Myrtle Beach Area Real Estate News & Market Trends

You’ll find our Coastal Beach Homes site to be a wealth of information, covering everything from being able to search the entire Myrtle Beach MLS, up to date market statistics and accurate home values to community happenings. That’s because we care about our wonderful community and want to help you find your place in it.

We strive to publish articles that help our clients further understand market trends and keep abreast of market news and other information that helps them to make informed decisions. Please reach out if you have any questions or thoughts. We'll look forward to our conversation! 

Jan. 30, 2018

Myrtle Beach Area Real Estate Market Report

 

Where do you go on the web to see a snapshot of the Myrtle Beach Area Real Estate Market in real time? Up until now, most home buyers and sellers would have few options and would likely have to piece-together statistics and data from multiple sources. That has now changed!

Jan and Dan Sitter, Coastal Beach Homes LLC, Myrtle Beach Realtors®, have added a “Active Market Report” page to their powerful search web site. They have made it possible for homeowners to easily access important market statistics enabling them to make better buying and selling decisions. 

Investors, homeowners, sellers and buyers can view the prepared, always-current area market report, or design their own market report for a specific area. The real estate market information you need is now right at your fingertips! 

While you are on their site, www.CoastalBeachHomesSC, check out the incredible “Advanced Search” and “Map Search” capabilities offered. Visitors can now search at extensive, detailed levels, enabling them to quickly fine-tune their parameters to reveal the properties in which they have real interest. Searches can also be saved. No other area site has this level of search capability!

"Try it... you'll like it.”

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Jan and Dan Sitter, Coastal Beach Homes LLC  843-282-8628

 

Posted in Market Updates
Jan. 24, 2018

Available Financing Options for Home Buyers

Home buyers have a variety of available loan options when considering a home purchase. Most home buyers will find one of these choices in particular, to be the best for them. We recommend speaking with one or more local lenders to determine your best options, their fees and terms. Local lenders are generally a good choice because these lenders are familiar with local insurance requirements, property types and locations, flood restrictions and more. We can provide a list of good mortgage loan companies in the Myrtle Beach area.

Always start your home search by consulting with an experienced lender and secure a loan pre-approval letter prior to looking at properties. This will give the buyer a good idea of the price range of homes available to him/her. Furthermore, sellers see pre-approval as a comforting necessity to show that a buyer is serious, is already working with a lender and is generally capable of buying their home. Most lenders can provide this within 24 hours. 

Here is a breakdown of the various loan types. Please consult your lender for details about each:

Conventional Loan

These loans are for well qualified buyers with savings and the ability to provide a sizable down-payment on the home. The down payment requirements are generally in the 5% - 20% range. Mortgage insurance will be require if less than 20%, ie 80% loan to value. Conventional loans make up the bulk of loans in the marketplace.

 

VA Loan

These loans are guaranteed by the US Government and are provided to US veterans, active military, their families and others. These loans require no down payment,  100% financing. No mortgage insurance is required.

Applicants must have approved credit, sufficient income, and a valid Certificate of Eligibility (COE) to be eligible for a VA home loan. The home must be for personal occupancy. VA Home Loans are provided by private lenders, such as banks and mortgage companies. VA guarantees a portion of the loan, enabling the lender to provide the applicant with more favorable terms. See http://www.benefits.va.gov/homeloans/resources_veteran.asp for details

USDA Loan

These are unique loans offered to individuals purchasing in certain rural areas. They can be 100% financing. There are many requirements for eligibility and certain restrictions. See  http://www.rd.usda.gov/ for details.

FHA Loan

These popular loans require a 3.5% down payment required and are insured by the US government. Mortgage insurance runs the term of the loan. Since the government is insuring these loans, they are particular about both the applicant and the property being purchased. 

In Horry County, SC, the loans are available for a single-family home purchase of a $294,515 and in Georgetown County to a maximum purchase of $327,750. Please consult your lender for all details.  

Expect your FHA Loan Closing Costs to include lender's origination fee, deposit verification fees, attorney's fees,  appraisal fee and inspection fees, title insurance fee, document prep, survey, credit reports, stamps, recording fees,  taxes, certification fees, and home inspection fees. See http://www.fha.com/fha_loan_requirements for more details.

                                 

Owner Financing

Another potential source of funds is owner financing. The property owner, if willing, will generally ask for a substantial down payment and a relatively short payback period, typically 10 years at a competitive interest rate generally higher than current market rates. 

We recommend that buyers consult with their financial or tax consultants to accurately determine their best choice for  financing. 

 

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Jan and Dan Sitter   Coastal Beach Homes LLC   843-282-8628

 

Jan. 6, 2018

South Carolina is Rich In Senior Benefits

South Carolina is one of the most retirement-friendly states in America. There are many retirement benefits available in South Carolina to retiree residents. If you are a South Carolina resident, these benefits may apply to you:

Homestead Tax Exemption

If you are 65 and older and lived in your house for at least one year, you are entitled to the Homestead Tax Exemption. This program exempts the first $50,000 of the value of your home from all property taxes. This also applies to property held in revocable trust, and is extended to a surviving spouse 50 years or older.

Income Tax Deduction

One of the best retirement benefits available in South Carolina is a $15,000 deduction from taxable income for taxpayers 65 years of age and older is available. Taxpayers under age 65 may exclude from taxes $3,000 of their qualified retirement income annually. At age 65, the deduction may be applied to any income up to $15,000.

Additional Retirement Benefits Available in South Carolina:

  • Your choice to serve or not to serve on city, county or state jury duty after age 70.
  • Discounted admission fees to state park facilities.
  • Free hunting and fishing licenses (at least one year residency requirement).
  • Free tuition at state supported educational institutions after age 60 (subject to space and availability).
  • Dependent care credit for families caring for an elderly relative in their home who must hire caregivers in order to work may deduct up to 7% of the amount claimed on their federal income tax against their state income tax.
  • Home Care or Nursing Home Credit Tax credit of 20%, not to exceed $300, of expenses paid for intermediate or skilled care to an institution is allowed. A credit of 20% on expenses, up to $300 annually, is allowed on state income tax for nursing home care at home or in a licensed institution.
  • Social Security and railroad retirement benefits taxed for federal purposes are not taxed in SC.
  • Seniors age 85 and older are exempt from the additional 1% sales tax. This exemption does not apply to the 3% tax on unprepared food.
  • Vehicle biennial registration fee for private passenger-carrying vehicles discounted to $20.
  • Car insurance credit is mandated for persons who are 55 years of age or older and have successfully completed a driver training course approved by the Department of Public Safety.

To see details of how these many retirement benefits available in South Carolina apply to you, please consult with your local tax expert and review the SC Dept of Revenue www.sctax.org for revisions in the South Carolina tax code each year.

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Jan and Dan Sitter   Coastal Beach Homes LLC   843-282-8628

Posted in Retirement