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Myrtle Beach Real Estate

We Specialize in Myrtle Beach, SC Real Estate. Lots of options are waiting for you in Myrtle Beach, South Carolina and choosing the right realtors can help you in finding the perfect area and the right home for you and your family and make your dream a reality!  Let us help you in making one of the biggest, if not the biggest, decisions in your life.   

We were both born and raised along the Grand Strand and know the entire Horry County, so no matter what style of home you are looking for or what area you prefer, we can help you!  Please give us a call and let us help you make your dream a reality!  843-222-8566.

Eddie & Julie Boyd - The Boyd Team - Realtors

Myrtle Beach Real Estate - INNOVATE Real Estate

           

Sept. 6, 2018

What Does The Future Hold For Home Prices?

What Does the Future Hold for Home Prices?

What Does the Future Hold for Home Prices? | MyKCM

Home prices are at the top of everyone’s minds. Can they maintain their current pace of appreciation? Will rising mortgage rates negatively impact home values? Will the next economic slowdown cause prices to crash?

Let’s try to answer these questions based on what has happened in the past as well as what we know about the current real estate market.

The Impact of Rising Interest Rates

We explained earlier this year that rising mortgage rates have not negatively impacted home prices in the past and probably wouldn’t this time either. Freddie Mac’s comments were very direct:

“In the current housing market, the driving force behind the increase in prices is a low supply of both new and existing homes combined with historically low rates. As mortgage rates increase, the demand for home purchases will likely remain strong relative to the constrained supply and continue to put upward pressure on home prices.”

They were correct. So far this year, home values have continued to appreciate above normal historic percentages and it appears the gradual increase in rates has had little impact on prices.

The Impact of an Economic Slowdown

Many people fear that when the economy turns, we may see the same depreciation in home values as we did a decade ago.

However, we recently reported that the same group of economists, real estate experts, and investment & market strategists who predicted the next recession will occur in the next 18-24 months have also projected that house prices will continue to appreciate for the next five years, albeit at smaller percentages.

It Comes Down to Supply and Demand

As always, home prices will be determined by the demand to purchase compared to the available inventory of homes for sale. For the last six years, demand has far exceeded the available supply which has resulted in the average annual appreciation to top 6% since 2012. That is far greater than the historic norm of 3.6% annual appreciation that we saw prior to the housing boom.

There are currently small signs that housing inventory is slowly beginning to increase. Months supply of houses for sale matched last year’s numbers for the last two months after 37 consecutive months of decreasing inventory. New construction data has also shown positive signs that inventory will be increasing.

As inventory begins to meet demand, we will see appreciation return to more normal levels. We are already seeing projections coming in lower than the 6.2% annual average we have seen more recently.

CoreLogic is predicting that home values will appreciate by 5.1% over the next twelve months and the Home Price Expectation Survey calls for values to increase by 4.2% in 2019.

Bottom Line

Mark Fleming, Chief Economist at First American, explained it best:

“We’re seeing the first indications that price appreciation may be slowing, but the underlying fundamental housing market conditions support a natural moderation of house prices rather than a sharp decline.”

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The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

 

Eddie & Julie Boyd

Posted in BoydTeam Blog
Sept. 5, 2018

FREE BUYERS E-GUIDE

FREE BUYERS E-GUIDE

Posted in BoydTeam Blog
Sept. 3, 2018

Jump Start Your Dazzling Fall Garden With Just 1 Simple Plant

 

Jump Start Your Dazzling Fall Garden With Just 1 Simple Plant

Imagine the impact of a pot of brightly blooming flowers set on your doorstep. The eye is immediately drawn to the color, skimming over other areas of the porch, perhaps not noticing details like peeling paint or steps in need of a sweep. In the same way, adding just one colorful perennial or a shimmering ornamental grass can rejuvenate tired, end of season borders. Give them a boost with one of these high-impact plants that cross over from summer to fall.

Take a look at how planting a single fall favorite, such as gold-petaled black-eyed Susan or purple fountain grass, can gracefully transition beds from summer to fall.

Posted in BoydTeam Blog
Sept. 3, 2018

Myrtle Beach Real Estate and Market Trends

 

Myrtle Beach Real Estate and Market Trends

 BY THAN MERRILL | @THANMERRILL

 

The Myrtle Beach housing market in South Carolina is currently in the midst of a massive recovery. Rocked hard by the market collapse and faced with multiple weather related incidents over the past seven years, Myrtle Beach real estate has faced many challenges. Despite recent years, the city has continued to thrive. With access to miles of beaches, world class golf courses and vacation attractions, the area has plenty of upside. Unemployment is on the decline and residents have more disposable income than during the recession. The market has everything it needs in place to succeed. How quickly this happens, however, depends on many factors.

The current median home price for the Myrtle Beach housing market is just under $180,000. The current price point represents an appreciation rate of 1.7 percent in the last year. Conversely, the national average sits just over $200,000, with an appreciation rate of 6.7 percent. The total days on the market and the amount of inventory are almost identical to the same time last year. The most noticeable change to the market deals with the amount of condominiums that are listed for sale. This number currently sits at 212, which is up from 174 at the end of last year. With home prices on the uptick, things are looking better for homeowners and Myrtle Beach real estate investors.

In spite of recent market growth, there are some trends that bear watching. The first of which is the local job market. Over the last twelve months, the market created 3,900 new jobs. This is a slight decline from the 4,100 it produced at this time last year. The current unemployment rate is 7.5 percent, which is much higher than the national average, and remains unchanged in the last 12 months. Unemployment in Myrtle Beach is worse than the national average, and does have an impact on buyer confidence. This could be a reflection in the seasonal nature of employment for the area, or it could be a sign of a weakening market. On a more positive note, the area is creating jobs at a blistering pace. The twelve month job growth rate is 3.4 percent, which greatly outpaces the national average of 2.1 percent. If jobs continue to grow at this pace, the unemployment problems will quickly take care of themselves. Until they do, it is something that bears watching.

Coastline of Myrtle Beach at dusk

With employment trends on the rise, there are many other positive trends worth taking note of. The area may be poised to take off, as reflected in the number of new housing permits obtained. Over the last year, the Myrtle Beach housing market added close to 5,000 new housing permits. This is an increase in the eight year average of 2,500. This current level of production is almost 100 percent higher than the national average. From one year ago, there has been a 98 percent increase in permits. This suggests that the market has stabilized and inventory is in demand. A demand in inventory could equate to an increase in home prices in the short term.

Foreclosures impacted almost every market in the country, and Myrtle Beach real estate was no exception. Even though the city felt the effects of foreclosure, the area was never crippled by them. Since the real estate market began declining around 2007, Myrtle Beach managed to stay on par or below the national foreclosure average every year. Since 2011, the local market has mirrored that of the national averages.

According to RealtyTrac, the Myrtle Beach real estate market has approximately 557 homes in some state of foreclosure (default, auction or bank-owned). At that rate, foreclosures have declined 27 percent from last year. Nonetheless, Myrtle Beach real estate investing still has plenty of opportunities to take advantage of.  Of those homes that are distressed, half are in pre-foreclosure. Another 37.8 percent are to be sold at auction. The rest are bank-owned.

Myrtle Beach is a small town that borders miles of beaches. There are a large number of investment properties in the area that produce a large amount of seasonal rental income. Bad weather can have a severe negative impact on the local economy. The area is a popular golf vacation area, in part, because of the high levels of affordability and the high number of seasonal rental properties.

Summer in Myrtle Beach

Inside the Myrtle Beach housing market, there are many areas that have shown great growth. The Aynor neighborhood has seen an increase in average listing prices near 10.3 percent. Nichols has made a 9.9 percent jump and North Myrtle beach has grown by 3.2 percent. The only major neighborhood that has seen any decline is the Longs region, which backed up only 2.2 percent. Overall, the market looks poised to have a great spring and summer season.

Things have stabilized and appear to have turned the corner in the Myrtle Beach housing market. Unemployment remains a concern but has certainly shown signs of improvement. The current batch of inventory on the market is listed at a higher price than in previous years. If these properties turn into sales, the market outlook will change very fast.

Myrtle Beach Housing Market Summary:

  • Current Median Home Price: $177,000
  • 1-Year Appreciation Rate: 1.7%
  • Unemployment Rate: 7.5%
  • 1-Year Job Growth Rate: 3.4%
  • Population: 29,175
  • Median Household Income: $43,540

Myrtle Beach County Map:

Map of Myrtle Beach neighborhoods

 

Posted in BoydTeam Blog
Aug. 30, 2018

What State Gives You the Most ‘Bang for Your Buck’?

 

What State Gives You the Most ‘Bang for Your Buck’? [INFOGRAPHIC]

What State Gives You the Most ‘Bang for Your Buck’? [INFOGRAPHIC] | Simplifying The Market

Posted in BoydTeam Blog
Aug. 30, 2018

Home Sales Expected to Continue Increasing in 2019

 

Home Sales Expected to Continue Increasing in 2019

Freddie Mac, Fannie Mae, and the Mortgage Bankers Association are all projecting that home sales will increase nicely in 2019. Below is a chart depicting the projections of each entity for the remainder of 2018, as well as for 2019.

Home Sales Expected to Continue Increasing in 2019 | Simplifying The Market

As we can see, Freddie Mac, Fannie Mae, and the Mortgage Bankers Association all believe that homes sales will increase steadily over the next year. If you are a homeowner who has considered selling your house recently, now may be the best time to put it on the market.

Posted in BoydTeam Blog
Aug. 30, 2018

Why are Existing Home Sales Down?

 

Why are Existing Home Sales Down? | Simplifying The Market

Why are Existing Home Sales Down?

The latest Existing Home Sales Report issued by the National Association of Realtors (NAR) revealed that home sales have decreased for four consecutive months and are at their slowest pace in over two years. This has some industry leaders puzzled considering the fact that the economy is strengthening, unemployment is down, and wages are beginning to rise. This begs the question: “Where are the buyers?”

Actually, agents in the field of most communities are still seeing strong desire from prospective purchasers. They have a list of potential buyers ready to go if the right houses come on the market and they claim it is not a shortage of demand, but is instead a shortage of inventory that is causing the market to soften.

Why is there a shortage of inventory?

You only need to look at the graph below to understand:

Why are Existing Home Sales Down? | Simplifying The Market

New construction sales over the last ten years are far below historic numbers from 1995-2002.

A recent industry report looked at building permits and concluded:

“If construction over the past decade matched historic norms, accounting for population change, the country would have had 2.3 million more single-family home permits.”

That decade of not building enough homes is the primary reason for the concerns about today’s market.

Wait, weren’t we talking about ‘existing’ home sales?

Some may argue that NAR’s sales report deals with existing home sales and not new construction, and they would be correct. However, reports have shown that one of the main reasons why existing homeowners are not selling is because they can’t find homes that meet the needs of their current lifestyles. Historically, the upgrades in a newly constructed home were the answers to those needs.

Over the last decade, however, there were fewer homes built to satisfy this move-up seller. Consequently, there are many homeowners who stayed in their homes for a longer tenure, instead of putting their homes up for sale.

Bottom Line

As more new homes are being built, there will be more housing inventory to satisfy current demand which will cause prices to moderate and sales volumes to increase.

Posted in BoydTeam Blog
Aug. 29, 2018

Ultimate Lounging For All Patios

Ultimate Lounging For All Patios

Many of us aren’t able to change the sizes and layouts of our patios or decks. We’re left to choose furniture and its arrangement, decide what to plant, and select other outdoor elements to make the space our own. Make tiny terraces feel larger and expansive decks more inviting with these tricks for styling your outdoor lounge.

Posted in BoydTeam Blog
Aug. 27, 2018

Transcending the Median: Examining Success in Real Estate

Transcending the Median: Examining Success in Real Estate

Posted on Aug 27 2018 - 1:51pm by Housecall
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Elegant strong business woman is walking in business district and using phone . She is 34 years old young CEO of company. She is happy and relaxed talking on her phone with headset

By Frederick Peters, CEO of Warburg Realty

What do real estate agents really earn? Every year the National Association of REALTORS® releases data on the median income of its members. For 2017, the median income for real estate agents countrywide was just under $40,000, while the median income for experienced brokers is over $100,000. Of course, there are many variables which go into these number. Those agents who have qualified to be brokers almost always earn more than salespeople, and agents with broker’s licenses who have been in the business over 15 years tend to earn far more than their newer colleagues.

Every year, the study brings to mind how little most newcomers know about making a career out of a real estate brokerage, and how much harder it is to succeed than they think it is.

The exam rooms for the New York state real estate salesperson’s exam are always full. Of those taking the exam, maybe 50 percent maximum will stay in the business more than a couple of years, and of those 50 percent, maybe another 40 to 50 percent will actually make a decent living. Because the bar for entry is so low, and because the job looks easy from the outside, many people want to get in on the easy money. After all, prospective agents have said to me many times over the years, how hard can it be? I used to say—half in jest—that the public looks at brokers in Manhattan and sees a fur coat, a ring of keys and a big check. If only it were so easy…

During almost 40 years in the business, I have seen some stunning successes and a lot of failure. While I can’t offer a formula to guarantee the former, I can make some observations about what makes people successful in real estate:

Great agents are not ashamed. You can’t succeed in a job you are embarrassed to have. Sure, it’s true that agents don’t have the best reputation, but I always urge that we make it our business to elevate that reputation with every client interaction. Most of the agents I know adhere to the highest ethical and professional standards. If you cannot say with pride that you are a residential agent, you probably won’t get too far trying to succeed as one.

Great agents know how to mine their spheres. Great agents build a powerful network of referrals. But how? The answer: it is different for everyone. Social media is great if you are a whiz, but useless if it’s not intuitive and fun for you. Do you love giving big parties or intimate dinners? Are you brimming over with market data and tactical advice to share? Any one of these serves the purpose of keeping you connected to once and future clients. Whatever you choose, it has to be an intuitive fit for you. If you don’t like doing it, you won’t do it, so it won’t work.

Great agents get back up again. In this business, you'll get knocked to the ground often. My rule: give yourself a day—then bounce back. You can’t stay down if you want to succeed.

Great agents self start. It’s not your company’s responsibility to give you buyers or hand you exclusives. In my career, I never once had a deal handed to me by either of the companies I worked for as an agent. I worked day and night to build a sphere of contacts to whom I demonstrate my competence and commitment. If you're not self-reliant and always figuring out how you can do it better, this line of work is probably not for you. It’s a 24/7/365 affair and the ball is always in your court. Win or lose, your success as a real estate agent is up to you!

This article is intended for informational purposes only and should not be construed as professional advice. The opinions expressed in this article are those of the author and do not necessarily reflect the position of RISMedia.

 

Posted in BoydTeam Blog
Aug. 24, 2018

10 Surefire Ways To Boost Curb Appeal

10 Surefire Ways To Boost Your Curb Appeal

There’s no need to buy a new house or take on an extensive remodel to get the curb appeal you want. There are many ways to approach your exterior to give it a serious update without a serious overhaul. These are my 10 favorite tips for you to boost your house’s first impression.
Posted in BoydTeam Blog