If your workplace is delaying its return to office plans or is allowing permanent work from home options, which may open up new possibilities for you in terms of where you would like to live. Click the link for your home search.
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Ongoing remote work could give you the chance for a change in scenery, a move to our area with a lower cost of living, or finding a home with more home office space. In fact, according to The American Institute of Architects Home Design Trends Survey, home offices rank high in popularity for new buyers.

If you want to learn more about how remote work can give you more options, let’s connect to discuss your situation and priorities for your home search along the Hammock Coast of South Carolina.
 

​My husband just said to me the other day, “The stock market is volatile. Home equity is where it’s at. I am so glad we moved our money into real estate.”  Owning a vacation home can be an investment in your future and your lifestyle.

A recent article from the National Association of Realtors (NAR), mentions some of the top reasons buyers today are looking into purchasing a second, or a vacation, home:

“According to Google’s data, the top reasons that homeowners cited for purchasing a second home were to diversify their investments, earn money renting, and use as a vacation home.”

So, Autumn is here. We can all agree, the summer was too short.  Over the coming months, it may be worthwhile to start thinking about your plans and where you want to spend your vacation next year. Perhaps you are someone who wants to spend a few months of the year working from a remote location. Options are available for you to work and rent your home out safely to others the rest of the year to help your investment pay for itself.

And if retirement planning is down the road, investing in a vacation home now could be right for you.

Why You May Want To Consider a Vacation Home Today: 

Over the past two years, a lot has changed. You may be one of many people who now work from home and have added flexibility in where you live. You may also be someone who delayed trips for personal or health reasons. If either is true for you, there could be a unique opportunity to use the flexibility that comes with remote work or the money saved while not traveling to invest in your future by buying a vacation home.

Bankrate explains why a second home, or a vacation home, may be something worth considering:

“For those who are able, buying a second home is suddenly more appealing, as remote working became the norm for many professionals during the pandemic. Why not work from the place where you like to vacation — the place where you want to live?
If you don’t work remotely, a vacation home could still be at the top of your wish list if you have a favorite getaway spot that you visit often. It beats staying in a tiny hotel room or worrying about rental rates each time you want to take a trip.”

So, if you’re looking for an oasis, you may be able to make it a second home rather than just the destination for a trip. If you could see yourself soaking up the sun in a vacation home, you may want to start your search. Fall is a popular time to buy vacation homes. Older generation boomers that are selling their homes to go back to their families for the holidays are listing now.

By beginning the process with me now, you can get ahead of the competition.

A recent article from the National Association of Realtors (NAR), mentions some of the top reasons buyers today are looking into purchasing a second, or a vacation, home:

“According to Google’s data, the top reasons that homeowners cited for purchasing a second home were to diversify their investments, earn money renting, and use as a vacation home.”

Are you ready? If any of the reasons covered here resonate with you, connect with me. If you would like to text instead of email, kindly add your phone number in the comments and I can get back to you right away!

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As people realize their needs are changing, some are turning to luxury housing to find their dream home. This is often the case with multi-generational housing needs. As of today there are 100 properties available in Pawleys Island, for example, listing between $600,000 and $7.5-Million dollars.  In Myrtle Beach, there are currently 450 properties available between $600,000 and $5.7-million dollars. But price alone does NOT define luxury.

Investopedia helps define what pushes a home into this category. In a recent article, they point out that location is also an important factor. It could be a condo at a desirable city address, a spacious home on the water, or one with access to luxury activities like arts and entertainment, high-end shopping and dining, and more. The home itself will also boast some of the finest features available.

According to the Luxury Market Report from the Institute for Luxury Home Marketing, there’s been a substantial increase in how many buyers are purchasing luxury homes over the past two years. It says:

“. . . North America recorded the fastest growth of demand during the first year of the pandemic. Also, demand has . . . consistently increased, and even in April 2022, we saw a higher volume of sales compared to 2021.”

If you own a luxury home, it could be a great time to list your house with me today while demand remains high. First, let’s understand where the demand is coming from.

What is Driving the Heightened Buyer Demand for High-End Homes?
The same report says more people have reached a certain net-worth threshold, and that is contributing to the increased interest in luxury housing:
“In 2020, we saw a 2.2% growth in the number of individuals with wealth of over $5 million in net value, but in 2021 that number grew by an outstanding 19.8%. This total increase has resulted in the introduction of over 660,000 new individuals into the high net-worth bracket, which, combined with the existing affluent looking to both diversify and add new properties to their portfolio, provides a true insight into why the demand for luxury properties skyrocketed during 2021 and into 2022.”

If you are looking to make changes to your real estate portfolio or are looking to sell your current house, it may be a great time to list and benefit from the high demand for luxury homes today.

Do you want to learn about the strength of the Myrtle Beach luxury market? How strong is demand? Let’s connect so you can capitalize on current market conditions before the new year. Visit my website to browse the latest MLS listings or enter this into your browser:
https://www.bhhscoastal.com/myrtle-beach/nancy-aborn-wuennemann

​Photo Credit: NCRMLS 2020

The real estate market is on just about everyone’s mind these days. That’s because the unsustainable market of the past two years is behind us, and the difference is being felt. The question now is… just how financially strong are homeowners throughout the country? Mortgage debt grew beyond 10 trillion dollars over the past year, and many called that a troubling sign when it happened for the first time in history.

Recently Odeta Kushi, Deputy Chief Economist at First American, answered that question when she said:
“U.S. households own $41 trillion in owner-occupied real estate, just over $12 trillion in debt, and the remaining ~$29 trillion in equity. The national “LTV” in Q2 2022 was 29.5%, the lowest since 1983.”
She continued to say:
“Homeowners had an average of $320,000 in inflation-adjusted equity in their homes in Q2 2022, an all-time high.”

What Is LTV?
The term LTV refers to loan to value ratio. For more context, here is how the Mortgage Reports defines it:
“Your ‘loan to value ratio’ (LTV) compares the size of your mortgage loan to the value of the home. For example: If your home is worth $200,000, and you have a mortgage for $180,000, your LTV ratio is 90% — because the loan makes up 90% of the total price.
You can also think about LTV in terms of your down payment. If you put 20% down, that means you are borrowing 80% of the home’s value. So your LTV ratio is 80%.”

Why Is This Important?
This is yet another reason we will not see the housing market crash. Home equity allows homeowners to be in control. For example, if someone did need to sell their home, they likely have the equity they need to be able to sell it and still put money in their pocket. This was not the case back in 2008, when many owed more on their homes than they were worth.

Homeowners today have more financial strength than they have had since 1983. This is a combination of how homeowners have handled equity since the crash and rising home prices of the last two years.
​Homeownership in any market makes sense.

It’s clear the 2022 housing market has been defined by rising mortgage rates. With rates on the rise, it’s also become more costly to purchase a home. According to the National Association of Realtors (NAR):
“Compared to one year ago, the monthly mortgage payment rose to $1,944 from $1,265, an increase of 53.7%.”

If you are thinking of buying a home or have been trying to recently, that’s a big increase in a monthly mortgage payment – and it may be causing you to press pause on your plans. This jump is making homes less affordable, especially compared to the last two years when mortgage rates were at historic lows.

The good news is you can navigate today’s housing market and this rising rate environment with a few simple tips. Here are three things you may want to consider to help make your homeownership goals a reality.

1. Expand Your Search Area and Criteria
If you have been looking for a home in the city center or a specific area that is starting to feel out of your price range, you may want to try looking a little further out in a location that could be more affordable. Expanding your search location or re-prioritizing the items on your wish list can open up opportunities you have not considered, and that could help you afford more of what you need (and want) in a home.

As CNET notes:
“Area growth is likely to keep pace with the market, which means that the outskirts of town might be hopping within five years. Consider stepping out of your ideal location by searching in the nearby cities. You may find better prices and more square footage.”

I can attest. The growth of areas west of Route 17 is on the move.  A 20-minute drive from the water’s edge will land you in communities like Anor, Longs, Loris and Conway. These areas have tremendous potential for home ownership and are an up and coming area of South Carolina.

2. Explore Alternative Financing Options
Working with a trusted lender to learn about the different loan types and options is essential too. According to Nerdwallet.com:
“A variety of mortgages are available with varying down payment and eligibility requirements.”
Experts know how to point you in the right direction when it comes to exploring ways to find the best home loan for your situation. With rising mortgage rates making it more costly to finance a home today, there may be an ideal option out there your loan officer can offer. This could make a home purchase more affordable and within your financial reach over the life of your loan.

I believe that working with a “LOCAL” lender in the Myrtle Beach market is another aspect of making your transaction run smoothly. They are going to have experience in what kinds of loans are going to be acceptable regarding condominiums, townhomes, condhotels, farmland, acreage and residential communities with HOA/Property Management on site.

3. Look for Grants, Gift Funds, and Down Payment Assistance
There are also many options available when it comes to securing the funding you need to purchase a home. One valuable resource to explore is downpaymentresource.com. Searching for specific down payment assistance options available in your local community could be a game changer when it comes to taking your first step toward homeownership.

As NAR indicates:
“Many local governments and non-profit organizations offer down-payment assistance grants and loans, targeted to area borrowers and often with specific borrower requirements.”
Plus, there are programs and special benefits for individuals working in certain professions or with unique statuses, including teachers, doctors and nurses, veterans and farmers. Contact me to chat about options: [email protected]

According to the U.S. Census Bureau, this year, builders are on pace to complete more than a million new homes in this country.
I can share from first person experience, homebuilding in Myrtle Beach is full steam ahead. If a NEW home is what you are seeking, I can help. In fact, as a referral agent across the country, I can assist in the sale of your current home, downsizing and staging for the big event.
Ideally, most folks start the journey two-to-three years out from an actual move. They visit the Grand Strand to get a “feel” for things and try to envision themselves living a coastal lifestyle.
Comparing and contrasting the different communities for investment and/or retirement living is my sweet spot. The average person visiting does not know seasonal traffic patterns, for example. 

The Supply of Newly Built Homes Is Rising in Myrtle Beach.

When looking for a home, you can choose between existing homes (those that are already built and previously owned) and newly constructed ones. While the inventory of existing homes is on the rise today, it’s still in tight supply, meaning it can be challenging to find just the right one.
The inventory of newly built homes, however, is also rising. The graph below shows just how much the supply of newly built homes has grown this year.

And here’s the thing – builders are also keeping a close eye on current market trends. With mortgage rates rising this year and, as a result, buyer demand softening, builders are slowing their pace of new construction. That’s because they learned their lesson in the housing crash of 2008 and want to avoid over-building and having too much inventory in their pipeline.
Basically, while there are more newly built homes on the market today than there have been in years, many builders want to sell their current inventory before adding much more – and that’s where you can really benefit. Today, builders may be more willing to work with buyers. 
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Bottom Line: 
If you’re ready to buy, it may be time to look for a newly built home versus existing inventory. To learn what’s available in Myrtle Beach, Conway, Murrells Inlet or Pawleys Island and what incentives these builders are offering, let’s connect today.

The talk of a housing bubble in the coming year seems to be at a fever pitch as rising mortgage rates continue to slow down an overheated real estate market. Over the past two years, home prices have appreciated at an unsustainable pace causing many to ask: are things just slowing down, or is a crash coming?

To answer this question, there are two things we want to understand. The first is the reality of the shift in today’s housing market. And the second is what experts are saying about home prices in the coming year.

The reality is we’re seeing an inflection point in housing supply and demand. According to realtor.com, active listings have increased more than 26% over last year, while showings from the latest ShowingTime Showing Index have decreased almost 17% from last year (see graph below).

This is an inflection point for housing because, over the past two years, we’ve seen a massive amount of demand (showings) and not enough homes available for sale for the number of people that wanted to buy. That caused the market frenzy.
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Today, supply and demand look very different, and the market is slowing down from the pace we’ve seen. This offers proof of the sudden slowdown so many people are feeling.

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What Housing Experts Are Saying About Home Prices in the Coming Year
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Right now, most experts are forecasting home price appreciation in 2023, but at a much slower pace than the last two years. The average of the six forecasters below is for national home prices to appreciate by 2.5% in the coming year. Only one of the six is calling for home price depreciation.
When we look at the shift taking place along with what experts are saying, we can conclude the national real estate market is slowing down but is not a bubble getting ready to burst. This isn’t to say that a few overheated markets won’t experience home price depreciation, but there isn’t a case to be made for a national housing bubble.

The Bottom Line

The real estate market IS slowing down. What we’ve experienced in the housing market over the past two years were historic levels of demand and constrained supply. That led to homes going up in value at a record pace. While some overheated markets may experience price depreciation in the short term, according to experts, the national real estate market will appreciate in the coming year.

Want to talk about specifics of the housing market in Horry and Georgetown Counties? I believe the market is going to be incredibly strong for BOTH buyers and sellers over the next 10 to 15 years. Shoot me a text. Give me a call. I would welcome the opportunity to share my insights why Myrtle Beach is a GREAT area to look at retirement, second home and investment properties.