The Myrtle Beach Convention Center will hold South Carolina's Largest Garage Sale on September 7, 2013, from 7 am to 2 pm.  

Now in its 25th year, hundreds of vendors , admission is free, parking $3.

Myrtle Beach Real Estate Market Report for July 2013

Good news for the Grand Strand Real Estate Market

In July, Single Family Residential Sales were up 12.5% compared to 2012; year to date, SFR sales are up 20.1% from 2012. In addition to these strong sales numbers, prices are up as well, the median sales price was $177,836 up 4.94% over last July and 4.77% year to date.  Inventories of homes for sale continued to decline, but are still up 4.45% from last year, but the good news for sellers is the distressed inventory (houses in foreclosure) is down 32.6% below last year—taking some downward pressure off prices.

Condos sales are up 17% compared to last July and 7.6% year to date. The median condo sale price is $110,000, up 16.4% over last July and up 2.6% year to date.  Condo inventory is down 8.43% and the distressed inventory down a whopping 43.7%.

What do all these numbers mean to the average seller or buyer?  For sellers, it’s looking better and if you’ve priced your house with the market, stick with your price.  For buyers, it’s no longer the time to make unrealistically low offers as sellers are seeing multiple offers for well-priced homes.

This data is based on research by Site Tech Systems; read their full report at: 

http://www.sitetechsystems.com/Grand_Strand_Market_Report.pdf

Myrtle Beach Mortgage Rates for August 12, 2013

Mortgage Rates for 12 August 2013 by one Grand Strand Lender

30 yr fixed 4.50% purchase; 4.50% refinance

20 yr fixed 4.125% purchase; 4.25% refinance

15 yr fixed 3.50% purchase; 3.625% refinance

10 yr fixed 3.375% purchase; 3.50% refinance

While up a little from months past, they still represent a historic opportunity to lock in a low rate.

Myrtle Beach Mortgage Rates

Here are current rates from one local lender:

30 yr fixed 4.375% purchase; 4.625% refinance

20 yr fixed 4.125% purchase; 4.25% refinance

15 yr fixed 3.50% purchase; 3.625% refinance

10 yr fixed 3.375% purchase; 3.625% refinance

Should You Get a Reverse Mortgage?

You can't turn on the TV these days without seeing some worn out actor or former politician pitching reverse mortgages as if they they are a great deal for seniors. Well, maybe.

Some big lenders have pulled out of the reverse mortgage business--Wells Fargo and Bank of American, but plenty of other lenders remain, so if you want one, you'll have no trouble finding a lender.  Why? Because they are highly profitable for the lender, but perhaps not such a good deal for the borrower; they have steep up front fees.

Only get one if you:

• Have equity in your home and no way of paying your bills other than selling your home and living on the proceeds
• Can pay the property taxes and home owners insurance bills from now until you die with or without the money you're getting from the reverse mortgage.

With a reverse mortgage, only available to those 62 years young, you get to cash out most of your equity and keep your house.  The bank pays you the value of your house either in a lump sum or fixed monthly payments both of which are based on formulae taking into account your home's current value, current interest rates and your age.

Since you don't pay back a reverse mortgage, you don't have to prove income--the reverse mortgage is your future income.  If you take the lump sum and spend it, you get to stay until you die, but if you don't pay your property taxes the bank will and then they'll foreclose.  If you don't pay your insurance, the bank will buy a policy for you and expect you to pay for it, but if you can't, the bank will seek permission from HUD to foreclose.

So before you sign up for a reverse mortgage, make sure you'll be able to pay your property taxes and insurance in the future and allow for inflation, as they always go up, not down.  Here, along the South Carolina coast, expect substantial increase in windstorm and flood insurance.

A reverse mortgage can be a blessing if your retirement income isn't enough, just be sure you can always pay your taxes and insurance no matter what.