Life in Myrtle Beach...

A message from my broker, Linda Phillips...

2011-12-20T15:41:00.002-05:00

Those of us who bought a home over the past five years or so, had no idea about the kind of economic upheaval that was going to follow. In fact, it appears that no one actually anticipated what was in store.

But here we are. An estimated one fourth of the mortgage holders in the country owe more on their home than its current market value. One out of seven are in some state of default or foreclosure. And possibly the most troubling statistic of all: the vast majority of homeowners who end up foreclosing on their home, do so without ever reaching out for help or attempting a short sale.

Here at Phillips Realty, we see it everyday, homeowners that just can't keep going. Unfortunately, sometimes they contact us after it too late to help or don't contact us at all.

As a Certified Distressed Property Expert (CDPE) it is my mission to help homeowners to avoid foreclosure and to get their lives on a positive path. If you or anyone you care about is faced with an unmanageable mortgage, please know that I am here to help. I invite you to visit my website or forward this link. http://hosted.cdpe.com/phillipsrealty

You'll find a copy of my most recent report entitled, "Need a Helping Hand? If your Mortgage and the Market Have Tossed You a Curve, You're Not Alone."

More help is available for financially distressed homeowners than ever before. This is no time to go it alone, and the time to contact me about getting on path toward financial stability is NOW!

Sincerely yours,

Linda Phillips

843-997-1613

Linda@Phillipsrealty.com

Myrtle Beach Market Stats...

2011-11-29T12:19:00.001-05:00

Are you wondering what the market is like in Myrtle Beach? Here are the stats for the past 3 months according to our local MLS system:

Single Family Homes:

Month #Sold Ave Sold Price %of Change DOM

Sept 367 209,298 181

Oct 351 214,647 ↑ 2% 199

Nov 242 217,834 ↑ 1.5% 195

Condos:

Month #Sold Ave Sold Price % of Change DOM

Sept 297 134,736 211

Oct 254 154,644 ↑13% 207

Nov 142 126,494 ↓18% 196

A Recent Newcomer from NY writes...

2011-11-21T16:45:00.001-05:00

To follow is a letter contributed to this blog by one of my favorite New Yorkers who has recently moved to Murrells Inlet, just south of Myrtle Beach. I have had a wonderful business relationship with Betty for a few years now and have always enjoyed her emails, as her personality and "flair" just shine through! So, I asked her to write about a few things she is finding appealing about the area, since she has only lived here for about 3 months now, I knew she would have some insight. Sounds like she has been a pretty busy lady, getting to know the area! Thank you, Betty!

Our move to Murrells Inlet came with retirement. Leaving our home in Westchester County, NYafter more than 35 years and a lifetime as New Yorkers was a bit overwhelming!What we found upon our arrival was "Camelot"!

Life here in the Lowlands is just delightful! Wonderful realitieslike gas costing $3.08.9 a gallon compared to the $3.89 a gallon we were payingin NY. That is just one aspect of the financial blessing in our move. Real estate taxes here in SC are one tenth ofwhat they were in Westchester County.

Shopping opportunities everywhere! From the Inlet Mall to CoastalGrand Mall and all the smaller stores in between, nevermind all the Outlets,which also are just a 15-20 minute drive north in Myrtle Beach. For my husband,he is thrilled to be so close to Home Depot and Lowe's.

We have tried numerous restaurants in the area from the Marsh Walkon the Inlet, to those on the Intercoastal. Sitting outside enjoying a delicious lunchwith the warm sun shining on us and boaters drifting past us would be unheardof in late November in NY. Normal for us now!

We loved going to plays in NY and found a small community theaterright near us which was really good! Movie theaters are just minutes away.

The weather since our arrival has been nothing but spectacular. Wekept saying we will wait to finish unpacking when we get a rainy day. We keepgoing out and about enjoying the area or driving down to Charleston for theday. Well, the boxes are still packed as rain seems to be something thatdoesn't happen very often here in the Fall!

Probably the best and most enjoyable aspect of living in this areahas been the people! Everyone is so friendly and well mannered! Indeed it isa state of smiling faces! Wherever we go we feel welcome. We are not alone herein Murrells Inlet as most of our neighbors and acquaintances are from theNorth, Ohio, Michigan, Connecticut, NJ, Va, and good old New York. Everyone isvery glad they made the move below the snow line!

Life in our new area is totally relaxing and fun. No regrets at allin leaving our hectic pace in New York!

Rev. Robert and Betty Godley

Murrells Inlet, SC

Attention Investors or Vacation Home Buyers...

2011-11-17T15:21:00.001-05:00

To follow is a contribution from our mortgage broker, John Faiella, who is with First Trust Mortgage out of Pawley's Island, SC. This piece is a synopsis of a Fannie Mae program which looks to be a great program for investors of rental property or vacation home buyers. I've asked John to contribute to this blog so that readers can gain the most up to date mortgage information available. I appreciate him doing this for me, as changes happen in the mortgage industry so frequently and John does a great job keeping abreast of it all!

Please leave your comments or questions below his post....

GreatInvestor Financing Program

Just like allmortgage financing, loans for investors have become more challenging in thelast couple years. One bright spotthough has been Fannie Mae’s Home Path program.

Home Path is a loan program for homes that Fannie has foreclosed on and isputting on the market. Investors are generally limited to 75% loan to valueand scores above 720 with conventional financing. However, Home Path will allow aninvestor with a 25% down payment to borrow with a score as low as 620. If the investor has a score above 660, thisperson can put as little as 15% down with NO PMI.

In addition, properties are notlimited to single family residences. Within the Home Path program, condos, 2-4units, and PUD are alsoincluded. Lastly, there is no appraisal required for this program. This reducescost to the investor and potential road blocks in underwriting. This is a greatprogram for investors, so take advantage while it last!

John Faiella

First Trust Mortgage

Phone: (843) 864-4253

Spotlight on The Market Common....

2011-11-14T16:55:00.001-05:00

The MarketCommon, Myrtle Beach, SC

Fromthe time locals began hearing the buzz over the new dining, shopping and residentialcomplex which was to be The Market Common, we were excited something like thiswas to come to the area. Located justminutes away from the Myrtle Beach airport and only a couple miles to the sandybeaches of the Grand Strand, The Market Common is one of our area’s finestfeatures! Through the development phase and building phase of this project, ourexcitement only grew as we watched it become a reality and today, we all findreasons to frequent this newly developed property and all it has to offer.

Whetherit be our favorite restaurant, such my favorite, PF Changs, or a favorite shopsuch as Banana Republic or Tommy Bahama or the locally owned “Lazy Gator” shop,or maybe it’s the Barnes and Noble Bookstore where we enjoy perusing for a goodbook….there is just something for each one of us to enjoy around every cornerof this fabulous destination! If it’s agood movie you’re in the mood for, The Market Common also offers the “Grand 14Cinema” where you can always catch the latest one you’ve been dying to see!

Inaddition to the shops, restaurants, movie theater, The Market Common is afavorite place for local charitable organizations and other businesses to holdevents of all sorts! Whether it’s aseasonal event or a “fun fundraiser”, there is hardly a weekend to go by thatyou can’t enjoy a little something extra and exciting!

Here are just a few events being held overthe following weeks:

November18^th 5p.m. – 8p.m.

Bijuju1st Anniversary Celebration

November19th from 10a.m. – 5p.m.

The Nutcracker Fair

November24^th from 8a.m – 10a.m.

TurkeyTrot

November25th at 5:30p.m.

4th Annual Lighting of the Tree

November26^th from 11a.m – 2p.m.

HolidayCarriage Rides

And you may want to bring your kids to enjoy Breakfast with Santa...

November26^th from 9a.m. til 10a.m. TommyBahama Restaurant

December3^rd from 9a.m. til 10a.m. GordanBiersch

December10th (Call for times) NachoHippo Restaurnat

December17^th (Call for times) Travinia’srestaurant

Asyou can see, there is always something fun for everyone at The Market Common!How would you like to LIVE there and be withinwalking distance to all it has to offer? Yes, there are plenty of homes available in and around The MarketCommon, which offers a lifestyle many are seeking. The conveniences of having all this at yourfingertips, to the activities you are sure to enjoy and living in this location,so close to the beach and the airport, well…these are all factors bringing manybuyers to this massive complex. Ifyou’re looking for a single family home, a townhome, a condo or maybe evenliving above your Market Common business, there are plenty options foryou! For more information on pricing andoptions you’d like to find, please contact me at Staci@PhillipsRealty.com or call me anytime at (843)238-8664.

You'll LOVE our Property Tax rates!

2011-11-04T11:52:00.002-04:00

Can you BELIEVE....we pay ANNUAL property taxes on our homes which is equal to most northeastern counties MONTHLY taxes!! The numbers are staggering of what I've been told residents pay up north. When you consider someone being on a fixed income, this is a major component to consider when thinking of moving south. Imagine saving $10,000 - $20,000 or MORE each year in taxes alone!

Below is an example of how property taxes are figured, based on the property being your Primary Residence. If you own a home which is a vacation home or rental home, the Assessment Ratio is 6%, instead of 4%.

This example includes a home located in the unincorporated area of Horry County. (Qualified legal residence)
$125,000 Fair Market Value of home
x 4% Assessment Ratio (4% if qualified legal resident)
5,000 Assessed Value
x .2093 Countywide Millage Rate
$1046.50 TAXES

There may be other tax credits or deductions during the upcoming year from other agencies, but this is a good example, taken from the Horry County website.

For more information, please visit our tax Assessor's pages of the Horry County website to learn more:
http://www.horrycounty.org/depts/finance/assessor.asp

Banker vs. Broker...

2011-11-04T10:47:00.001-04:00

In the past 12-18 months, have you gone to your banker to obtain a mortgage and been denied? Maybe your answer is to talk to a mortgage "broker", who has many more options than your personal banker may have. Granted, going through your bank does have its own benefits, but when you apply through a mortgage broker, they have many avenues to take in order to find a lender who will accept a lower credit score or higher debt to income ratio.

If you would like to speak with a mortgage broker, we would highly recommend John Faiella with First Trust Mortgage, out of Pawley's Island. We have worked with John for quite some time and are very impressed with his dedication to his clients. If you would just like to have questions answered, but maybe not ready to put in an application, he is always willing to speak to you and help you get on the right track to home ownership!

When considering purchasing a home, whether you would like to work with a banker OR broker is always the first step you should take before shopping for your next home. If there is anything we can do to help make the process easier, we'll be happy to help!

Tenant Pool Grows....

2011-11-03T16:11:00.001-04:00

According to the National Association of Realtors, there are 1.4 Million new renters which have entered the home renting market in the last 12 months...if you've thought of buying rental property, it may be a great time to look into this type of investment.

What we are seeing in our rental management business is an upgrade in the quality of tenants. Many of our residents at Phillips Realty are families who have gone through either the short sale process or the foreclosure process with their own home, which obviously puts them in the market to rent. Maybe its due to the fact they are used to taking care of their own home, but this segment of our tenants seem to take excellent care of our properties we manage and we are happy to provide homes for them and help them to begin the process of making a new start.

Many of these applicants who have gone through losing their own home, have credit scores which reflect the struggles they have been through. Because the score is lower, does not necessarily mean they won't become excellent tenants for us. Many times they have been paying double the amount on their mortgage than what they will now be paying for rent, which automatically gives them (hopefully) a surplus in their monthly budget so that they can begin rebuilding their credit and their lives. We do look at the whole picture with each application and hope to be a valued asset for those ready to begin anew!

For more information, if you would like to discuss purchasing a rental property or if you are looking for a good home to rent, please contact us at Phillips Realty at (843) 238-8664.

Speaking of things to do...

2011-11-01T22:29:00.002-04:00

After finishing up my post "Christmas Shows...", highlighting why you should visit the Grand Strand for the upcoming Christmas season, I came home tonight to find the "Grand Strand Events" flyer in my mailbox! In this fantastic little flyer, published by the Myrtle Beach Chamber of Commerce, is a complete list of all there is to do to get yourself in the spirit of the season! Click below to learn more, then book your trip to come and enjoy!

http://www.grandstrandevents.com/holiday_events.html

We look forward to having you!

Christmas Show... A MUST SEE!

2011-11-01T11:30:00.000-04:00

Have you ever thought of spending part of your Christmas season in Myrtle Beach? There is so much to do and see around this time of year and the best news is ~ unlike when you visit during the summer months, you can get to where you're going in half the time with no tourist traffic! (The locals LOVE this aspect of living here during the winter months!!)

Think of the benefits of the beach at Christmasttime....

No wait at your favorite restuarant!
Plenty of shopping opportunities and GREAT deals to find!
All the hotels have much better rates than the March thru September rates!
Enjoy our theaters and the Christmas shows to get you in the spirit of the Season!

One of my very favorite things to do during the holidays, is to visit Brookgreen Gardens, just south of Murrells Inlet. This is a walking tour of the gardens to feast your eyes on the "Night of a Thousand Candles". This is an extraordinary, annual event and is so popular, if you don't arrive a little early, you will be sitting in the line of cars almost a mile long, waiting to get through the Brookgreen Garden gates! So, my advice...GO and go EARLY!

Here is a link for more information:

http://www.brookgreen.org/NOTC.cfm

Sad enough, I have lived here for 6 years now, after having vacationed here all my life (the number of years that represents, we won't mention!) and I've never made it to any of the local Christmas shows, which I've heard are AMAZING! However, I am VERY much looking forward to finally visiting the Calvin Gilmore Theater in a couple of weeks, which you may know as "The Carolina Opry", to experience their one-of-a-kind Christmas show. Its the most celebrated and highly recommended Christmas shows in our area, so thought I would take this opportunity to give them "props". So, join me this year...please, click on the link below, bring your friends, family, children and grandchildren and book your date to allow this show to move you into the Holiday spirit and warm your heart! (Check back for my "post-show posts" for my personal review!)

http://www.thecarolinaopry.com/www/BoxOffice.html

I do love the Christmas season and it is such a magical time at the beach. This year, I hope you can make it to the area and enjoy it with us. Call me crazy, but one of my favorite times to walk on the sandy beaches is when the temperatures are low enough I have to bundle up in my warmest coat, walking alone, along the shore and just to watch the waves still rolling in and out...its such a predictable and yet so beautiful sight. Maybe, especially when the small children, surfers, families, new loves and all the beach lovers are gone with the summer, its still there, as majestic and powerful as ever.

So, these are just two of the local events to enjoy and I'll probably be posting a few other ideas. Of course, there is always shopping, which I wouldn't want to forget....so just in case, here is the link to the new Market Common...my favorite restaurants reside here and some of the best Grand Strand Shopping!

The Market Common:
http://www.marketcommonmb.com/

Homeowners: If you're selling, sell soon and Price Right!

2011-10-31T16:48:00.000-04:00

Good news and bad news comes from CNN Money article. Click on the link below for a synopsis of the Real Estate market today and where we're heading. There are a couple views you can take on this one.

Click the link to read more...

http://money.cnn.com/2011/10/31/real_estate/home_prices/index.htm

And here is my advice...

Homeowners who are thinking of selling...there are a few concepts for you to consider. First, NOW is the time to get your home on the market, before the waves of foreclosures hit the market soon and prices begin to fall, once again. The sooner you list your home and get it sold, the more money you will make (or save). In order to be successful in selling your home today, it all boils down to price. Remember, you need to be competitive in today's "Buyer's Market". The buyers are out there, you just have to get them to notice your home and you will soon be setting a closing date!
Buyers....step up to the plate! Now is your time to capitalize on this market. Over the next 12-18 months, there will be many opportunities for you to find your dream home AND to be able to find a mortgage with a lower interest rate than you ever thought you would pay! Obviously, right now is the best time to find a mortgage, as these low interest rates may climb over the next months. However, whether you are thinking of buying a home for the first time or maybe even looking for that vacation home you've always wanted...Congratulations! You have definitely picked a PERFECT time to be in this position!

$125,000		Fair Market Value of home
x 4%		Assessment Ratio (4% if qualified legal resident)
5,000		Assessed Value
x .2093		Countywide Millage Rate
$1046.50		TAXES