtle Beach Real Estate website