Myrtle Beach Area Real Estate

9 Tips to Make Your Landscape Shine

Rake, rattle and roll!

Convince yourself that raking leaves

can be fun. Rather than wait for a single

weekend, break this chore into stages.

Matted leaves can lead to insect and

disease problems and smother your

turf, especially cool season grasses like

Kentucky Bluegrass.

To fertilize – or not to fertilize?

Cool season grasses like Kentucky

Bluegrass, fescues and perennial ryegrass

often need fertilizer this time of year.

Grasses that go dormant in the winter,

such as Bermuda, Zoysia and Centipede

may not.

Repair and re-seed. Fall is a great time

to repair a damaged lawn and re-seed. Fill

any holes or bare spots with topsoil and

add grass seed. It’s important to choose

the right kind of grass for your growing

zone.

Don’t forget to water. New grass in

particular needs frequent but shallow

watering. Once the grass is established,

water deeply to reach the roots. To

minimize the threat of fungal disease,

water in the morning or early afternoon

so that the grass blades are not moist

overnight.

Prune with care. Pruning promotes

growth, so be careful not to encourage

growth when plants are about to go

dormant. By all means remove diseased,

dead or broken branches.

Transplant trees and shrubs.

Autumn is a great season for transplanting

trees and shrubs, allowing roots to get

established before the cold sets in. Also,

heat stress is not a concern. Visit your

neighborhood Garden Center for

a broad selection of trees and shrubs that

can bring new life to your landscape.

Spruce up flower beds.

Replace warm-weather annuals with

seasonal favorites like pansies and mums.

Clean out summer perennials and add

a fresh layer of mulch, which can help

protect plants from hard freezes.

Divide established perennials.

If your perennials are looking a bit

lackluster or overgrown they may need

to be divided. The best candidates have

large, healthy clumps and have been in

the ground for years. By dividing these in

the fall, you’ll enjoy healthier plants in more

places next spring.

Plant ahead for spring. Foolproof

and fabulous, spring-flowering bulbs

put gardening within everyone’s reach.

When choosing bulbs, focus on your

favorite color, or try shades that accent

already established plantings throughout

your garden.

Make a good first impression.

Your entryway sets the tone, so clean the front

door and polish the brass door knocker. If your

welcome mat has lost its luster, replace it with a

new one.

Wash the windows.

On sunny days, the strong southern light

can reveal dirt and grime you might not have

noticed. Sparkling clean windows suggest

to potential buyers that your home is well

maintained.

Warm it up.

Give your home that “cozy” feel by keeping

the room temperature warm and comfortable

during showings. Build a fire or turn on the gas

logs – but only if you plan on returning home

right after the showing.

Add seasonal touches like warm throws and

fall floral arrangements. Update your planters

with fall favorites such as pansies and mums.

Give your home a nice aroma

with a cinnamon candle, freshly baked

chocolate chip cookies or a faint pine scent.

But don’t overdo it, as buyers might wonder

what you’re trying to cover up.

Turn on the music.

Create a relaxed atmosphere by playing

classical music or soft jazz, but keep the

volume low.

See the light. Shorter days means less natural

light, so make the most of your indoor and

outdoor living spaces with lighting.

Clean gutters. After the leaves have fallen,

clean your gutters before snow and freezing

rain set in. Clogged drains can cause back ups,

resulting in visible water damage that could

scare buyers away.

Keep walkways clear. When the temperature

drops below freezing, make sure your home

is easy to show by keeping walkways and

driveways free of snow and ice. A treacherous

path to your front door can keep potential

buyers inside their cars!

Paint works wonders. If your walls need

a fresh coat, check out the latest fall color

trends. Remember that neutrals

work best when selling a home, but you can

use throw pillows and small area rugs to bring

the autumn colors to life.

Is NOW the time to sell your home? The media has many thinking it may be better to wait and in some cases that may be true. There really are buyers in the market now. In the past month I have closed on two properties and a referral. Additionally, I have two more under contract that should close in the next 10 - 14 days.  Homes and condos in a good location, in great condition, that are priced correctly and marketed well are selling. Buyers are aware they have a large selection to choose from and your home needs to stand out. Competition from your neighbors and new homes in the area is tough.  Interest rates are relatively low; a fact buyers have not missed. If, as some economists predict, interest rates fall even lower by year end more buyers may enter the market and more will qualify for loans.  

If you have your home in great condition and find current market prices acceptable this can be a good time to sell your home. Anyone not committed to selling under these conditions should consider waiting until market conditions change. I only wish I were able to see into the future to see when that would be.

Call or email if you would like to discuss selling your property.  

 

 Sellers  should be happty to find for one offer at a reasonable price from a qualified buyer during a deep and long lasting buyers market.  The real estate market is continually changing. Sales information from six months ago is probably out of date in terms of establishing a realistic asking price for your home. Use the most recent SALES information you can find in your neighborhood.  Sellers unhappy with the probable selling price of their home should consider if it's the right time to sell. If your home is priced over market value only serves to help Realtors sell the well-priced listings in your area. You may be better off holding on until the market improves if you desire more than current market will bring. Over-pricing can give your home a ‘something must be wrong’ reputation as it sits on the market as homes around it sell. That reputation could last into the next market swing. 

 

Over the past week I have talked with several lenders. All stated traditional mortgages are readily available and interest rates are still competitive. Mortgages on 2nd homes and investment real estate is not a problem either. Surprising, 100% mortgages are still out there if more difficult to find. Jumbo (over $417,000) loans are also out there but require a little digging. An article in the Sun News (8-18-07) reinforced the above and a portion of the article follows:

"Locally, mortgage lenders say conventional loans are available, but the market for jumbo loans - those more than $417,000, - has been squeezed.

Nonconforming loans - those that don't fit the income and asset requirements of Fannie Mae and Freddie Mac - as well as subprime loans are hard to get, said Travis Minter, president of Crescent Mortgage Group in Myrtle Beach.

But traditional financing with a 30-year fixed rate is as good as it's been in months, he said.

Mark Branstrom, senior vice president at Bank of America mortgage, agreed that a drop in the federal funds rate in September would help local consumers, a move he expects to happen.

Standish said borrowers with bad credit know the rules have changed now.

But for people with good credit, rates haven't changed and it's a good time to get a mortgage, he said."

 Most buyers are finding a good selection, lower prices, and mortgage availability make this a great time to be a buyer! Sellers that have their proprty fairly priced are seeing offers come in.

GETTING READY

Before applying any finish to your deck, it needs to be clean. For a new deck, it's best to allow the deck to season for a couple of weeks to make sure that the fresh lumber has dried. After that, just sweep it off with a soft broom to remove any sawdust and surface dirt, or blow it off with a leaf blower.

For an older deck that is discolored and that you intend to stain, your best bet is to use a product that is specially formulated for cleaning wood decks. Unlike older products that utilized chlorine bleach for cleaning, these newer-generation products clean the wood without lifting and damaging the wood fibers, and will not leave the wood unnaturally white.

Cleaners such as Wolman's DeckBrite are powdered and simply mixed with water. You can put it on with a roller, brush or garden sprayer, and it's very effective in getting rid of stains and gray wood fibers. Products such as these also help open the pores within the wood so that the finish material will penetrate more readily.

If your deck has been previously painted or stained, it may be necessary to sand or scrape the wood, or even apply a stripper. This is something to discuss with an experienced paint store, and have them help you select the most appropriate product for your specific application. Once again, after the old deck has been cleaned or stripped, make sure that all of the surfaces are swept or blown clean before applying any finish material.

BEWARE OF PRESSURE WASHING

It's definitely best to avoid using a pressure washer to prepare your deck for a new finish. In the process of generating sufficient pressure to remove stains or paints, you will actually be breaking apart the wood's fibers. When that happens, the raised fibers will leave the deck looking fuzzy as it dries -- a surface that is difficult to refinish and potentially dangerous to walk on. If that should happen, your only option will be to sand the deck smooth again, and that's an extra task that you would just as soon avoid!

With any deck-cleaning product, if the manufacturer offers pressure washing as an option for removing the cleaning product after it has been in contact with the wood for the specified amount of time, be sure you only use a wide, soft-spray tip and the lowest amount of pressure possible.

SURFACE FINISHES

A visit to any good paint store will show you that you have a lot of choices when it comes to the finish material for your hardworking deck. So when making your choice, first consider what you want the deck to look like, as well as how you want to apply the material and how often you want to reapply it in the future to maintain the same look and color. There are clear finishes that soak into the wood without substantially changing its color, and will help protect the wood against dirt, discoloration and the harming effects of ultraviolet (UV) light from the sun. If you would like to add a little color, then select one of the deck stains that are specifically made for outdoor wood. If you would like to paint it instead, for durability and long life you'll want to select an outdoor enamel specifically formulated for walking surfaces.

Deck finishes are typically oil-based products that are designed to penetrate into the cells of the wood, rather than just sit on the surface as some water repellants do. You definitely want a material that will penetrate into the wood and seal it, and there are a number of very effective products on the market for this use. But remember -- you really do get what you pay for with deck finishing materials, so get some help from the folks at your local paint store before making your choice, and don't skimp.

To maintain your deck's protection, you will typically need to apply another coat of finish in one to three years, depending on weather conditions. When the time comes, you'll usually find that you'll get the best results from taking the same cleaning and preparation steps, and then reapplying the same material as you used the first time.

With any cleaner, stripper or deck-finish material, always follow the manufacturer's specific instructions for application, ventilation, protective clothing and cleanup. Also, have the paint store provide you with an MSDS (Material Safety Data Sheet) for each product you're going to use, which will give specific information about how to protect yourself and what to do in the event of an accident.

Home Prices Expected to Recover in 2008 As Inventories Decline

WASHINGTON, July 11, 2007 - Home prices are expected to recover in 2008 with existing-home sales picking up late this year and new-home sales rising early next year, according to the latest forecast by the National Association of Realtors®. Lawrence Yun, NAR senior economist, said a good buyers’ market has evolved.  “Buyers now have an overwhelming advantage given the wide selection of homes available in many markets,” he said.  “But with profit margins coming under pressure, homebuilders will limit new construction well into 2008.  This should help the overall inventory level to move steadily into a more balanced state.”   Existing-home sales are expected to total 6.11 million this year and 6.37 million in 2008, down from 6.48 million last year.  New-home sales are projected at 865,000 in 2007 and 878,000 next year, compared with 1.05 million in 2006.  Housing starts, including multifamily units, are forecast at 1.43 million units this year and 1.44 million in 2008, down from 1.80 million last year. Existing-home prices are likely to rise 1.8 percent to a median of $222,700 in 2008 after a 1.4 percent decline this year to $218,800.  The median new-home price should rise 2.2 percent to $245,400 next year following a 2.6 percent drop in 2007 to $240,100. “Markets that sharply reduce new construction in 2007 will generally experience respectable price increases in 2008,” Yun said.  “Local conditions vary considerably, but with historically low mortgage interest rates this summer and sustained job gains, it could be a good time for first-time buyers with a long-term view to test the housing waters.” The 30-year fixed-rate mortgage is estimated to average 6.7 percent during the second half of this year, and fluctuate around 6.6 percent in 2008. Growth in the U.S. gross domestic product (GDP) will probably be 2.0 percent in 2007, compared with a 3.3 percent growth rate last year; GDP is forecast to grow 2.8 percent in 2008. The unemployment rate is likely to average 4.6 percent in 2007, unchanged from last year.  Inflation, as measured by the Consumer Price Index, is projected at 2.6 percent in 2007, down from 3.2 percent last year.  Inflation-adjusted disposable personal income should rise 3.0 percent this year, up from a 2.6 percent gain in 2006.

Home Prices Expected to Recover in 2008 As Inventories Decline

WASHINGTON, July 11, 2007 - Home prices are expected to recover in 2008 with existing-home sales picking up late this year and new-home sales rising early next year, according to the latest forecast by the National Association of Realtors®. Lawrence Yun, NAR senior economist, said a good buyers’ market has evolved.  “Buyers now have an overwhelming advantage given the wide selection of homes available in many markets,” he said.  “But with profit margins coming under pressure, homebuilders will limit new construction well into 2008.  This should help the overall inventory level to move steadily into a more balanced state.”   Existing-home sales are expected to total 6.11 million this year and 6.37 million in 2008, down from 6.48 million last year.  New-home sales are projected at 865,000 in 2007 and 878,000 next year, compared with 1.05 million in 2006.  Housing starts, including multifamily units, are forecast at 1.43 million units this year and 1.44 million in 2008, down from 1.80 million last year. Existing-home prices are likely to rise 1.8 percent to a median of $222,700 in 2008 after a 1.4 percent decline this year to $218,800.  The median new-home price should rise 2.2 percent to $245,400 next year following a 2.6 percent drop in 2007 to $240,100. “Markets that sharply reduce new construction in 2007 will generally experience respectable price increases in 2008,” Yun said.  “Local conditions vary considerably, but with historically low mortgage interest rates this summer and sustained job gains, it could be a good time for first-time buyers with a long-term view to test the housing waters.” The 30-year fixed-rate mortgage is estimated to average 6.7 percent during the second half of this year, and fluctuate around 6.6 percent in 2008. Growth in the U.S. gross domestic product (GDP) will probably be 2.0 percent in 2007, compared with a 3.3 percent growth rate last year; GDP is forecast to grow 2.8 percent in 2008. The unemployment rate is likely to average 4.6 percent in 2007, unchanged from last year.  Inflation, as measured by the Consumer Price Index, is projected at 2.6 percent in 2007, down from 3.2 percent last year.  Inflation-adjusted disposable personal income should rise 3.0 percent this year, up from a 2.6 percent gain in 2006.

Wannabe Buyers Welcome Housing Market Slump, but Lenders Tighten Mortgage Standards LOS ANGELES (AP) -- Many wannabe homebuyers who were priced out of the market during the last boom spend time these days scanning real estate ads and news reports to determe if it istime to take the plunge and buy. Foreclosures rising? Great. Cash-strapped sellers pressured into lowering prices because they can't find buyers? Even better. The advantage has shifted to buyers in many previously high-flying housing markets, as homes take longer to sell and prices level off or begin to fall. Modest annual declines have been seen in cities such as San Diego, Boston, Las Vegas, Phoenix and Honolulu, according to first-quarter data on existing single-family homes compiled by the National Association of Realtors. Meanwhile, price gains of just 1.4 percent or less were reported in New York, Chicago and Washington, D.C. Those numbers have left many people trying to "time" the market to take advantage of the slump. But experts said that can be risky because there is little consensus on how long the current doldrums might last. In addition, the market forces that helped drive the housing boom -- affordable financing and the alluring prospect of escalating home values -- are no longer a given. Potential price breaks could be wiped out if interest rates rise any higher. "In general, it is very difficult to time the market," said Raphael Bostic, associate director of the University of Southern California's Lusk Center for Real Estate. "The real problem with that is you don't know when the floor is until after it's passed. If the floor is right now, you missed it," he said. Montufar, an asset manager and part-time real estate agent, has little choice about waiting for prices to fall further. Some have already seized opportunities to buy. "The timing has been great," Scalice said. "With prices going down, there's so much for sale that Areas outside big markets may still represent the best option for finding an affordable home. "There are areas where prices will, at worst, stay flat, but probably continue to go up," said Patrick Lashinsky, CEO and president of Emeryville, Calif.-based ZipRealty Inc. Even if prices fall further, it could be tough for buyers to find affordable financing if interest rates increase much more. The Federal Reserve raised the federal funds rate from 1 percent to 5.25 percent between June 2004 and June 2006. The rate, which can affect mortgages, has held steady since then. Meanwhile, the monthly average interest rate for a 30-year fixed mortgage crept from a low of 5.23 percent in June 2003 to 6.26 percent last month, according to mortgage giant Freddie Mac. In addition, lenders have tightened standards in response to a surge in defaults by subprime borrowers, and a number of subprime lenders have gone out of business altogether. A number of wannabe buyers are pinning their hopes on foreclosures, which some studies predict will explode during the next two years as adjustable mortgages reset to higher interest rates. . Bruce Norris, president of The Norris Group, a real estate investment company, said now might be the best time to purchase a home, if the buyer plans to live there for 10 years. "I'm not sure that I wouldn't rather pay today's price with today's interest rate than count on a big discount and the wild card that interest rates might be very different," Norris said. "It would not shock me to have a 10 percent interest rate by the end of this negative cycle," he said. AP Business Writer Mark Jewell in Boston contributed to this story.

Wannabe Buyers Welcome Housing Market Slump, but Lenders Tighten Mortgage Standards LOS ANGELES (AP) -- Many wannabe homebuyers who were priced out of the market during the last boom spend time these days scanning real estate ads and news reports to determe if it istime to take the plunge and buy. Foreclosures rising? Great. Cash-strapped sellers pressured into lowering prices because they can't find buyers? Even better. The advantage has shifted to buyers in many previously high-flying housing markets, as homes take longer to sell and prices level off or begin to fall. Modest annual declines have been seen in cities such as San Diego, Boston, Las Vegas, Phoenix and Honolulu, according to first-quarter data on existing single-family homes compiled by the National Association of Realtors. Meanwhile, price gains of just 1.4 percent or less were reported in New York, Chicago and Washington, D.C. Those numbers have left many people trying to "time" the market to take advantage of the slump. But experts said that can be risky because there is little consensus on how long the current doldrums might last. In addition, the market forces that helped drive the housing boom -- affordable financing and the alluring prospect of escalating home values -- are no longer a given. Potential price breaks could be wiped out if interest rates rise any higher. "In general, it is very difficult to time the market," said Raphael Bostic, associate director of the University of Southern California's Lusk Center for Real Estate. "The real problem with that is you don't know when the floor is until after it's passed. If the floor is right now, you missed it," he said. Montufar, an asset manager and part-time real estate agent, has little choice about waiting for prices to fall further. Some have already seized opportunities to buy. "The timing has been great," Scalice said. "With prices going down, there's so much for sale that Areas outside big markets may still represent the best option for finding an affordable home. "There are areas where prices will, at worst, stay flat, but probably continue to go up," said Patrick Lashinsky, CEO and president of Emeryville, Calif.-based ZipRealty Inc. Even if prices fall further, it could be tough for buyers to find affordable financing if interest rates increase much more. The Federal Reserve raised the federal funds rate from 1 percent to 5.25 percent between June 2004 and June 2006. The rate, which can affect mortgages, has held steady since then. Meanwhile, the monthly average interest rate for a 30-year fixed mortgage crept from a low of 5.23 percent in June 2003 to 6.26 percent last month, according to mortgage giant Freddie Mac. In addition, lenders have tightened standards in response to a surge in defaults by subprime borrowers, and a number of subprime lenders have gone out of business altogether. A number of wannabe buyers are pinning their hopes on foreclosures, which some studies predict will explode during the next two years as adjustable mortgages reset to higher interest rates. . Bruce Norris, president of The Norris Group, a real estate investment company, said now might be the best time to purchase a home, if the buyer plans to live there for 10 years. "I'm not sure that I wouldn't rather pay today's price with today's interest rate than count on a big discount and the wild card that interest rates might be very different," Norris said. "It would not shock me to have a 10 percent interest rate by the end of this negative cycle," he said. AP Business Writer Mark Jewell in Boston contributed to this story.

 

Rethinking your home search

If it's taking longer than 6 months, it's time for compromise

Most home buyers claim they're picky. And why shouldn't they be? The real estate they buy will be home. It needs to provide more than just a roof over their head. It needs to satisfy emotional needs that aren't easily quantifiable. The home is a reflection of the self, which makes the quest for the right place to buy complicated.Since the home-buying experience is intermeshed with the psyche of the person in pursuit, there's a psychological component to consider.  You've come close to making an offer several times, but have backed away after reconsidering. Each property had defects in terms of your ideal wish list. You weren't willing to compromise.HOUSE HUNTING TIP: Buyers who find they've been looking for the right house for more than six months should pause to consider whether their expectations are in line with reality. For instance, if you want a bay view and a level lot, you may find that you'll wait forever. Bay views tend to be available only in homes that are built on hills. Home buying involves making compromises if you're serious about buying.In order to decide how you will compromise, you need to research the local housing stock to discover what is realistically possible. In other words, you need to do your homework. The perfect house won't just magically appear. To save time, use the internet, www.rakoci.com , to whittle down the list of homes for sale until you find the ones that suit your needs. Then we can make a point of visiting these in person. Additionally, an email or phone call with your wish list and searches can be made for you. Contact information is on the website.Buyers with pressing needs usually have less of a problem finding the right home to buy. For example, if you live in an area with a school district you don't like and you have children who are about to enter school, you need to move if you can't afford private-school tuition. You have an urgent reason to move that preempts the desire for a perfect house. You'll settle for the right number of bedrooms and baths, a yard and a good school district. You may be willing to give up on the Old World charm or character that you were hoping to find. You may be getting out and seeing the listings that might work for you and still aren't having success. In this case, you could be suffering from approach-avoidance. This syndrome can keep you from making a decision, even when you see the right house to buy. You come close to making an offer but never carry through. Buying a home can be frightening, particularly if you are doing it on your own. It's a big commitment, perhaps to a lifestyle that you're not used to. It's helpful to consult with advisors.THE CLOSING: It can be useful to reconsider your wish list in terms of what you've learned about your local market and what to expect. By realigning your expectations and readjusting to a comfortable price range, you may feel more comfortable moving ahead.

If you are a home seller or a homeowner who cares about how a home looks from the street, "Curb Appeal Idea Book" by Mary Ellen Polson will help you show a home at its best.  "You only have one chance to make a first impression" is an overused but extremely true phrase when it comes to home sales, as the author thoroughly understands. Polson presents hundreds of beautiful color photos of houses.You will be very impressed by the wide variety of the hundreds of color photos of many different types of homes.Although the author and photographers went to great efforts to find houses that are excellent examples of the topics under discussion, it would have been very helpful if Polson added critical comments such as "This house's curb appeal could be enhanced by ___________."One thing all the color photographs have in common is fresh paint on the houses. Everything, including the patio and front porch furniture, is in pristine, near-perfect condition to add to the home's curb appeal.But this very complete book isn't just about adding attractive landscaping to enhance a home's curb appeal. It is also about home components, such as roofing materials, windows and doors, which all add attractiveness.There are a few before-and-after houses shown, but these were major makeover projects to enhance the attractiveness and usefulness of the homes. "Big bucks" were obviously spent to re-do the houses and their landscaping to transform the exteriors which can be of importance to buyers or those planning on keeping their present home. Some of the older homes photographed before and after are virtually impossible to recognize after their major upgrades, which greatly enhanced their curb appeal. It would have been helpful to readers to see photos of less intense and less expensive renovations.Chapter topics include "Style on the Outside"; "Exterior Appearances"; "The Entry"; "The Approach"; and "Supporting Players: Fences, Walls, Gates, Driveways, and Garages."As the book's title says, this is an "idea book" about enhancing a home's curb appeal. It is structured so a homeowner can point to a photo and say, "That's what I like." But occasionally you may look at some photos and say "yuk!" YThis beautiful book rates a solid 10."Curb Appeal Idea Book," by Mary Ellen Polson (Taunton Press, Newtown, CT), 2006, $19.95, 165 pages; available in stock or by special order at local bookstores, public libraries, and www.Amazon.com.

My dog's nails have left minor scratches in my wood floors. Is there any way to repair this without complete refinishing? --Judith K., via e-mail.

A: If the scratches are not all the way through the finish and into the wood below, there are a couple of things you can try:

1. Sand the scratched area with 0000-grade steel wool to blend the scratch into the surrounding area.

2. Use a very small brush and apply a small amount of polyurethane just to the scratch itself -- keep it off the surrounding area as much as possible. Many hardwood floor companies also offer polyurethane scratch repair kits.

3. Rub a small amount of paste wax directly into the scratch, using a clean, soft rag. Let the wax dry, then buff the area around the scratch. If you have dark-colored floors, use a dark paste wax that's formulated for darker woods.

4. Use a color-putty stick in a color that matches the floor. Rub it lightly into the scratch, then let it dry.

5. Try one of the commercial scratch removers available that work primarily by filling in the scratched area and eliminating the reflected light from that area, making the scratch seem to disappear.

All of the products you need are available at most home centers, paint stores or retailers of flooring-related products. Try the repair in an unobtrusive spot such as a closet before tackling more obvious areas. If the scratch is through the finish and into the wood beneath, you need to have the area sanded and recoated. However, many hardwood floor contractors can sand and coat just a portion of the floor, so it still may not be necessary to do the entire floor.

Whether you’re interested in buying a second home to use as a vacation home, investment property or place to retire to in the future, there are some questions you should ask yourself before you begin.

 Is buying a second home a good investment?

It's a good idea to consider a second home – for personal use or investment purposes - simply because houses will continue to appreciate in many areas of the country for some time. And, if you want that getaway all to yourself but find you can't afford the mortgage payments after you buy it, go ahead and rent it. The tax laws have changed how we look at second homes. The getaway that was once viewed only as a luxury is now not a bad place to stick your savings. And in a few years, you may even be able to retire into what has become the best investment you ever made.

What factors may affect the value of my second home?

If you are purchasing a second home with resale as your primary objective, you should keep the following factors in mind:

Ø      A property located in driving proximity of a metropolitan area will have greater sales potential when it’s time to sell.

 

Ø      A property convenient to shopping, restaurants and local attractions will be more desirable than a more remote location.

 

Ø      A property that is located closer to recreational activity sites will be of higher value (i.e. water, mountains, golf, etc.)

 

Ø      An area that offers recreational activities during more than one season will appeal to a wider selection of potential buyers.

 

Ø      An attractive, well-maintained property in a high-quality neighborhood or development is always easier to sell.

 

Ø      A property with a good rental history will be more desirable to a buyer with investment potential in mind.

 How do I choose the right location?

While climate will help you determine which region of the country you choose, your interests should be your primary guide.  For instance, do you crave boating or playing golf in the summer sun or may be the beach is most important?

Clarifying those interests is the first step in deciding where to buy. If you can come to a clear understanding of why you’re making this purchase, what type of relaxation activities you prefer, and what your ultimate goal for the property is, then you can narrow down your location choice.

You should also think about the amount of time you plan on spending at your second home.  Will you visit every weekend, just a few times during the year or seasonally?  This will help you determine how far you are willing to travel.

 What type of property is best for me?

Once you’ve determined the location, you then decide on the type of property that will best meet your needs.

Ø      Single-family – From a rustic cabin to a waterfront mansion, the selection is endless.  Single-family properties typically offer more privacy and fewer restrictions than attached housing or planned-unit communities.  However, they are also typically more expensive as well.  The homeowner is also responsible for exterior maintenance and landscaping.

 

Ø      Attached housing – From a studio condominium to a luxury townhouse, the choices vary here as well.  With an attached property you usually own your particular unit and share ownership of the common areas with other homeowners in the development.  Monthly association dues are customary to cover the cost of exterior maintenance, taxes, fire insurance and reserves for future repairs.

 

What are my financing alternatives?

Financing a second home is similar to financing your primary residence.  A lender will evaluate your credit history and rating, debt-to-income ratios and verify your employment and bank deposits.

All lenders require the borrower to have a source of income that covers repayment of the debt and allows adequate funds for expenses relating to the use of the property.

Another thing to consider is if you plan to purchase a second home on your own or possibly share the expense with other people you trust and enjoy.  Having two or more families, couples, or individuals combine their assets and purchase the property as partners can make sense, especially for people that enjoy being together yet know they will never be able to afford a getaway of their own.

  What tax benefits may be available to me?Second home ownership may offer certain tax advantages depending on the use of the property.  In the U.S., interest and property taxes on second homes are generally tax-deductible on your Federal income tax, and certain other rental expenses may be tax deductible as well.

Tax rules and regulations change frequently, so you should consult with your tax advisor prior to purchasing your second home.

Area growth ranked 4th in nation by dataRegion's continuing expansion challenges planners, marketersBy Dawn Bryant, Jessica Foster and Josh HokeThe Sun News Contractor vehicles lining the streets, such as at the former Myrtle Beach Air Force Base, is a common sight in the Myrtle Beach area. The area's population grew 21 percent between 2000 and 2006.From 2005 to 2006, the Myrtle Beach area was the fourth-fastest-growing area in the nation, according to data from the U.S. Census Bureau released today.The Metropolitan Statistical Area identified as Myrtle Beach-Conway-North Myrtle Beach ranked 17th in the nation between 2000 and 2006, according to Census Bureau data.The news of a 21 percent population jump since 2000 will come as no big surprise to those who travel the roads, squeeze into the schools or stand in line at the area's home improvement stores and restaurants.Here's something else not likely to shock you: The boom isn't going to stop anytime soon, thanks to the region's geography, weather, quality of life and seemingly endless supply of retiring baby boomers, experts said. All of which creates a challenge for planners and marketers trying to attract visitors, residents and jobs while maintaining that environment that drew people here in the first place.The growth can mostly be attributed to the rapid influx of retirees, said Bob Becker, director of the Strom Thurmond Institute at Clemson University. Their movement has created more jobs in the service sector, bringing even more people to the area that weren't already here.And many of them aren't looking to retire in Florida, making the Carolinas one of the prime coastal destinations on the East Coast, he said. Since much of the land along Georgia's coast is wetland that cannot be developed, and much of North Carolina's coastline is protected by barrier islands, South Carolina is the next most logical option.There is a wide range of housing available to newcomers, from condos in the Grande Dunes to mobile homes.The Horry County school district expects a need for between nine and 19 new schools in the next decade to accommodate between 11,000 and 20,000 new students, according to district projections.

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