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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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Search Myrtle Beach Vacation Properties

IMG_4073Myrtle Beach Real Estate experts at Century 21 Coastal Lifestyles will work with you to achieve your investment vacation property goals. A few initial questions will get us started.

What your plans are for the use of your investment property?

Are you going to use it purely as a rental investment without ever using it personally?

Are you planning on using your unit as a vacation retreat for your family and friends?

There are other things to consider when you are looking at in investment property at the beach. What is included, or not included in the homeowners association fees. Some complexes include insurance, water, cable, wifi, and electricity.

Rental income history will also play a big part of your return on investment. Some buildings and resorts perform much better than average.

Are looking for oceanfront, second row, or golf course vacation properties? What is the proximity to local attractions? – Broadway at the Beach, Myrtle Beach Boardwalk, Barefoot Landing, and Carolina Opry have been the most popular attractions lately with more to come in the future.

Myrtle Beach is also fast becoming a sports tourism area attracting, basketball, softball, baseball, lacrosse, and soccer teams from across the country to compete and vacation in Myrtle Beach, SC.

Where is the unit positioned in the complex?  Corner unit, upper floor? lower floor, Is there an elevator?? Each building has its own characteristics which will influence the potential return on investment.

Also, the vacation rental company will make a huge difference on you return on investment. What is the commission rate? How many units does the management company manage? Typically the larger management companies do not get the premium rates and do not clean units very well. They also charge higher commissions for less personal service.

Century 21 Coastal Lifestyles has been servicing Myrtle Beach Real Estate and North Myrtle Beach along the Grand Strand. We can help you. Contact us today and put our experience to work for you!

Myrtle Beach Real Estate | Century 21 Coastal Lifestyles trusted real estate professional services for over 40 yours. We know Myrtle Beach real estate. Coastal Lifestyle Vacations, LLC can help you manage your vacation property once Century 21 Coastal Lifestyles helps you with your purchase. Myrtle Beach vacations are rated at the top of the list with Homeaway, Flipkey, Yahoo! Travel, and other major travel service providers.

Myrtle Beach Real Estate ListingsOceanfront Vacation Homes Oceanfront Vacation Condos

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Myrtle Beach Home Improvements with ROI

home repairMyrtle Beach real estate sales have seen great increases in sales and listing activity. Many Myrtle Beach homes for sale have had upgrades to help sell the house. Most people agree that kitchen and bathroom upgrades rank as the top top areas for remodeling.

However, they do not always produce the highest return on investment.

Surprisingly, simply replacing your front door with a metal door adds value and curb appeal to your purchase. New front doors have been producing a very high rate of return over the past 15 years.

Also, when remodeling your kitchen – less may be best. Buyers may not like your style and decide that they will need to remodel it to their liking – same for bathrooms. Keep the upgrades simple – replace cabinet handles and appliances. Consider painting the cabinets and replacing the counter tops.

Your exterior siding is another area that reaps good returns. Again adding curb appeal as the Myrtle Beach weather can cause fading, water stains, and rotting. Painting or replacing with tiles has seen the best return on your investment. – vinyl siding, fiber-cement siding, and foam-backed final have been the most popular choices.

Adding a wood deck you to your home ranks high among return on home renovation dollars spent. One big reason is that decks and patios are a good way to expand living space at a low cost of $8 to $30 per sq. ft.   A new deck adds livable outside area for home owners to enjoy the beautiful Myrtle Beach weather.

Building out your attic into a guest bedroom is another high return home improvement project that creates value to your home and receives a good return on your money. So go ahead and clean out those boxes, pawn the Singer sewing machine, and put the Kodak moments into an album. Make room for a room.

Myrtle Beach Real Estate sales professional at Century 21 Coastal Lifestyles offer home improvement consulting and advice to help you get the most value when selling your home. Whether you are considering major improvements or cost effective  solutions, contact a Myrtle Bech real estate professional at Century 21 Coastal Lifestyle to help you achieve your real estate sales goals.

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Myrtle Beach Real Estate |Investment Vacation Properties

DSC_0252Myrtle Beach Real Estate experts at Century 21 Coastal Lifestyles will work with you to achieve your investment vacation property goals. A few initial questions will get us started.

  1. What your plans are for the use of your investment property?
  2. Are you going to use it purely as a rental investment without ever using it personally?
  3. Are you planning on using your unit as a vacation retreat for your family and friends?

There are many things to consider when you are looking at in investment property at the beach. What is included, or not included in the homeowners association fees. Some complexes include insurance, water, cable, wifi, and electricity.

Rental income history will also play a big part of your return on investment. Some buildings and resorts perform much better than average.

Are looking for oceanfront, second row, or golf course vacation properties? What is the proximity to local attractions? – Broadway at the Beach, Myrtle Beach Boardwalk, Barefoot Landing, and Carolina Opry have been the most popular attractions lately with more to come in the future.

Myrtle Beach is also fast becoming a sports tourism area attracting, basketball, softball, baseball, lacrosse, and soccer teams from across the country to compete and vacation in Myrtle Beach, SC.

Where is the unit positioned in the complex?  Corner unit, upper floor? lower floor, Is there an elevator?? Each building has its own characteristics which will influence the potential return on investment.

Also, the vacation rental company will make a huge difference on you return on investment. What is the commission rate? How many units does the management company manage? Typically the larger management companies do not get the premium rates and do not clean units very well. They also charge higher commissions for less personal service.

Century 21 Coastal Lifestyles has been servicing Myrtle Beach Real Estate and North Myrtle Beach along the Grand Strand. We can help you. Contact us today and put our experience to work for you!

Myrtle Beach Real Estate | Century 21 Coastal Lifestyles trusted real estate professional services for over 40 yours. We know Myrtle Beach real estate. Coastal Lifestyle Vacations, LLC can help you manage your vacation property once Century 21 Coastal Lifestyles helps you with your purchase. Myrtle Beach vacations are rated at the top of the list with Homeaway, Flipkey, Yahoo! Travel, and other major travel service providers.