Real Estate News, Realty Guide

Despite rock-bottom housing prices across the US, the average of home sales continues to drop.  However, the Grand Strand real estate market is doing relatively well.

The National Association of Realtors reports that existing home sales fell 2.2% during the month of May.  On the other hand, the housing market on the Grand Strand has actually picked up.

Market Analyst Tom Maeser says single family home sales have gone up 29%, and condo sales have gone up 19%.

According to him, it’s because of the large number of second home buyers in the area.

“We’re running 45% cash sales, so these are people that don’t need financing.  They have been helping to make the Grand Strand market not too bad, we’re actually seeing a lot of activity,“ said Maeser.

He says 66% of the Grand Strand market is made up of investor properties with owners who can pay out of pocket.

But as the national mortgage crisis gets worse, local real estate could start to see the effects. 

“Because these government regulations are getting tighter, it’s impacting purchasers here.  So it’s hard to get a loan, and hard to get a building to qualify for mortgage,“ he said.

As banks become more selective about who can recieve loans, prospective buyers need to have nearly perfect credit.

Financial Advisor Michael Duprez says a big mistake made by a lot of people is paying credit card bills all at once.  He says buyers who pay their bills off in incriments are more appealing to banks.

“You want to have something they can look at that will show that you’ve been capable of maintaining an ongoing payment and timely payment over a period of time,“ said Duprez.

He advises his clients to buy now, if they qualify.

“You’re never going to find another time, certainly in the last half a century that would be better to pick up a property.  Everything from the deal you get for the property, and what you’re going to have to pay for the mortgage going forward.“

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