“Nancy is an amazing agent!. She went “above and beyond” to help us find the perfect home. She took the time to show us many houses. She was patient while we decided. She worked with and for us every step of the way. I recommend her to anyone looking to buy here. We moved from Connecticut and she educated us on the area so we were comfortable moving somewhere we had never been before.” Duncan Brown - Murrells Inlet, SC |
Nancy Aborn Wuennemann |
9/27/2022 0 Comments i know, clean out is a big pain!
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act "out of the box"to insure your home if purchasing during hurricane season!The last thing you need when you are about to close on your new South Carolina home is a hurricane. But... it looks like it is that time of year to talk about "the box.
" In our coastal area, insurance companies may not be able to write new homeowner’s insurance policies once a named storm enters "the box." “The box” is the outline of coordinates shown above. If you have a closing next week and haven't firmed up insurance, now would be a great time to get that done! Thank you Jim Kondravy! 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: nanwuennrealestate@gmail.com 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. 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. 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. What Housing Experts Are Saying About Home Prices in the Coming Year 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. 6/27/2022 0 Comments multigenerational housing is on the rise - two stories show it is working in my own family!If your house is feeling a little cramped with the addition of adult children or aging parents, it might be time to consider a move-up into a multigenerational home that better suits your changing needs. This story hits home for me. I have two separate sets of relatives that share a multigenerational home for different reasons. Both are thriving. And together, they have a much better living set up than most of them could afford on their own. The first are my cousins in Murrells Inlet. They officially retired from Newtown, Connecticut to MI in 2019. We searched for a home with at least 4 bedrooms. The family consists of a mother, father, daughter, fiancée and fiancée's father. The mother and father have the master bedroom on the first floor of the home. The daughter and husband have two rooms upstairs. One is used as a bedroom and the other is used as an office/den for the 30-something couple. The father-in-law resides across the hall in his own room. The family shares evening meals together. The men have spectacular workshops in the garage where they work on their various projects. Everybody loves to go to the beach. Together, they care for two dogs. They pool their resources for groceries, utilities and home upkeep. This scenario is working out very well. Even better, the parents are using the equity in the home as a wealth transfer mechanism for the daughter. The home was purchased with a sizable down payment from lifetime savings and a mortgage. When the Connecticut home was sold, the balance of the home was paid off. Subsequently, in the years to follow, each parent gifts the maximum equity ownership allowed by tax law to the daughter. In a few years, the daughter will "own" the home and will evade probate issues with the will. Perfectly legal, the home will be hers. You can't inherit something you already own. And she could have never afforded the luxury home price on her own with just her salary. Her company transitioned to a work from home tele-commute office, so she is technically still working in Connecticut while looking at palm trees and sunshine in January. And the parents are enjoying "paying it forward" to their daughter while they are alive to enjoy it. BRAVO. Great pre-planning and execution from a beach chair on Huntington Beach. My other family members have a completely different set up. Three of my brother's children live together under one roof. All of them are working professionals between the ages of 38 and 44. They live in a giant, expanded split level home with an inground pool in a suburb of Boston. The current value of the home has risen to over $1-million. My nephew, a single, busy executive, purchased the home and his sisters pay rent. One niece and her 3-year old son live on the upper floor of the house with two very large bedrooms and a full bath. Her work with a major university in Boston recently transitioned to a work from home position three days per week. My other niece, a multi-media librarian is married with two children. They live on the main level of the home with three bedrooms. The lower level of the house is where my nephew lives. Everybody has a space to retreat to. The pre-teens have their space. They are all living very well together and it makes it easy for the grandparents to visit. You might say this is truly a family village ecosystem looking out for one another with enough space to have healthy boundaries. This set up is working. In my own family scenarios, generations are pooling their resources to afford homes in the "luxury" price range to get the amount of bedrooms and bathrooms necessary. The older generation can look at options for wealth transfer of the home to avoid inheritance hassles as a result. So what can the take away be for you? With benefits that include a combined home buying budget and shared caregiving duties, an increasing number of households are discovering the value of a multigenerational home. With such high demand for houses today, now is a great time to sell so you can upgrade to a multigenerational home that may better suit your evolving needs. Plan ahead. I can help. 6/8/2022 0 Comments Millions of Americans Have Discovered the Benefits of Multigenerational HouseholdsIf your needs are changing, you may be thinking about sharing a home with additional loved ones, such as grandparents, adult children, or other extended family members. Whether it is for financial or health-related circumstances, or simply because you’ve reached a new phase of life, you might be wondering if living with multiple generations under the same roof is a good move for you. Many people have found themselves in a similar situation and they have already made the choice to live in a multigenerational home. What Is a Multigenerational Home? The Pew Research Center defines a multigenerational household as a home with two or more adult generations. They include households with grandparents and grandchildren under the age of 25. As you weigh your options and decide if multigenerational living is right for you, here’s some helpful information highlighted by other homeowners living with additional loved ones. The Benefits of Multigenerational Living: A recent report from Generations United surveyed individuals living in a multigenerational setting and asked them about the key benefits of this housing arrangement. It says: “Nearly all Americans who live in a multigenerational household (98%) feel their household functions successfully, citing various aspects of home design, family relationships and interactions, and supports and services influencing their success.” The study identifies some of the top benefits of this lifestyle as an improved financial situation, better mental and physical health, strengthened bonds with loved ones, and more (see chart below): Those are just some of the reasons why most people who decide to live in this situation find it worthwhile. As Donna Butts, Executive Director at Generations United, says: “Families may come together from need, but they are staying together by choice. Indeed, more than 7 in 10 (72 percent) of those currently living in a multigenerational household plan to continue doing so long-term.” With More Adults Living Under One Roof, You May Need More Space! If you decide to look for a multigenerational home, it’s important to understand what everyone will need to make the arrangement work to its fullest. Something that often makes the top of the list for homeowners living with multiple generations is additional space for privacy. This could mean more bedrooms and bathrooms or features like an in-law suite or a basement. Living in a multigenerational household has real and impactful benefits. If you’re interested in learning more about these options in our local area, let’s connect so you can find a home that fits your changing needs. Every year one of my resolutions is to GET RID OF STUFF. (Insert loud groan here!)
Some things are wasteful to keep. They waste space and your energy. Goal for 2022 is less stuff more energy. Here are 10: 1 Old medications. A year after the expiration date, just pitch it. 2 Scratched non-stick cookware. You hate it anyway. No one else wants it. 3 Old sneakers. When they get old, they break down. No one else can use them. 4 Old plastic containers. Discolored. No lids. You hate them. Pitch them. 5 Liquor. It's junk after it has been opened and sitting in your cabinet for a year. 6 Old cosmetics. Not even you use that broken up stuff. Pitch it. 7 Creams and lotions. If they are more than a year old, they are trash. 8 Old cleaning tools. When the tool looks worse than the thing it is supposed to clean, get rid of it. 9 Random socks. If you want to, then do a massive sock match. But otherwise, in the trash. 10 Paperbacks. This can be hard for book lovers, but remember even the library throws away books. Old, dusty paperbacks do little besides take up space. Recycle them if you want. Or try to give them away. But get rid of them. The gentle lady with a smidge of dementia still lived in her big home, complete with a lavish bookcase holding thousands of volumes. And a kitchen with all those serving platters and china. And four bedrooms stuffed with memories. She was feeling weak and confused.
"I would like to downsize," she said. "But what do I do with all of this?" The Swedish have a solution for this and it starts long before a person starts feeling too weak to start such a project. They call it, somewhat unpleasantly, 'death cleaning.' But the project is really about preparing to live simply. The idea is to live in a house, cleared of clutter, where everything has a place. Author Margareta Magnusson, in her book How to Free Yourself and your Family from a Lifetime of Clutter, points out that this makes it easier for those left behind, but it also makes daily living easier. Magnusson divides the cleaning into categories of rooms and things, like clothing and books. She advises to start with a category with many things in it, but very little sentimental attachment. If you no longer give large family dinners, start in the kitchen where there are likely to be tons of serving dishes and tableware, fancy and not. Ask a newly married grandchild or niece, if they would like some of these items. In fact, invite your young relatives to take things you sort out. Make a special effort to sort out photos, scrapbooks or memorabilia that other relatives will want and offer it to them. Sort out things you don't wish to leave to family, too. One unique idea: Create a Throw Away box. Fill this box with things no one but you appreciates -- a letter from a late friend about her summer vacation. Your family doesn't know this person anyway. When you are gone, they can look through it or throw it away without the slightest bit of guilt. In the meantime, you can still enjoy it and leave no doubt to your relatives whether you think the items should be kept. We saw a kitchen pain project at a friend's house in New Hampshire. Completely inspired by the outcome we decided to tackle our own kitchen in South Carolina. We used NUVO paint. The paint color we used was coconut espresso. We ordered the paint on Amazon. It went on incredibly smooth. IN BETWEEN It took two weekends to complete the project. We did the upper cabinets first. Then the island and lower cabinets. All of the hardware was removed. Everything got one coat of Kilz primer and two coats of paint. We spray painted all of the handles with a nickel silver spray paint. I decided NOT to pain the wall behind the counter and under the cabinets. Instead, I found a tile that complimented the countertop and the paint. STAY TUNED FOR END RESULTS!
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Location1232-B Farrow Parkway
Myrtle Beach, SC 29577 |
Client Kuddos:
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