Remodeling - Cost vs. Value Report

Remodeling magazine's annual Cost vs. Value Report found that seven out of the top 11 projects that paid off the most at resale were replacement projects, said Sal Alfano, editorial director for the magazine. That includes window and siding replacements.

A midrange wood window replacement, which recovers an average 81.2% of the cost at resale;
A midrange siding replacement recovers 83.2% of the cost at resale;
An upscale fiber-cement siding replacement recovers 88.1% of its cost;
A midrange wood deck addition recovers 85.4% at resale.

In contrast, projects paying off less include:

A midrange home-office remodel, which recovers an average 57% of the cost at resale;
A midrange sunroom addition recovers 59.1%;
A midrange garage addition recovers 69.5% of its cost, while an upscale garage addition recovers about 64.6% of its cost;
A midrange attic bedroom remodel recovers 76.6% at resale.
National, regional and city data can be viewed at the magazine's Web site

Myrtle Beach is currently in a buyer’s market.

In a buyer’s market, if you miss the target, not only will the house not sell, the seller will get angry and frustrated, the agent will feel helpless and worthless, and the home will lose value daily. Even in a buyer’s market, with average 75 days on the market, if a home hasn’t sold in the first 21 days, the seller has lost their “honeymoon period.” That is the time where the limited number of buyers that are out there, looking for the right home at the right price, would have bought the house if it was priced right. After 21 days, the house loses the “new kid on the block” advantage.

During the first 21 days, and throughout the listing period, keep the seller informed of the market. Do a new CMA every 7-10 days. Be the first to call the seller when a new listing comes on the market around the corner, or when a property goes into escrow or closes escrow. Give the seller copies of news articles about the real estate market, keep them informed. Give copies of all of your marketing materials to the seller so they know what you are doing to sell their home.

Unloading Your Property in a Slow Market

It could be the kindest cut of all.
True, these unsold homes may eventually get bought at decent prices. But in the meantime, the owners are often bleeding money -- and many of them would be smart to slash their asking price and go for the quick sale.
Yet even as prices appear pretty much unchanged, the number of unsold homes has soared. At the current pace of sales, it would take more than 10 months to clear this backlog, according to the National Association of Realtors.
The monthly cost of carrying a vacant home could equal 1% of a home's value, figures Charles Farrell, an adviser with Denver's Northstar Investment Advisors. After all, you still have to pay utilities, insurance, property taxes, maintenance and, of course, the mortgage.
What if the mortgage is paid off? There's still an opportunity cost. The equity in your home could instead be invested in, say, bonds yielding 5%.
Suppose you price your home like everybody else and it does indeed take 10 months to sell. Figure out how much you would be out of pocket over that stretch, either because your home is vacant or because the mortgage has become unaffordably large.

Myrtle Beach Terminal Spring 2010

Myrtle Beach—An expansion of the current east side passenger terminal facilities at the Myrtle Beach International Airport could begin by Spring 2010, according to a plan submitted to Horry County Council last week.
The amendment appropriates $750,000 for payment of a program manager and $200,000 for an airport layout plan update.Delta Airports Consultants was selected in August 2007 to complete an airport layout plan update for the airport. Requests for Qualifications for a program manager were issued September 16, 2007 by county staff and responses were received on October 9, 2007.
Potential funding sources for the terminal expansion were identified as $17 million from airport cash, up to $19.5 million from passenger facility charges, up to $7.5 million from rental car contract facility charges, $14 million from FAA entitlement grants, $7.5 million from the former Myrtle Beach Aviation Trust Fund, $5.5 million from the Myrtle Beach Air Force Base Redevelopment Authority, $25 million from sale of property at Grand Strand Airport and the Myrtle Beach International campground, $40 million by leveraging PFC money for a 30 year term, $35 million from airport revenue bonds, $15 million from state grants and a letter of intent from the FAA for up to $25 million.

"If You Build It They Will Come"

Nov. 6, 2007-The most repeated lie in business has always been “if you build it, they will come.” In the world of online marketing and real estate, the most commonly spread falsehood is, “If your company shows up on the search engines for city, state, real estate keywords that the market will stampede through your doors and money will fall from the sky.”
The reality is this: if you manage to spend your online marketing budget and reach terms like “city, state, real estate” - you will be standing shoulder to shoulder with a dozen of your competitors fighting over each Web visitor as they try to figure out who they should do business with.
There is a very basic thing you can do to cure yourself of the problem of looking like every other competitor:
Realize that each visitor is going to look at your site and several other competitive sites. They are going to look for useful information and tools that are going to make it easier for them to make a more informed decision. Providing local and original articles on nearby homes and the community entices them with information they cannot find anywhere else. Providing fresh pieces of material on a weekly basis encourages visitors who visit your site over a one to nine month home shopping cycle to realize your site has useful content. Your business needs to provide unique information and personality, the simple truth is that shoppers are looking for something different.

Five Tips to Sell Homes Quickly, for the Highest Valuation

– Prelist Home Inspections. These inspections allow sellers to identify and repair problems rather than lose money during the sale. Statistics show that for every $1 of identified repairs, the buyer would ask for double that in a price reduction. Paying $5,000 to repair a roof is far more enticing than losing $10,000 in the sale.
– Neighborhood Environmental Reports. These reports provide important information on known and potential contamination that may exist on or in the vicinity of a property. The seller could use this information to ensure buyers that the home is in an environmentally safe neighborhood.
– An overview of the neighborhood’s assets. A list of the neighborhood’s assets can help sellers market the area’s positive attributes along with those of the home. Nearby schools, parks, community pools or other features can add value for a buyer.
– Minor interior cosmetic enhancements. Upgrading or enhancing elements in a home gives potential buyers the feeling that they can move in and feel comfortable in the home right away. Besides making kitchen and bathroom upgrades and cleaning floors and windows, the entry way should be well lit, clean and uncluttered, as it’s the first room a potential buyer evaluates.
– Minor exterior cosmetic enhances, curb appeal. Establish the right first impression by making a home’s exterior more appealing. Make certain the lawn is green and mowed. Evaluate any stone walkways to be certain they’re even. Plant flowers to add color and vibrancy.

New weekly newspaper the Carolina Forest Chronicle

Nov. 1 2007 marks the launch of a new weekly newspaper serving the Carolina Forest area – the Carolina Forest Chronicle. The Chronicle will publish once a week every Thursday. The newspaper’s initial circulation will be 13,500 readers. Individual copies of the Carolina Forest Chronicle will be mailed directly to residents living in the 29579 zip code free of charge. Paid subscriptions will be available for other readers. The rate for Horry County residents will be $35 per year. Out of county residents can receive the Chronicle for $50 a year, and out of state residents can subscribe for $75 per year.Individual copies will be sold at newsstands for 50 cents per copy. The Chronicle’s coverage area includes the entire U.S. 501 corridor, from Wild Wing Plantation to the Intracoastal Waterway, as well as all points between U.S. 501 and S.C. 544. The area includes, but is not limited to, the following communities: Forestbrook, Arrowhead, The Legends and Myrtle Trace. The Chronicle’s coverage area also includes all of Carolina Forest from U.S. 501 to International Drive – including River Oaks – and along S.C. 31, from International Drive to S.C. 544.