Foreclosures, Beach Area News, Fishing, and Stuff

 

Ready to LAUNCH

Wish you were here!!! We have had a little rain and it looks like more coming. We certainly need it, just not all at 1 time. The majority of the tourists are gone- school has already started for some. Grandsons went back to Ohio. They have been here all but 2 1/2 weeks since May 25. They will be missed before the plane leaves the ground. Going to be different at home too, no more running barefoot or in flip-flops until they are here next summer. Well, I’m not doing so hot catching fish– but crabs are a different story. I have been so busy it is often required to simply empty crab pots and not even have a fishing rod on the boat. If you are in the area and want blue crabs– just let me know.

I need listings. If you have real estate in the area you wish to sell, or know someone that does, please contact me!  I have a fantastic condo for sale in Hubbard Ohio. It boasts 3 bedrooms, 2 full baths, a finished basement, 2 car garage, all with a lake view in a quiet community. The home was built to my daughters specs about 9 years ago. It has wood floors and has been recently painted- ready to move in. Back in the Carolinas- check out this townhouse; http://rakoci.com/idx/mls-1202105-7195_bonaventure_st_ocean_isle_beach_nc_28469 . Don’t forget you can search coastal NC and SC directly from my website at www.rakoci.com.

 Have you been keeping up with the recent media reports on housing? Sellers are getting some good news in  many areas. Buyers are finding inventory shrinking somewhat but it is still a buyers market. Locally, prices of single family homes rose 1% in July from the same month last year. Certainly good news but certainly not a trend at this point. It has been suggested the rise is due to the large number of new homes being built. New homes generally cost more than existing homes. The area still has about a 10 month inventory of homes, a 6 month inventory is generally thought of as normal. Condo prices dropped 14% during the same period. On a more positive note, the number of single family home sales rose nearly 25% and condo sales rose about 10% in July compared to July 2011. Horry County SC is much more likely to see large numbers of foreclosures hit the market than it’s neighbor Brunswick County NC. There are many more investor and 2nd home purchasers there than in NC. On August 29 the National Associan of Realtors (NAR) reported Pending Home Sales (those with contracts signed) are up 12.4% in July 2012 compared to Jily 2011. Pending sales generally close 30 to 60 days forward. One item rarely mentioned, when potential sellers see prices rising they begin to place their home on the market. That could bring more inventory and stall a potential housing recovery expected to be slow.

Fannie Mae and Freddie Mac buy mortgages in bundles from lenders. The federal government has ordered them to increase the fees they charge lenders by about 0.10%. Guess who will pay in the end– the borrower for sure. Over a 30 year mortgage a $200,000 loan will cost the borrower an extra $4000. More fees are being proposed depending on the state. For instance it takes longer to foreclose in a judicial state like SC than a deed of trust state like NC. Getting a mortgage before a judge takes time and each must be reviewed by the court.

What buyers are telling me they want to see continues to amaze at times and others are are heard over and over. How about remove half walls, posts AND popcorn ceilings? Clean the carpets and floors is another. Please change the rusted, dented, scratched door knobs- especially on the front door. Can you believe people still have wallpaper and some have tried to hide it by painting it instead of removing it? Can you believe how dark those energy saving bulbs make that house look? Faded cloth is a real turn off- draperies, rugs, bedding– anything cloth can be inexpensively replaced. Have an old chair or sofa that is close to your heart? Slipcovers!  Recently, one of my listings sold for more than it was appraised for. None of those things above could be mentioned. Clean and neat helped show the house was really a home that was taken care of. That is what made it special!

 Nationally, list prices rose 2.3% from a year ago and 0.8% in August over July. Excluding foreclosures asking prices are up 3.8% over last year. Another positive, a buyer just locked in a 3.25% rate!

Myrtle Beach Area Foreclosures – Horry County SC foreclosure sales dropped during the 2nd quarter. Homes in some stage of foreclosure or banked owned dropped over 61% from the first quarter and over 53% over the 2nd quarter of last year! The average sales price of those homes was up over $5000 over the same quarter of last year.  As usual- the following searches of foreclosures in SC are not complete. Those listed were originally listed in the past 3 months. Should you want a complete listing– just drop me a note or call. There are 51 listings of detached homes in the Myrtle Beach are north area. They range from $46,900 to $699,000 and can be found at http://ccar.paragonrels.com/publink/default.aspx?GUID=e550c41a-34ea-445f-86fa-3d1a4e0fe643&Report=Yes . There were 78 condos and townhomes newly listed as foreclosures in the same time frame. Prices range from $19,900 to $337,500. They can be found at http://ccar.paragonrels.com/publink/default.aspx?GUID=80d1ce20-20ef-4941-a10f-eb4564f477a0&Report=Yes . Brunswick County NC has far fewer foreclosures. Detached homes, condos, and foreclosures are combined at http://bcarnc.rapmls.com/scripts/mgrqispi.dll?APPNAME=Brunswick&PRGNAME=MLSLogin&ARGUMENT=JZi5FLz3tQIC%2FtL6pU13BYX8p87oibSnkYqjS7yAU8A%3D&KeyRid=1&Include_Search_Criteria=on&CurrentSID=145653236 . Prices range from $69,9– to $1,250,000.

Fishing has picked up the past couple weeks for those fortunate enough to get out on the water. Sadly, I’m not one of those lucky ones as I have been just too busy. Inshore, near shore, and even offshore when weather permits getting out that far. Have been able to sneak out every 4 days or so pull crab pots- more than enough blue crabs to keep neighbors happy. My neighbor and I can empty pots and be back home in less than an hour. The redfish bite is still strong. Flounder catches have dropped slightly but both red and black drum have been found in greater numbers. Gulp and live bait are what most are being caught on. Although mud minnows are available at bait shops. They are working but there is so much bait in the waterway now it is easy to catch your own. My brother Tom is the owner of a fishing equipment company. He just sent me (another) rod and reel– fantastic! On my next trip I will get another too….. If there is ANYTHING you need drop him a note at tom@protackle1.com . Tom is expanding into a much larger warehouse and serves customers locally and internationally. Drop him a note wishing him luck and a happy birthday.

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