Richard M. Sander (Your Myrtle Beach Real Estate Expert)

Now that Fannie Mae’s and Freddie Mac’s new system of appraisals is in place, mortgage brokers, appraisers and Realtors are furious over higher costs for consumers.

Under the old system, the lender would call an appraiser, the appraisal would be done, often in as little as 48 hours. Now, the “Home Valuation Code of Conduct” imposed by Fannie and Freddie takes the choice of appraiser away from the lender and into the hands of third-party management companies, some of whom are owned by major lenders such as Bank of America and Wells Fargo.

This has The Appraisal Institute (which represents 20,000 appraisers across the country) particularly angry because those companies pay appraisers much less than their standard fees, then add their own fees charged to the consumer. For example, an appraiser whose normal fee is $325 will now be paid by a management company to do the same work - but only paid $175. The consumer, however, pays $400 or more for the appraisal, with the difference going to the management company. This fee must be paid up front (not at closing), and if the transaction doesn’t close, too bad.

In addition, the extra layer of bureaucracy adds several days to the mortgage process, lengthening the time it takes to close a real estate transaction.

If you’re considering purchasing Myrtle Beach real estate this summer, be prepared for the extra time and expense. We are hopeful that, since everyone except the third-party management companies are howling mad, this system will change again - and we will keep you informed of any developments.

Over the last 36 hours, we've been inundated with calls from concerned friends, family, clients and well-wishers.

We've put together a single source for fire-related news, pictures, video, maps and links on our website, and we will be updating it regularly.

(We must be doing something right; Chris Price got a shout-out last night on the WPDE newscast at 11pm.)

I don't know who said this first, but the farther away from the Truth you are, the less reliable is the "news" you hear.

We're getting calls today from owners of Myrtle Beach real estate from the west coast, even Canada. They way they heard it, all of Myrtle Beach is now scorched earth, and that couldn't be further from the truth.

Yes, there are areas that are devastated, and more than 50 homes (and lives) have been irrevocably changed forever.

Yes, it is a dangerous situation, still not under complete control.

But we will get through this. We always do.

Right now, I want to thank our men and women in uniform who have been working nonstop for the last 24 hours, and for who knows how long into the days ahead...

Although you will say that you are "just doing your job," most of us don't appreciate the job you do often enough - or vocally enough.

Thank you!

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We'll be updating details on our website: CarolinaWaterfront.net/fire

The new owners of the former Hard Rock Park announced this week that the park will reopen Memorial Day weekend as 'Freestyle Music Park.' The park will remain musically-themed but expand beyond rock n' roll to encompass country, reggae, beach music, pop, R&B, Christian and yes baby, even disco.

The naming of the park gives the company a springboard to launch other parks under the Freestyle brand. Steve Baker, president of FPI MBE, said, "We own the name, leaving us unencumbered by one specific brand. This will allow us... to explore other opportunities and collaborate with national and international brands that will strengthen and extend the 'Freestyle' brand in Myrtle Beach and throughout the rest of the world."

Rides, restaurants are being re-themed and casting is underway. The new website is FreestyleMusicPark.com.

This is the #1 question everyone asks about the Myrtle Beach real estate market these days.

My answer is in two parts, and it depends on who you are and what you're doing. Are you a buyer or a seller? Are you a short-term speculator or a long-term investor?

First, real estate markets always move in cycles, and these cycles are always changing. As shown in this illustration, we are either at the top of the market, falling, at the bottom, or on the rise.



Clearly, the best time to buy is when the market is in the bottom right quadrant - falling or at the bottom. But you won't know when we've moved through the bottom and start back up on the rise... you'll only be able to look back in time and point to it.

Second, consider the basic law of supply and demand. The supply of real estate has essentially become frozen. Residential construction has pretty much stopped for now... just ask any home builder you know. Plus, they're not making any more land. We all know this. As for demand, is there interest from people wanting to buy? Of course! Our population is continually growing; people migrate and are living much longer.

So... how's the market? For buyers and long-term investors, right now we have your Real Estate Trifecta:

1. We are defiantly in the bottom right quadrant of the cycle. 2. Interest rates are at historic lows. 3. People want to sell, and many are desperate to sell.

So who is going to bring back our real estate market?