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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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Myrtle Beach Vacation Condo Listing

Myrtle Beach Vacation Condos - The Palace Resort

Myrtle Beach Vacation Condo Listing | Palace Resort

Myrtle Beach Ocean View Vacation Condo for Sale. Turnkey 2BR 2BA vacation condo with beautiful ocean views at the Palace Resort.

This unit has new laminate flooring, fresh paint and some new furniture.

The Palace Resort features multiple outdoor pools, game room, sauna, onsite lounge, hot tubs, exercise room and more.

 

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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 you 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.

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 your return on investment. What is the commission rate? How many units does the  company manage? Typically the larger management companies do not get the premium rates and do not necessarily clean units. 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.

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