Dargan Real Estate - Myrtle Beach, SC

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Myrtle Beach real estate

Market Value VS. Appraised Value

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What is the difference between market value and appraised value?

If you are planning to sell your home in the near future, you might be curious about the difference between a market value and an appraised value.

An appraised value is the home value (or the estimated dollar amount your home is worth) in its current state at a given point in time, and its value is estimated by a certified appraiser. The appraised value is required by lenders as part of the loan application process. The fee to have your home appraised ranges between $200 to $300.

A market value is the price your home is estimated to sell for based on the current market. The analysis of the market or estimation of your home’s market value is comprised from sales of comparable properties and is usually performed by a real estate agent or broker.

Both values are accurate ways to determine the worth of your property.

Myrtle Beach, South Carolina

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We promised to dig into each of our local areas in greater detail, and we take our promises very seriously. We’ve already discussed a few of the subdivisions located in Myrtle Beach, South Carolina (e.g. Pine Lakes, The Grande Dunes, Dunes Cove) but we also want to discuss our great city itself.

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Myrtle Beach, South Carolina is a coastal city at the center of a stretch of beach referred to as the Grand Strand. It’s a favorite tourist destination for much of the United States because of its subtropical climate and white, sandy beaches.

Dunes

Location: the East Coast of South Carolina
County: Horry
Land Area: 23.5 miles
Estimated Annual Visitors: 14 million
Resident Population: 27,000

 

FUN FACT: Did you know that Myrtle Beach is essentially a man-made island? It has been separated from the continental United States by the Intracoastal Waterway since 1936.

CLIMATE

Spring: mild temperatures in the mid-70’s

Summer: hot and humid; highs between 83° to 91°F (with indexes breaking 100°) & lows around 70°F; ocean temp is around 80°F or higher; afternoon thunderstorms are common

Fall: temps average around 75°F; hurricane season peaks in September (entire season lasts from June thru November)

Winter: mild; low precipitation and humidity levels; average temps around 56°F; overnight lows in the mid-30’s; average number of days with frost is 33; snow is rare.

Average days of sunshine: 215 days per year
Wettest Months: July and August
Driest Months: October and November 
Last Major Hurricane: Hurricane Hugo (1989)
Most Severe Hurricane: Hurricane Hazel (1954)

 

DEMOGRAPHICS

Ethnicities

81{8a4f45d74d514e6dd6794b8c6dd875260e3343c96bf403696e21fc128bbedf7b} European-American
13{8a4f45d74d514e6dd6794b8c6dd875260e3343c96bf403696e21fc128bbedf7b} African-American
5{8a4f45d74d514e6dd6794b8c6dd875260e3343c96bf403696e21fc128bbedf7b} Latino or Hispanic
1{8a4f45d74d514e6dd6794b8c6dd875260e3343c96bf403696e21fc128bbedf7b} Other

 

Age Groups

Under 17: 18{8a4f45d74d514e6dd6794b8c6dd875260e3343c96bf403696e21fc128bbedf7b}
18 – 24 years old: 11{8a4f45d74d514e6dd6794b8c6dd875260e3343c96bf403696e21fc128bbedf7b}
25 – 44 years old: 33.6{8a4f45d74d514e6dd6794b8c6dd875260e3343c96bf403696e21fc128bbedf7b}
45-64 years old: 22.5{8a4f45d74d514e6dd6794b8c6dd875260e3343c96bf403696e21fc128bbedf7b}
65+: 15{8a4f45d74d514e6dd6794b8c6dd875260e3343c96bf403696e21fc128bbedf7b}
 
Median Age: 37

 

INCOME

Median Household Income: $35,498
Median Family Income: $43,900
 

 EDUCATION

Post-secondary Schools: Cathedral Bible College, Coastal Carolina University, Golf Academy of America, Horry-Georgetown Technical College, ITT Technical College, Miller-Motte Technical College, Webster University

Public Schools: Myrtle Beach Primary School, Myrtle Beach Elementary School, Myrtle Beach Intermediate School, Myrtle Beach Middle School, Myrtle Beach High School

Private Schools: St. Andrew’s Catholic School, Christian Academy of Myrtle Beach, Carolina Bays Academy, Chabad Academy, Calvary Christian School, Bridgewater Academy, Cathedral Hall High School, Christian Academy, Life Christian Academy & Child, Socastee Montessori School, Palmetto Academy of Learning and Success

TOURISM

Tourism is the bread and butter of our economy in Myrtle Beach. And, because tourism is so important to our city… there are many attractions in the area. Along with its beaches, Myrtle Beach is home to a large number of golf courses, shopping centers, theaters, amusement parks, and over 1,900 restaurants! The following attractions are just a few of the thousands available.

Theaters: The Carolina Opry, The Palace, Legends in Concert

Dinner Theaters: Pirate’s Voyage, Medieval Times

Amusement Parks: Myrtle Waves, Ripley’s Aquarium, The Family Kingdom

Shopping & Dining: Broadway at the Beach, Market Commons, Tanger Outlets, Coastal Grand Mall

SPORTS

Baseball: Myrtle Beach Pelicans – a Carolina League baseball team and franchise of the Texas Rangers

Soccer: Myrtle Beach FC – professional soccer team that competes in the National Premier Soccer League

Racing: Myrtle Beach Speedway – NASCAR-sanctioned stock car racing

 

AN AWARD WINNING MYRTLE BEACH…

#3 – National Geographic’s Top 10 U.S. Boardwalks

Top East Coast Beaches – Flipkey.com

#12 – USA Today’s Best Boardwalks for Food in the USA

#5 – US News & World Report Best Affordable Vacations in the US, #3 Best Family Beach Vacations in the US & #9 Best Beaches in the US

Top 10 Vacation Spots – The Travel Channel

#6 (IN THE WORLD) – 2011 TripAdvisor’s Traveler’s Choice Beach Award (#1 beach in the United States)

 

What do mortgage lenders look for on loan applications?

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One of the best ways of staying ahead of the game is to know the expectations of your opponent. The same holds true for staying ahead of the “lending game.” By knowing what types of things lenders look for when determining creditworthiness, you can presume the outcome and plan accordingly.

Payment History

Some experts suggest that previous payment history can account for nearly 35% of your total creditworthiness. That’s HUGE! Lenders want to know you not only have the ability to pay off your loan but that you will. Experts also suggest that having a favorable payment history can offset other negatives elsewhere.

Length of Credit History

Although there isn’t much you can do about your age, you can begin borrowing at an earlier one. You should never borrow money you don’t need. However–if it makes sense to take out a small car loan or credit card, you can greatly increase your credit score in two years by making loyal payments.

How Much Credit You’re Using

In the eyes of a lender, nearing your maximum credit limit is always a big no-no. Some experts suggest only utilizing 30% of your available limit. In other words, it’s more favorable to utilize three separate credit cards at 30% than to have one completely maxed out.

Proof of Income

If you have a personal freelance or contracting business but don’t file a 1040 at tax time, expect to have a short conversation with lenders. These types of businesses are widely accepted today, but being conservative and having a “W-2” pay-stub will appear more favorable than self-employed.

Mix of Credit

Having a mix of credit (car loan, credit cards, personal lines of credit, etc.) is also pleasing to lenders. It’s indicative of someone with a long and stable credit history.

Collateral

Assets significantly offset a lender’s fear of risk. Having a cushioned 401(k) helps too. Even if they can’t pursue the money, they know it gives you options other than defaulting on your loan.

Recent Credit Efforts

A huge red flag goes up when you’ve recently taken out several different lines of credit. Lenders will question if you can realistically make the mortgage payment if you just financed a new and expensive sports car too.

Myrtle Beach Subdivisions: Grande Dunes

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Grande Dunes

The Grande Dunes community is one of the most upscale and prestigious communities in Myrtle Beach, South Carolina. It’s located on the northern end of Myrtle Beach and stretches from the oceanfront to the Intracoastal Waterway. Each subdivision within Grande Dunes offers unique and luxurious quality and style. However… there are a few great things that can be found in all of them–privacy and security with gated entrances and memberships into its exclusive clubs.

Intracoastal Waterway

The communities within close proximity of the Intracoastal Waterway are either located along the Grande Dunes award-winning golf course or next to Marina Village. The communities located along the golf course include Riviera, Tuscany, Capri, Villa Firenze, Cadiz, Villa Venezia, Milano, and Palermo; the neighborhoods closest to the marina are Villa Marbella and Bal Harbor.

Riviera, Tuscany, Palermo, Cadiz, Milano, Capri – gorgeous, upscale communities featuring large homes and/or lots with beautiful pond and fountain views; resale homes are available in some areas or choose to have your home custom built on one of the available lots

Villa Firenze – spacious villas offering views of the Intracoastal Waterway or golf course fairways

Villa Marbella – located directly on the Intracoastal Waterway with spectacular views; also conveniently situated next to the Grande Dunes huge tennis and swimming complex

Bal Harbor – gated community with full access to the Intracoastal Waterway; resale homes, lots directly on the waterway, and lots on the second row are available

Between 17 Business and 17 Bypass

Seville – single family homes with sites backing up to our local lakes and natural preserves; conveniently located less than one mile from both the Intracoastal Waterway and the Atlantic Ocean

Siena Park – luxury homes located in a quiet, tranquil setting and completely surrounded by nature trails and beautiful gardens

East of 17 Business/Oceanfront

Castillo del Mar – Mediterranean styled homes within walking distance of the beach and less than one mile from Grande Dunes Ocean Club

Calais – homes similar to those of Castillo del Mar and located alongside the Ocean Club

Vista del Mar – spacious oceanfront condominiums with breathtaking views and private elevators

The Grande Dunes community offers a wide and luxurious selection of homes with properties perfect for any style or preference. Click HERE for a list of available properties.

If you have any questions or would like to schedule a showing, please contact us at 843-712-2585!

FAQ: Buyers Market VS. Sellers Market

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Most homebuyers don’t think about the status of the market when they decide to buy or sell a property because they are more focused on where they plan to live. However, it’s definitely a good thing to keep in mind because it can help you determine how to move forward.

BUYER’S MARKET

If a buyer is looking to purchase a home, an ideal situation would be one where there are more homes available than buyers to purchase them. This is considered a buyer’s market. The buyer has more options to choose from and increases the odds of locating the perfect home. Serious sellers are usually willing to negotiate with buyers in this type of market. The buyer may even be able to purchase a home below its list price, and the seller may offer to pay some (or all) of the closing costs.

Characteristics of a Buyer’s Market: high inventory compared to previous months and/or years, more than six months of inventory available, real estate ads growing in size, For Sale signs staying up for longer periods of time, median sales prices declining

How to Compute Months of Inventory:

# of active listings in the past 30 days / # of sold or closed transactions in the past 30 days

For example, if there were 4,200 active listings in the past 30 days and only 600 sold or closed transactions, the months of inventory would be 7.

SELLER’S MARKET

If a homeowner is hoping to sell their home,  an ideal situation would be one where more buyers want to purchase a home than the number of properties available to buy. This is considered a seller’s market. Sellers are likely to sell their home much more quickly, and often, they sell it for more than the listing price.

Characteristics of a Seller’s Market: low inventory compared to previous months and/or years, less than six months of inventory available, unwavering sales numbers, flat median sales prices, advertising remains unchanged, Pending or Sold signs frequently displayed

Essential Address Checklist for New Homebuyers

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It’s important to inform all of the necessary organizations, businesses, and service providers of your new address after you’ve moved into your new home.

BE PROACTIVE. Ensure a smooth transition by referencing the following checklist:

UTILITY & SERVICE PROVIDERS

(*Be sure to take a meter reading as soon as you move into your new property to make sure you aren’t billed for the previous owners’ utility use.)

Water
Gas
Electric
Telephone/Mobile Provider
Cable/Satellite
Movie Subscriptions (e.g. Netflix)
Trash Pickup/Recycling
Pool Maintenance
Landscaping Services
Pest Control
Housekeeping Services

FINANCIAL PROVIDERS

Bank
Credit Cards/Store Credit Cards
Employer’s HR Department
Pension/Investors
Insurance Policies (Health, Life, Car, Home)
Loan Companies
Accountant/Tax Consultant
Social Security Office

HEALTH PROVIDERS

Doctors
Dentist
Pharmacies
Optician/Ophthalmologist
Veterinarian

OTHER PROVIDERS

Vehicle Registration
Magazine Subscriptions
Club Memberships
Reward/Loyalty Programs
School/College
Post Office
Gym/Health Club
Voter’s Registration
Driver’s License
Place of Worship
Friends and Family

Featured Property: 902 Anson Court Surfside Beach, SC

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Our featured property at 902 Anson Court is a beautiful, four-bedroom, brick home centrally located in Surfside Beach, SC. It is situated within a gated community on a large, corner lot with lakeside views. It’s only a few years old and feels very much like a brand new home.

Anson Ct

The home’s tall ceilings create an airy and open atmosphere, and large windows bring in bright rays of sunlight. Different forms of flooring are found throughout the house–tile, carpet, and hardwood–and each form serves as the best option for its location. The hardwood floors in the living and dining areas are perfect because they are strong and can withstand heavy traffic flow. The carpet in the bedrooms provide warmth and comfort, as well as reduce noise. And, the tile floors in the bathroom and kitchen are great because they are easy to keep clean and maintain.

Anson Front Door

The kitchen is furnished with many wonderful upgrades. Stainless steel appliances, granite countertops, and plenty of counter and pantry space are just a few of them. There’s also a breakfast bar and nook!

Anson Kitchen

The master bedroom is equipped with just as many great features as the kitchen. It has a walk-in closet and master bath with double vanities. The master bathroom also has both an enclosed glass shower and whirlpool bath tub for relaxation.

Anson Double Vanities

Other areas of the house include a bonus room, sunroom, and study. As an added bonus, the study is furnished with a beautiful fireplace and built-in book shelves.

Anson Sunroom

Anson Study

The property’s outdoor appearance is just as great as it is inside! It has an attached two-car garage and a screened-in porch with patio in the backyard. The front porch and large front yard add to this already beautiful home’s curb appeal.

Anson Yard

Anson Backyard

 

Contact Neil Johnson at 843-712-2585 to schedule a showing today!

 

 

Myrtle Beach Subdivisions: Pine Lakes

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Pine Lakes is one of the oldest and most prestigious neighborhoods in the area and is centrally located in the heart of Myrtle Beach, South Carolina.

Located less than one mile from the only stretch of coastline without hotels, homes, or condominiums, residents aren’t far from a section of the beach that is often less crowded than others. Public access points are readily available and a trip to the beach can be quickly traveled by golf cart. In addition, there are a number of shopping centers, supermarkets, and award-winning restaurants conveniently located nearby.

Pine Lakes

Pine Lakes was established in 1927, and houses are surrounded by lush pine trees on large, shady lots. Many homes also enjoy pristine views of the golf course. Pine Lakes International Country Club (nicknamed “The Granddaddy”) is world famous and home to the oldest golf course in Myrtle Beach. The course was designed by architect, Robert White–who was also the first president of the Professional Golfers Association (PGA) of America and co-founder of the American Society of Golf Course Architects. Pine Lakes’ stately clubhouse is the definition of Southern charm, and its architecture symbolizes the deeply rooted history and tradition of South Carolina. The gorgeous landscaping and historical charm make Pine Lakes Country Club a highly coveted venue for weddings and receptions.

Properties within Pine Lakes are highly sought after and don’t stay on the market for long. CLICK HERE to see properties currently for sale within the Pine Lakes subdivision.

Found something you like? Call Dargan Real Estate at 843-712-2585 to meet with one of our agents TODAY!

The Pros & Cons of HOA’s

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Homes, condominiums, and townhouses throughout Myrtle Beach (and surrounding areas) are largely located in subdivisions, and these subdivisions are typically governed by a Homeowner’s Association (HOA).  If you plan to move from an area and HOA’s are foreign to you, the following facts should give you a better understanding of what to expect from them.

What is a Homeowner Association (HOA)?

HOA’s are non-profit organizations comprised of voting members who own property or units within the subdivision or community. Memberships are automatic and mandatory upon the purchase of a home in the community. Members elect individuals within the organization to form a Board of Directors. The board members are responsible for enforcing the bylaws set forth in the HOA’s covenant.

What is typically included in the HOA assessment fee?

HOA assessments and all they encompass vary from community to community. Minimally speaking, repairs and maintenance for common elements (e.g. swimming pool, elevator, landscaping) are usually included, and trash disposal or pickup is often covered as well. Some HOA assessments include cable, electricity, insurance coverage, pest control, homeowner management services, and more.

What are the pros and cons?

Pros

Convenience of onsite amenities (swimming pool, clubhouse, exercise facility, playgrounds, tennis courts, security, etc.)

Maintenance and upkeep of common areas

Mediation of neighbor disputes and disturbances

Protected property value due to regulations that help maintain an attractive  and uniform neighborhood

Cons

Assessment fees

Restrictions (e.g. size and/or breed limits for pets, tenants, parking, use of motorcycles, etc.)

Fines for failing to comply with regulations and restrictions

 

Homeowner Associations are perfect for some people and disliked by others. Properties with or without an HOA both have their pros and cons. Weigh each option carefully and decide which one is the best for you. If you decide to purchase a property within an HOA community or complex, always request to see a copy of the covenant or bylaws before signing a purchase agreement. All HOA documents should discuss each item included in the assessment fee and clearly define any restrictions within the community.