Buying real estate is the most cherished dream of people from all economic strata. There are indeed very few feelings that match the pride of owning your own residential property in Myrtle Beach. At the same time, buying real estate is the single largest investment that one makes in one’s life, parting with a significant portion of his/her life savings.
If the person takes a home loan to buy real estate, the reimbursement period often spans the major part of their working life. Thus, buying real estate necessitates careful analysis and informed decision making. The good news is unlike before; the terrific advancements in the banking sector have made the dreams of buy real estate not that distant anymore.
In the past few decades, the age of buy real estate has dropped to less than 30 years from the average 40 years. This is hardly astonishing when one looks at the various aspects at play that have made buy real estate easier than ever before.
Some buying real estate in Myrtle Beach key factors are:
Along with the ever-rising pay scale, the cost of the homeownership in terms of annual income has plummeted to 4 years now from the 7-9 years, a few decades ago. This factor has played a crucial role in making buying real estate more affordable for people.
Declining interest rates
The home loan rates, which were around 15 percent per annum in the not too distant past, are currently at three to four percent per annum (this is an area you will want to negotiate with your banker). Effectively, it implies a lower monthly loan repayment or equated monthly installment (EMI) for the general public. The declining rates also mean that potential buyers can now afford to borrow much larger loans and buy real estate that they would have only dreamt of a few decades ago.
Easy availability of loans
Nowadays banks and financial institutions are readily disbursing home loans at competitive rates, for five to twenty-year terms and, moreover, the loan application processing is much quicker than before. The person can now avail of pre-approved home loans, which are sanctioned on the basis of one’s credit history. The actual disbursement can start a week after the lender has scrutinized the legal and technical aspects of the selected property. Thus, if the person applies for a home loan after finalizing the property, the entire process can take only a few weeks.
In the last few decades, property rents have appreciated significantly in the Myrtle Beach area due to the influx of seasonal visitors. The tenant realizes that by diverting his monthly house rent to an equated monthly installment of a home loan, they can buy real estate and in so doing create an asset, that has the potential to appreciate considerably over time.
Yes owning your dream home in Myrtle Beach is within the realm of possibility. The purchase process will go smoothly when you have a pre-approval from a local mortgage lender.
Housing Market Turns Digital Amid Pandemic
After the pandemic broke out, the housing market was forced to go digital or remain crippled until things go back to normal. Every Myrtle Beach real estate agent is shifting their focus from the traditional means of selling a home to online-based approaches. These methods involve 3D tours of a home, video tours, and live streaming to boost sales despite the current situation.
Even homeowners looking to sell their property is taking to social media platforms to make a sale. With the use of smartphones, digital cameras, and other means of taking video footage is widely used. However, there’s a bit of a learning curve in this process since it’s never been done on such a massive scale. These methods are, by no means, new. They have existed for a long time but never went mainstream since there was no real demand for it. People could just visit a home and see it for themselves. If you ever need assistance with buying or selling a home, contact experts like Full Potential Real Estate.
On the other hand, now that the pandemic is pushing people to stay in their homes, your local Myrtle Beach buyers agent is getting more creative. Clients can request pictures and videos of the house and the buyer’s agent would provide the content for them. However, random photos of the kitchen or living room won’t make the cut. Photos need to be crisp, clear and filled with details and the same goes for videos.
Video conferencing through smartphone apps also need to be specially choreographed to ensure that prospective buyers can be persuaded into buying.
Appraising and inspecting the home
Showcasing the home had a lot of changes. The same can be said by making appraisals and inspections. Instead of the regular means of inspection, the home is now brought to the inspector. It’s a great concept but achieving results may vary depending on the evaluator since there’s no gold standard on the process. Everyone has their own way of doing things since this is all new to a lot of people in the market.
Making remote closings
Finally, we have remote closings. Unlike what you would normally encounter during a regular closing, now is more different. Real estate transactions are being pushed to its limits, allowing for closings without human contact. Of course, this concept does not come without any hurdles. Not all states accept RON or remote online notarization. There’s no real standard to this point and without universal acceptance, buying a home just won’t be as easy as it used to. However, this will depend if your state allows for RON, which could ease the process if you manage to go through all the steps like online staging, inspections, appraisals, and finally a remote closing.
Need help buying a home amidst the pandemic? Call Full Potential Real Estate to get the right services that will help you find the right home for you!
Full Potential Real Estate, LLC
Myrtle Beach, SC 29577