You may have heard about the First Time Home Buyer Tax Credit extension but have you heard that if you lived in your principal residence for five out of the past eight years and purchase your next principal residence from December 1, 2009 - April 30, 2010 you may qualify for a $6,500.
If you are thinking about retirement or just moving to the Myrtle Beach area now is the time. If retirement is on your mind do not be concerned when you look up retirement communities and you only see a few. There are hundreds of homes available in communities that are primarily filled with those fifty years old and up.
Buying a home now for your retirement in a few years could be the answer to your savings sitting in a bank earning very low interest. Home prices are low and even if you can't afford to pay cash a mortgage can be affordable with today's low rates. IRS allows you to claim mortgage interest and property tax payments for up to three homes by simply putting the total combined amount paid on your Itemized Deduction form.
I have Buyer Clients who I showed numerous homes in the Grand Strand area of South and North Carolina. After several days we found a home that was perfect. It was listed in the MLS as New Construction but had been used as a model home for about a year. We made an offer about $20,000 under Asking Price but my Client based his offer on comparable homes, today's market, they were paying cash, and they could close within a week. The offer was accepted by the Builder / Developer and my Clients returned home to begin transferring money. Several CDs required them to pay penalties but they were happy with the purchase so they gathered the money for closing into their checking account. Closing was scheduled with the Attorney for tomorrow, November 9th.
Several days ago I receive a call from the Agent who had listed the home that my Clients had purchased. He said, "There is a problem with the house your Clients have purchased, it was sold a year ago". I'm thinking what he just said was a joke but he went on to say that the house was listed by mistake when his real estate company took over promotion and sales for the development. The Builder / Developer had sold the model home a year ago but did a Lease Back Agreement so they could continue to use it as their model home. I felt sick just thinking about making the call to my Clients because I knew how happy they had been when we received the ratified contract from the Builder / Developer.
My Clients didn't blame me and they have come back into town to begin another search. They have retained an Attorney and plan to sue the real estate company and the Builder / Developer if they are unable to find another property.
The real estate transaction that I talk about above is, "one for the books", as the saying goes and is turning out, thankfully, to be an unheard of occurrence, at least in the Myrtle Beach area.
During the first nine months of 2009 I dealt with no shortage of potential real estate buyers. Even with prices near the pre-boom level they either made offers and refused counter-offers or they woke up the morning after making an offer and heard the media say the worst is yet to come and they wanted to cancel their offers. I was happy that I was able to obtain releases from Sellers that allowed my Buyers to walkaway.
This year's Labor Day weekend was a turning point in real estate like I had never seen before. Even the buying frenzy of 2005 - 2007 did not compare to the number of Buyers who are serious about making a purchase. It has been great just taking my clients to view properties and watch them have the "wow" moment when they find the perfect place and are happy the next morning after we go under contract.
I had been at a point of burnout but the past few weeks have rejuvenated why I became a Realtor and I have met some really great people.
Today was one of those perfect Fall days in Myrtle Beach when the afternoon temperature touched 80 degrees. It wasn't hot, it was warm with clean fresh dry air that made you just want to be outside. Early this morning I was at a meeting and someone, who knew I had just returned from a trip to Maryland, asked me if I ever regretted moving to the Myrtle Beach area and my response was, "no".
I enjoy my career as a Realtor but I know that when the time comes I'll also enjoy my retirement. After helping many people find a home and talking to them when they retire and move to the Myrtle Beach area permanently I have found a wealth of resources to keep me as active or inactive as I want to be.
During the next week I have several clients who are making the trip to the Myrtle Beach area specifically to search for their retirement home. Each have their timetable set for retirement but even the one who does not want to retire for several years plans to buy now while prices are down and interest rates are low. They plan to focus on homes in North Carolina because the property taxes are not higher for non-residents.
If you are interested in buying an ocean front condo in Myrtle Beach, North Myrtle Beach, Surfside Beach, or across the street in those areas you can find prices today as low or lower then the pre-boom prices in 2004.
Cash buyers with the help of their own agent can find the fantastic deals, even the months it takes for a short sale purchase may be worth the wait.
For those who need a mortgage to purchase, there were months during the past two years when no lender would give a mortgage to what is called a CONDOTEL. I would try to define the term "Condotel" but every lender has a different definition. Today is September 21, 2009 and there are a few sources now available for mortgages on condos which are known as Condotels. Since the majority of people don't have the money to pay cash for a second home or investment condo they are left out unless they can put at least 25% down and have a credit score above 680 (Sept. 2009). With mortgage money that comes and goes like the ocean waves and the definition of Condotel that varies with lenders, potential buyers have not had an easy time taking advantage of the great deals.
There is a glimmer of light as far as mortgage availability is concerned as some in the lending world whisper about the return of normal 30 year fixed loans for ocean front condos but guess what will happen when more people can buy those ocean front condos -- "supply and demand" = increasing condo prices.
ABR, e-PRO, Realtor licensed in South Carolina and North Carolina. Experienced in homes (new construction & existing), condos, townhouses, lots, and land. "I Can Save You Time & Money"
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