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Myrtle Beach Area Real Estate Short Sales

female-agentMyrtle Beach Real Estate Short Sale Listings | Lender Approved

What is a Real Estate Short Sale?

Selling a home for less than the amount the current owner owes the mortgage company is called a short sale.

Buying a home that is a short sale is different from buying a property that is actually owned by the bank, known as an REO, or real-estate owned property, or a property that is in foreclosure.

A short sale can be a good deal for a buyer, and it can help the seller avoid having a full foreclosure on his or her credit record. Although a short sale and a foreclosure negatively affect a seller’s credit score, in a short sale the damage can be minimized if the homeowner can persuade the lender to report the debt to credit bureaus as paid in full.

In a short sale, the proceeds from the transaction are less than the amount the seller needs to pay the mortgage debt and the costs of selling. For this deal to close, everyone who is owed money must agree to take less or possibly no money at all. That makes short sales complex transactions that move slowly and often fall through.

Due to the complications in the short sale process, we recommend working with an experienced real estate team. Century 21 Coastal Lifestyles offers experienced Myrtle Beach Area real estate agents to help you through the process.

These Myrtle Beach Area Real Estate MLS listings are lender approved.

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Myrtle Beach Real Estate Market Report July 2014

Myrtle Beach Real Estate Market Report July 2014Grand Strand Map 7 2014

Source: CCAR

Housing seemed to have a slow start to the spring selling season, but have been on a steady increase since then.

Inventory is slowly rising in some areas.

Activity is picking up pace.

*June SFR Pending Sales in the Coastal Carolinas region were up 34.4% and 5.2% for Condos.

*The SFR price range with the largest gain in sales was the $200,001 to $250,000 range, where they increased 21%.

*Median Sales Price up 7.2% for SFR and 4.5 for Condos

*Closed SFR sales in in region up nearly 6% overall

*The price range that tended to sell the quickest was the $150,000 and Below range at 152 days

*2014 Grand Strand SFR Activity Map on Right.

June 2014 Report

Research powered by Site Tech Systems

Single Family Residential (SFR) soar in June … up 6.0% for the full year ; Condo sales continue to lag behind prior year
level; SFR and Condo Sales Prices in 2014 remain strong.

In June, SFR sales were up 11.5% from prior year levels. Year to date (YTD) SFR sales were up 6.0% with 2013 performance. SFR inventory
continues to grow and is up 6.4% from prior year levels and remains at its highest level since 2010. Distressed SFR inventory continues to
decline and is 23.8% below prior year levels. SFR median sales price
remain strong at $193,929 in June and remains up 5.1% in 2014.

Condo sales continue to show year over year weakness. In June, condo sales were down 2.4% as compared to June 2013 levels and YTD 2014
sales are off 4.4%. Condo inventory remains up 4.5% to 2013 levels. Condo inventory is in line with last month’s inventory and it is expected
that condo inventory has reached its peak and should begin its seasonal decline for the balance of year. The condo distressed inventory declined for the 27th consecutive month and is 46.5% below its 2013 level. June’s median sales price remained strong at $119,900. YTD, Condo median sales prices are up 3.7% to 2013 levels.

Resident1al lot sales in June were down 25.5% from 2013 levels. Offsettng a decline in volume., the median sales price for resident1al lots is up 28.2% from 2013.