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Changes in the Mortgage Market Since COVID-19

It’s been difficult to adjust to the new normal during the past few weeks. With many residents being asked to stay at home, there are many who have recently lost their jobs or been asked to work remotely. The mortgage industry has also taken a big hit that has directly affected homeowners, renters, and investors alike.

There are many who are in the final stages of closing on their homes, and the current pandemic has made it difficult to efficiently move forward with the process. To help, desktop and exterior-only appraisals are being accepted as long as there is sufficient property information available online. Potential borrowers can also now submit their verification of employment via email, paystub, or bank statement to help streamline the process.

Significant changes have been made during the recent outbreak of COVID-19 to help homeowners get through this trying time. Those who have lost their jobs may be eligible for reduced or suspended mortgage payments for up to 12 months while they regain their footing and find new employment. All foreclosure sales and evictions have also been suspended for 60 days to give borrowers a chance to catch up on their payments. Homeowners who are behind on their mortgage will also receive help to create a plan to maintain or reduce their monthly payments moving forward.

Renters who are currently unable to make their monthly rent payments are advised to reach out directly to their landlords. Owners of these properties will be given mortgage forbearance by Fannie Mae and Freddie Mac if they suspend all evictions for renters that have been directly affected by COVID-19. This plan is directly designed to prevent tenants from being evicted because they are unable to pay their rent due to a recent loss of their job.

One benefit of the recent changes in the mortgage market is that interest rates have been near an all-time low, and it may be an excellent time to buy your first home or refinance your current mortgage. If you’ve had your eye on the market for a while now and want to take advantage of the current interest rates, it’s the perfect time to call your loan officer and start the process of locking in your rate before interest rates start to increase again.

It can be hard to keep track of all the changes. Lenders are working around the clock to answer all your questions and will support you in any way that they can. Give them a call if you need help or have any specific questions regarding your loan.

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5 Reasons Selling Without an Agent is a Bad Idea

Do-it-yourself projects are in vogue these days. You can find advice online for everything from investing in crypto-currency to tearing down the living room wall. When considering the cost of moving, it’s natural to wonder if real estate commissions are one way to save money, but it would be a mistake. A good real estate agent might make it seem easy, but the fact is that selling your own home could actually cost you thousands of dollars.

5 Reasons You Shouldn’t Sell Your Home without an Agent

1. The Safety of Your Home and Family is a Priority – Real Estate agents control access to your home.

2. Most Serious Buyers Start their Search Online – A professional listing area will market your home aggressively online, which is where the buyers are searching.

3. The Buyer Might not be Qualified – A real estate agent knows how to qualify a buyer and what to look for with lender letters. Selling your home on your own risks wasted time with an unqualified buyer.

4. You Don’t Know How to Negotiate Properly – Every aspect of a real estate transaction is negotiable; you don’t have the experience to know what to negotiate to get the best deal.

5. You Could Expose Yourself to Liability – Required disclosures and paperwork for a home sale is extensive; unless you plan to use an attorney, you could miss critical disclosures and expose yourself to financial harm.

Finally, more often than not, sellers net more when they use an agent than when they try to do it themselves. In addition to selling faster, a professional agent knows how to properly price and promote your home, ensuring you get the best possible sales price and terms.

So call us anytime. 843-272-6754 We are happy to answer any questions and look forward to offering our professional services.

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5 Questions Buyers Have During the Coronavirus Outbreak Answered

 

Everyone is being affected in some manner by the outbreak of Covid-19 coronavirus. During this time, buyers will have more questions than normal about the home buying process and their ability to buy a new home. While we can’t predict what the next few weeks and months will bring, the more we can educate ourselves, the better we can help buyers navigate the buying process smoothly during the pandemic. Here are a few common buyer questions as they related to the Coronavirus outbreak and real estate answered.

1. Can we still go see home listings in person? 

This is the hardest question to answer and it will depend on the home, the seller, the agent and any fast-changing governmental policies put in place. Agents should be able to offer a Skype or Face Time home tour virtually. Talk to your agent to find out what they have available for the buyers to prescreen the home virtually before setting up the visit; they might have virtual tours already available which can help rule out those that don’t suit their needs.

2. How can I stay safe while visiting homes?

Everyone’s health has to be the priority; this includes the buyers, sellers, and agents. If you are going to see a home in person during this time, carry hand sanitizer and wipes to use before, during and after the tour. Drive separately from your agent meet at the homes. During the tour, designate one
person to open doors, drawers, and closets and use disposable gloves during the showing.

3. What happens if I lose my job during the escrow period?

Most real estate contracts include a contingency that protects the buyer in the event they can’t get final loan approval and close the loan. Typically during the process, this contingency is removed after a set time frame, or after receiving the loan approval. Since every aspect of real estate is negotiable, consider asking for the contingency deadline to be extended and in place until the close; talk through this aspect with the seller and their agent in advance to set the right expectation.

4. Will I still have access to the home during the escrow period? 

It’s very common for the buyer to have easy access to the home during the escrow period; home inspections, appraisals and just measuring are all common reasons to visit the home during escrow. Consider grouping these activities whenever possible.

5. Will I get a better deal if I wait to buy a new home? 

We all know there’s no crystal ball, but with everything that’s going on, sellers on the market should be very motivated
to sell. There are also historically low-interest rates on home loans. There is no way to predict the future, so if the right home comes along, it makes sense to consider it.

The Covid-19 outbreak is causing some uncertainty among home buyers, sellers, and even agents. However, with the use of technology and following best practices, you can still find the home you’ve been waiting for during this time.

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Answering 5 Questions Sellers Have about the Market during the Coronavirus Outbreak

There are so many questions and concerns amid the Covid-19 coronavirus outbreak. The real estate market is especially hard hit and sellers are concerned. Real estate at its core is a people business. It relies on person-to-person interaction and the coronavirus necessarily limits this contact. As the summer selling season begins, home sellers may  have questions, and it’s important to our agents to acknowledge concerns and offer practical advice and concrete information to help sellers make the best decision for themselves and their families.

  1. Should I still try and sell my home? 

    Of course, there are many aspects to this question. First and foremost, the health concerns of the sellers’ family have to be taken into consideration. Unless absolutely necessary, the elderly and those with underlying health issues should not allow unnecessary people into their homes; including buyers and agents. If the household is essentially healthy and not considered high-risk, then this could be a great time to sell. Consider the advantages of lower inventory coupled with low-interest rates; as listings become rarer, the remaining inventory will get more attention which could create better offers.

  2. Is it safe to have people through my home?

    This is certainly a concern, but there are practical steps you can take to ensure safer home showings.
  3. What can I do to protect my family during showings?

    Protect the home, family and visitors alike by taking the following precautions.
    Keep hand sanitizer at the front door to offer buyers and their agents when they enter the home.
    If there is a guest bathroom, keep disposable hand towels and soap for guests to use and make the request known to the showing agent.
    Offer disposable gloves for use with a receptacle for used gloves.
    Limit the showing days and hours so you can properly clean between showings.
    Have cleaning wipes handy.
    Request agents to wipe surfaces, door handles, and banisters which are touched during the showing.
    Ask your agent to offer virtual showings or host virtual open houses
  4. What happens if my buyer loses their job? 

    Most real estate contracts include a contingency for the buyer loan approval and funding. Now more than ever, it’s critical to keep that contingency in place. In the unfortunate event the buyer loses their job or can no longer qualify for the loan during the contingency deadline, the parties cancel typically cancel the contract.

  5. Will I get a higher price if I wait to list my home?

    The truth is that no one knows. We don’t know how long or short the crisis will be, and we don’t know how the financial market will weather the outbreak. While this is a question the seller will ultimately need to decide, the old adage about a “bird in the hand” is important to remember.

The recent spring selling season was proven to have unique circumstances. Please contact us to learn more about the current outlook and opportunities in the  local market.

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April 2020 Monthly Market Report

April 2020 Monthly Market Report

As COVID-19 impacts the country, the CCAR market statistics for May prove hopeful for the
local real estate market. CCAR CEO Laura Crowther delivers the latest market stats for our area.

April 2020

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March 2020 Monthly Market Report

March 2020 Monthly Market Report

As COVID-19 impacts the country, the CCAR market statistics for March prove hopeful for the
local real estate market. CCAR CEO Laura Crowther delivers the latest market stats for our area.

Myrtle Beach single family homes closed sales up 2.5% for single family homes

Myrtle Beach Condos closed sales were down 12% for Condos

Myrtle Beach homes for sale - the median sales price for single family homes was up 2.5% to 245925Single Family

pending sales for single family increased 0.5% for single family inventory dropped 2.5%

Days on market for single family homes increased 2%

Median Sales Price for condos up 7% to $145,000

Pending sales for condos decreased 33% inventory increased 6%

Days on market for condos decreased by 12%

 

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North Myrtle Beach Vacation Property for Sale

North Myrtle Beach Vacation Property for Sale

1819 N OceanTilghman Beach & Golf Resort

This building has it all…exercise room, indoor/outdoor pools, lazy river, kids saturation station and play fountain and sauna. Grill located on pool side. Easy beach access with crosswalk. Nicely appointed unit is in very good condition and overlooks lake and beautiful Surf Golf & Beach Club. Kitchen features granite counter tops. This is an A+ unit in a building you can be proud of.

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Myrtle Beach Real Estate Listings

1819 N OceanMyrtle Beach Real Estate Listings

Myrtle Beach real estate listings courtesy of Century 21 Coastal Lifestyles providing the perfect results for your property search.

Search Myrtle Beach real estate listings by your desired method. Century 21 Coastal Lifestyles provides several options to help you find the real estate property that you are searching for.

Searching Myrtle Beach real estate listings by creating an advanced custom search, the MLS listing ID, address, or a map search to easily locate real estate properties within a defined area.

Century 21 Coastal Lifestyles provides you with the ability to create an account to save your search criteria and receive email updates of new listings that meet your needs.

Contact a Century 21 Coastal Lifestyles professional real estate agent to help you buy or sell your Myrtle Beach real estate property.

Myrtle Beach real estate listings courtesy of Century 21 Coastal Lifestyles!

See our Company Listings here…