You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!
Published By: Beckham Realty Group, Inc. March 31, 2019
The Grand Strand and the state of South Carolina aren't going to be halting growth anytime soon.
Myrtle Beach was recently recognized by Trip Advisor as one of the top places to visit in the U.S. The recent accolade was based on the 2019 Traveler’s Choice Destinations list, with the Grand Strand ranking in #21. Factors that helped the area earn its' spot on the list include the golf, beaches, family activities and abundance of retirement communities.
On top of being a top place to visit, South Carolina also ranked as one of the top 10 inbound states to move in an annual "National Mover's Survey" compiled through United Van Lines that demonstrated the top inbound and outbound states people were moving to and from (shown below). This correlates with recent headlines last year noting Myrtle Beach as the #1 Destination to Move in 2018 by US News based on statistics analyzing growing metro data.
On top of the headlines and reasons South Carolina ranks as a top destination for both travel and to live, the city of Myrtle Beach recently announced continued growth anticipation after an already busy year in 2018. In 2018 permits for nearly 600 single-family homes were issued as well as 51 commercial building units and another 7,300 building permits, all totaling a value of over $350 million. The trend has been an increase each year with it being just over 350 home permits issued in 2016 and 530 permits in 2017. The highest growth areas include by the Grand Dunes and Market Commons in Myrtle Beach. Until the available land is taken, there will still continue to be growth and development.
If you already live in Myrtle Beach or South Carolina, it's also important to note the value in owning versus renting particularly in this state compared to others in the country. While the median home price in South Carolina is just shy of $248,000 (which is above the median price across most of the Grand Strand), the cost of renting in South Carolina on average is $185 less a month. This makes it not only a desirable place to move and to live, but a great spot to own your own home instead of rent.
For more resources about the affordability of Myrtle Beach, Conway, Murrells Inlet, and all along the Grand Strand, be sure to check out all of our Quarterly Market Updates and reports for the area. For more inspiration on why the Grand Strand is a top place to live, you can also check back to these 2018 headlines for Myrtle Beach noting why it continues to be a preferred choice for families and retirees alike.
And as always, for any inquiries on Myrtle Beach area information, neighborhoods, and homes for sale in Myrtle Beach be sure to reach out to Beckham Realty Group at any time!
Published By: Beckham Realty Group, Inc. March 4, 2019
You may not be aware that in addition to a team of great agents, Beckham Realty Group also offers Property Management Services. If you find yourself wondering what exactly Property Management Companies do, or at what point to consider hiring a Property Management Company, we've got several answers.
What a Good Property Management Company in Myrtle Beach can do for you:
The property manager acts on your behalf to advertise your rental, show it to prospective tenants, act as your leasing agent, negotiate your lease agreements, screen your applicants, handle rental payments, and much more. The property management company also assumes all the headaches that landlords often deal with, from payment collections to evictions, coordination of repairs and any other issues that can come up during the span of the rental contract.
If you have a second home or are looking to buy a second home in Myrtle Beach, hiring a property management company can be a great option for you to add additional revenue and help pay off a second mortgage. It can also give you leverage to pay off other debts by providing you a steady, additional source of income.
When Should you Consider Hiring a Company to Manage your Property?
We've come up with 15 Primary Reasons to Hire a Property Management Company if you are on the fence. If you find you fit many of the reasons below (or place a heavy weight on any of the reasons below), then give us a call today to see what we can offer and if it's something you're ready to get assistance with!
Of course, you can hire any company to manage your property, but not every company in Myrtle Beach or wherever you live may be working on your behalf as you need them to.
What makes us different? Beckham Realty Group charges a minimal one-time upfront fee and only 10% off your monthly gross income, whereas other companies charge much more. No money is paid until the first month’s rent is collected and we have a dedicated team that works solely in our property management side to give your tenants and you the best, and most dedicated service.
For more reasons to consider hiring a property manager, check out one of our later blogs, 'Why you will Benefit from Hiring a Good Property Management Company'. For more info about our pricing and this division of Beckham Realty Group, visit the Property Management page of our website at https://www.beckhamrealtygroup.com/property-management/.
Published By: Beckham Realty Group, Inc. December 30, 2018
If you have the New Year's Resolution to move into a new home or maybe even get into your first home in 2019, there's no better time than now! From interest rates to rising home values, rising rents and more, we've covered just a few reasons of many that highlight why it's a great time to make that commitment.
1. New Mortgage Standards are Making it Easier Than Ever to Buy
There’s new hope for getting a credit score boost if this was a determining factor for you before. Recently, all 3 major credit reporting firms (Equifax, Experian, TransUnion) removed negative factors including tax liens and judgments from credit reports. In addition, you may now be able to include your utility land phone and cable line, as well as cell phone bill factored into your credit, if you choose. This wouldn’t take effect until the earlier part of 2019.
2. The Biggest Mortgage Myth: You Don’t Need a 20% Down Payment
In this past year’s 2018 Bank of America Homebuyer Insights Report, when asked why they haven’t purchased a home yet, Not having enough saved for a down payment came in as the top response for 44% of people. The report went on to reveal that nearly half of all respondents believe that “a 20% down payment is required to buy a home.”
Contrary to Popular belief, you don’t need 20% down to purchase a loan. In fact, in more recent years, 71% of first-time buyers and 54% of all buyers put less than 20% down, with many who put as low as 6% down! Before regulation changes in the ’90s, people were told they needed a 20% down payment to make better interest rates.
Today that standard is unrealistic for many buyers, and we have more options than ever that cater to all types of buyers and eliminate the need for such high down payment. There are also many other perks to putting down a smaller down payment, including having more cash on hand for use in other investment purposes or for emergencies and paying off other debts.
3. Rents Continue to Rise
In the same 2018 Bank of America Homebuyer Insights Report just mentioned, 52% of renters said that rising rental costs were a top reason why they didn’t like renting, and 45% believed the costs would continue to go up.
If we look at the Myrtle Beach Market alone and some of our other blogs that highlights local market trends and costs to rent, we see that rising rents have been a trend the past couple of years. As just one example, rents in Murrells Inlet were currently averaging $1,440 year to date as of the Summer of 2018, whereas in 2017 the rent averages for the same area were $1387 in July.
Getting caught in the rental trap means you are essentially paying someone else's mortgage. And in many parts of our area, you can fair better with a monthly mortgage than the cost to rent a property of the same criteria.
4. Mortgage Rates are still at Historical Lows but predicted to Rise
The price of homes has gone up on the past year by almost 5 1/2 percent, and meanwhile, interest rates have stayed lower allowing many new homeowners to jump into the market. Just how low are the current rates in comparison to decades past? In the 1980s interest rates were as high as 12%, whereas they stand at less than half of that today, and even lower compared to where they were in the 2000s. Interest rates are expected to rise another quarter of a percent in 2019 as projected by The Mortgage Bankers Association (MBA), Freddie Mac, and Fannie Mae (source below).
One simple demonstration below shows how a rise in interest rates on a $250,000 house would impact monthly payments in hundreds of dollars by even a small shift in rates. This is comparable to an average price for a newer 3 bedroom/2 bath home in Myrtle Beach. Over the lifetime of your loan, you could end up saving thousands of dollars in the long-term costs.
5. Home Prices will Rise and Values will go up - You Don't Want to Miss out!
On average for 2018, home prices have appreciated by 5.6% according to Home Price Inside’s Report by CoreLogic. It is predicted they will rise by nearly another 4.7% over the next year according to the same report. We can see some of these same trends in the local Myrtle Beach market. Commercial real estate in the entire state is strong with a healthy economy.
In our recent local market updates, (Myrtle Beach) we have seen home values were up above the national average at 6.3% over the last year and projected to rise another 6% this upcoming year. Further west towards Conway, values this past summer was up almost 9% year to date, with an expected rise of another 6% by the Summer of this upcoming year.
In Summary, there are plenty of reasons to get into a home this upcoming year! These are just a few but there are so many more. If you are looking for any information about the Myrtle Beach area and the lifestyle it has to offer, relocation, looking for a good referral for a mortgage lender or simply want to talk to a professional, call Beckham Realty today. We are happy to get you in the right direction or into your new home.
Published By: Beckham Realty Group, Inc. November 26, 2018
If you ever thought you may want a house on the beach but weren't sure if it could fit into your financial situation, you should know that there are a lot of ways to not only make it a reality, but also enjoy additional income from it. When you have a home in Myrtle Beach, it can be an avenue to make extra income, since the area boasts year-round events and things to do, mild winters, and miles of beautiful coastline that are enjoyable even during the winter months.
1. Turn your Myrtle Beach Home into an Air B & B
In Murrells Inlet alone, you can make an average of $455 a month by leasing your home even just part-time as an Air B and B (but of course you have the potential of even more). You can make the rules on when you want to rent it out (by the night, day, weekends only). In addition, you can pre-approve your visitors, set your own price, make your rules for check-in, check-out and use of the property, and even take it as an opportunity to introduce new visitors to the area. If you intend to live off premise, you can have a cleaning service come in and do all the work for you to save you the hassle. For more info on listing your home as an Air B and B, visit Air B & B Hosting's Page.
2. Rent out your second home as a long-term rental - Many people are already aware of income potential through leasing. In Myrtle Beach alone, the rental Market alone this past Summer averaged $1098/month while the Median listing price for a Myrtle Beach home was below national average at $188,90. Just further South in Murrells Inlet rentals averaged $1440/month year-to-date while the Median Home Value was at $222,800. With a good financial plan in place, you can easily generate extra income every month through long-term rentals and have Beckham Management Group also assist you in your Property Management to make it an easier process for you.
3. Make it a seasonal vacation rental while blocking off some time for you to Enjoy as well - This one doubles as a way for you to enjoy a vacation that is already built into something you own. Instead of spending money every year on accommodations wherever you vacation to, you will already have accommodations and best of all - It will be yours. Consider how much you spend on vacations each year especially when you visit the beach regularly. During the months you aren't wanting to use the home, you can rent it out through a local Property Management company that handles short-term or weekly rentals, or if you feel confident enough, rent out privately on your own. If you do opt to rent privately on your own we still advise seeking professionals when it comes to designating a procedure for your rental contracts and guidelines.
In many cases along the Grand Strand, beach houses can average in the thousands for a 1-week rental during peak season. If you are able to plan accordingly you may have the potential to turn this into a profit to help with the second mortgage. Simple furniture selections such as pull out sofas and bunk beds can allow you to have ample sleeping space for multiple guests. For lots more advice on making a second beach home profitable, checkout Evolve's blog on How to Buy a Vacation Rental with Major Profit Potential and Coastal Living's article here on 5 Ways to Make a Beach House Pay for Itself.
4. Purchase a Week or More from a Vacation Ownership Property - Timeshares might seem like a cheesy thing of decades past, but there are still many great properties out there that give you more flexibility that you could imagine and also offer a lot of additional benefits. In Murrells Inlet alone, The Inlet Sports Lodge is a newer, charming, 34 room boutique resort that offers full efficiency studio rooms and has you feeling like you are in an undiscovered gem away from the hustle and bustle of the Grand Strand, yet minutes from the Beach. Perks with ownership include Interval International points exchange at over 2500 resorts worldwide, plus, for Golf lovers, you have the option of adding on Membership at two of the most award-winning courses on the South-Strand - Caledonia and True Blue. Additional add-ons include membership to Huntington Beach State Park, Brookgreen Gardens, and Freedom Boat Club. The perfect solution for outdoor enthusiasts or anyone looking to relax and enjoy a coastal vacation or exchange program that pays for itself after so long. Best of all - this options leaves you without any maintenance, cleaning or hassle that come sometimes come with renting out your own home!
5. Obtain a Second Mortgage for Financial Leverage -Obtaining a second mortgage allows you more freed up cash. It takes your first mortgage as leverage in order to obtain a loan for the second mortgage by accessing your Equity. For a great explanation on how the process works, you can check out Realtor.com's blog on How to Get a Second Mortage. There are many types of second loans that may be applicable depending on your unique scenario, but having the second loan can allow you the financial flexibility to make improvements on your current home to increase its value, or pay of any other debts off to help you obtain the home of your dreams down the road.
For more information about The Inlet Sports Lodge, Property Management, or to simply learn more about all the possibilities of Beach homes and condo's, contact Beckham Realty Group today!
Published By: Beckham Realty Group, Inc. October 30, 2018
If you had any thoughts on listing your home without an agent to represent you, there are dozens of reasons why you will want to reconsider. Most people opt to do For Sale By Owner (Also known as FSBO) to save on commission, but in most cases it quickly can lead to a variety of disasterous scenarios that will leave you with serious regrets. Agents are here to save you the hassle, money, and your valuable time with their knowledge and expertise.
Commission Fees - One of the primary reasons people list their home FSBO is because they think they will save money on commission fees to a realtor. However, a realtor will actually pay all sorts of fees upfront that are required in order to market and sell, and they have the expertise to do so within a reasonable time frame and at the right price. If you cut a realtor out of the picture on your end, You risk accepting a low-ball offer that cuts income you could have had, OR even worse, you end up spending upfront costs in marketing and selling, plus your time, with the possibility of no results.
Setting The Right Price - Knowing just where to price your home is a key to success. Too low of a price could leave you with less than you could have gotten from the offer, and that can easily be in the thousands. Too high of a price might deter buyers, and before long, if your house sits on the market for awhile they may begin to become skeptical of why it is not selling. Realtors have access so many tools the common person does not have access to, such as local market data, price history, and neighborhood information, that allows them to put your home within the right price point immediately.
Time- When you list your home for sale by owner, you have to take the extra time for what is typically a full time job for every realtor. From making mutual time in your schedule to meet with potential buyers for walk-throughs, advertising your home, negotiating the price, going through contracts, and a world of extra work that is the realtor's job typically. Not to mention, without the knowledge and expertise a realtor has when they do the same tasks on their end, it will take you significantly longer than it likely would if you had a professional handle it.
Liability Risks - Agents have something called Error & Omissions Insurance, which protects them when handling contracts. When you are trying to draft your own contracts you always run a risk of scrutiny and a greater chance for legal hassles.
Scams - Just like the liabilities, you can also be taken advantage of easily by scammers. Everything from fraudulent loan documentation, faulty contracts, bad checks, and more just to name a few common examples that frequently occur.
Marketing - All Real Estate Agents have access to Multiple Listing Service (or MLS), which allows buyers to search across the majority of homes available in the market and compare them on the criteria that they are looking for. Not having access to be included in these listings requires you to find other means for people to find your home. Not to mention, the time and knowledge required to take the best pictures to market your home in the best possible way is crucial to selling your home. On top of the pictures, knowing how to capture the best demographic of buyers for your property is something that realtors have experience in doing.
The Buyers Agents - When you are dealing with any potential buyers, they still have their agent representing them, who will have the advantage on you when it comes to all negotiating. Because you won't have an agent representing you as well, they are likely to not take you seriously and will ultimately have the upper hand in determining the sale for the best interest of their client and their interests.
Bottom Line: Before you Decide to try and sell your home alone, sit down with a local professional to try and see how reasonable it would be for you to reconsider. You may quickly realize after having someone explain all the work involved that it can easily be something greater than you imagined and put you at a lot of risks.
Published By: Beckham Realty Group, Inc. July 23, 2018
This Brand New Home from the Low $200,000’s is within 2-3 miles from public boat landings, in a quieter location, and easily accessible from main roads.
Brand New Homes, only minutes from the ocean are selling in the Myrtle Beach area for unbeatable prices. Most recently for sale, this 3 bed/2 bath home with No HOA lists for only $219,900 and is only within 2-3 miles from 2 public boat ramps. Located off Peachtree Landing near the heart of Myrtle Beach, the home is easily accessible from Hwy 31 and Hwy 544 tucked away on a road with minimal traffic.
Currently, we have 2 properties under contract in Myrtle Beach 5 minutes from the airport, less than 10 to the beach, brand new in the 300,000’s in an area called the Market Common. In case you aren’t familiar – The Market Common is Myrtle Beach’s newer lifestyle and residential area located only minutes from the Myrtle Beach area, and offering a variety of boutique and retail shops, newly built bowling alley, movie theatre, recreational parks, trails for biking and walking, plus an array of popular restaurants including P.F. Changs, Gordon Biersch, Tupelo Honey Café, and more. In addition to the year-round businesses, the area often hosts movie nights on the green and family-friendly festivals during the various seasons.
Homes like this 4 Bed/4 Bath Home in new Natural Gas Community called Park Place of Market Common, run from the low to mid $300,000’s
The first is a 4 bed/4 bath open Savannah Floor plan in a Natural Gas Community called Park Place of the Market Common. The home features a split bedroom floorplan to give you and your guests more privacy from each other along with a Chef’s kitchen with all stainless-steel appliances and granite counters. The master features his and hers closets with walk-in showers, and a bay window and screened in porch off the back from $326,810.
The second home, scheduled for completion in August, features quartz counters, whirlpool appliances, dual ovens, walk-in shower as well as upgrades to floors and cabinets. This home is a 3 bed/3 bath in the Wither’s Preserve Community of Market Common starting at $350,000. Both homes have sidewalks that lead out to and run along roads including Farrow Parkway, which gives flexibility for biking, walking, or riding your golf cart anywhere within a few miles. They also include community centers that have pool and barbeque areas for yourself or with friends and neighbors. Even with these two currently pending sale, there are many others in the area that you can find for a steal in these communities and others brand new.
3 bed/3 bath in Wither’s preserve Community of Market Common, Myrtle Beach with upgrades throughout- under contract
While looking for a new home, It’s important to realize often times, when you walk into a subdivision for new homes you work with agents that are also working on behalf of the builders. The subdivision agent by law represents the builders best interest, not yours as the buyer. They work to get the builder the most money possible by selling at or as close to full list price as possible. While it can seem as though there is limited wiggle room for builders to budge on pricing, negotiations are possible through a realtor who is also familiar with the builder’s interests. This is why you need an agent on your side as the buyer to try to get you the lowest price, saving you the most money possible.
Unlike many Realty groups along the Grand Strand, Beckham Management Group specializes in buyer representation for new homes. Scott Pillow of Beckham Management was part of a team with over a decade of experience working with builders in the Atlanta area and marketing new homes to buyers. Between 2001 and 2007 The Team he was a part of at ERA Adventure Properties averaged $25 million in new construction sales each year. All this time on the other side of the table representing builders, he knows what builders will and will not do depending on the situation. With that knowledge of the builder’s expectations, he can better determine where they are willing to be flexible and is aware of what the builder will not tell you.
Call Beckham Realty Group at 843-655-5925 Today to learn more about these New Homes, as well as others in the Myrtle Beach area.
Published By: Beckham Realty Group, Inc. June 27, 2018
If year-round sunshine and 60 miles of beaches aren’t enough to coax you to want to move to Myrtle Beach, you’ll want to check out these recent headlines highlighting it’s affordability and highly rated beaches. With credit to Realtor.com, TripAdvisor and U.S. News and World Reports, Myrtle Beach continues to top charts as a top destination where you can enjoy a high quality of life year-round at the beach for a fraction of what you would pay almost anywhere else in the country. Check out these 4 recent headlines that put Myrtle Beach in the Spotlight:
Myrtle Beach Recently Named #1 Destination to Move in 2018
Myrtle Beach was recently put at the top of the list for Top Places to Move in 2018, according to US News & World Report, and mostly due in part to the fact that it continues to top as one of the fastest growing metropolitan areas in the nation. It also tops the list for similar reasons as Florida for its affordability for retirees and working families alike as well as its fantastic warmer temperatures year round. Visit Myrtle Beach also highlighted the mention in one of their most recent published blogs which gives you all the statistics.
Several Grand Strand Beaches Recently named Best in the State by TripAdvisor
A list of 11 top beaches in the state of South Carolina was recently compiled by TripAdvisor and nearly half of them are all right here on the Grand Strand. The list mentions Garden City Beach and Surfside Beach for the family-friendly atmosphere, North Myrtle Beach for its watersports, and the coastal village area of Murrells Inlet for its array of Seafood offerings. Litchfield Beach also is mentioned.
Payment to Income Ratio Puts South Carolina as one of the Most Affordable States to Live
In a recent post published by Real Estate Content Blog Keeping Current Matters, 44 out of 50 states were named affordable, with South Carolina making up an even higher percentage of Much More Affordable States to Live. Stats are based on Payment-to-Income Ratio, The article compares housing affordability today to that prior to the boom and bust. It also notes that while mortgage rates are slightly higher this past year, they are still less than mortgage rates that were topping close to 8% in the 90’s and early 2000’s. While many other states make the “much more affordable” category, South Carolina tops out at a much higher percentage.
Realtor.com Names Myrtle Beach as one of 10 Most Affordable Beach Towns in the U.S.
On top of all the other recognitions, Myrtle Beach also recently made a list generated by Realtor.com for Most Affordable Beach Towns. The rankings took into consideration a combination of 3 factors: Home Listings on their site which mentioned the word “ocean in 900 markets, towns with lowest median prices from Spring of 2017 – 2018, and finally, they even interviewed locals to see if the final contenders were indeed places people would want to vacation, work and spend a lifetime. Out of that list, Myrtle Beach made #5, citing the stretch of 60 miles of beach with plenty of oceanfront condo and home buying opportunities. Myrtle Beach Sun News also published a follow up of the recognition from Realtor.com in a recent article explaining why Myrtle Beach is More Affordable than You Might Think.
If you’re considering a move or retirement in Myrtle Beach, or would simply like some information about the area, you can contact Beckham Realty Group Today at 843-712-2984 to help get you on track.