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Sloan Realty Myrtle Beach Blog

Vacation Home Market is Surging in MB

In early April of this year the National Association of Realtors published the 2014 Investment and Vacation Home Buyers Survey. Conducted in March 2014 the survey includes answers about 2,203 homes purchased during 2013 from a representative panel of 2,008 U.S. households. 
 
National Association of RealtorsAccording to the results of this survey, the NAR said vacation home sales, accounting for 13 percent of all transactions in 2013, jumped 29.7 percent to an estimated 717,000 from 553,000 in 2012. Owner-occupied home purchases rose 13.1 percent to 3.70 million in 2013 from 3.27 million in 2012. The sales estimates are based on responses from households only and exclude institutional investment activity.
 
With the market back in full swing, the prices of vacation homes were rising quickly along with a declining availability of foreclosure and short sale properties. The median price of a vacation home was $168,700 last year, up 12.5 percent from $150,000 in 2012 with 38 percent of vacation home buyers paying cash.
 
Vacation Home Market is Surging in MBAccording to the survey, of those purchasing a vacation home with the assistance of a mortgage, typically put down 30 percent for a downpayment. When asked, buyers stated they plan to own their vacation property for a median of 6 years, which is down from 10 years when asked in 2012.
 
As of March 2014, 5 percent of those who had purchased a vacation home in 2013 had already resold their property, while another 9 percent plan to sell within a year. According to NAR Chief Economist Lawrence Yun, “This reflects the 28 percent of recreational property buyers who said they purchased to diversify investments or saw a good investment opportunity.” 
 
With the majority of vacation homes being purchased in the South, Myrtle Beach is a prime coastal area worth looking into if you’re interested in making a vacation home purchase. When it comes to buying a house or condo to use as a vacation home, Sloan Realty has a broad assortment of places to show you. Give us a call at your convenience at 843-449-0835 and we’ll set up a time to get together.

What's Required for the Closing

If you’ve been looking at Myrtle Beach homes for sale and have finally found your dream home, we know it’s an exciting time for you! Patience is key as you follow the process from making an offer on the property to actually taking ownership of your new home.

Myrtle Beach homes for saleThere are things to know when closing on any of the Myrtle Beach homes for sale that you might purchase. Certain documents need to be obtained and the majority of these will be handled by the closing agent. It will be your responsibility to provide some items as well.

Your new lender must receive a first mortgage on your property. Consequently at closing, all other mortgages or liens, including home equity lines, must be paid off or subordinated by the seller. Your loan approval may be granted subject to proof of certain conditions that may include the sale of a previous residence, liquidation of stock or other investment account, and/or payment of outstanding credit accounts.

At the closing the seller may be required to supply a letter from a licensed pest exterminating company stating there is no active infestation of termites and no damage from prior infestations.

Sometimes contracts provide a one-year warranty to be furnished to the purchaser at closing. The warranty, which is most often paid for by the seller, covers systems and appliances in the house for a period of one year, subject to the terms of the agreement.

Other documents that could be required for closing are a survey or mortgage loan inspection, deed search, and a cashier’s check for money due.
 

Make That Investment In Beach Property Now

Myrtle Beach homes for saleMany homebuyers are taking advantage of the lower interest rates and buying their first beach house from the large assortment of Myrtle Beach homes for sale. Purchasing beachfront property right now may be the best decision investment home buyers will ever make.

Owning a beach house is like owning your own piece of paradise complete with a scenic view down the long stretch of beach. Myrtle Beach homes for sale come with a variety of activities to enjoy the whole year. When you buy a home here you’re buying a lifestyle. From parasailing, surfing, kayaking or biking and walking the beach front, Myrtle Beach beguiles not just visitors but year round locals as well.

There are oceanfront Myrtle Beach homes for sale that are ideal to use for rental properties. You will never worry about finding renters as they come the whole year round. Who wouldn't be excited to spend a relaxing vacation in a good-looking rental home in Myrtle Beach?

Myrtle Beach is a great place to retire to and the area provides wonderful retirement homes. The many health benefits of living here include the relaxation that comes from living close to the ocean, the healing effects of being near and in the ocean water, and with so much sun your immune system and your mood will be lifted on a daily basis. With the long walks either on the beach or trails, retirees can be in the best health of their entire life.