Folly Beach Real Estate is back in demand! This has been a good year for buying oceanfront and island homes, and people are taking advantage. 8 properties sold in June 2010 bringing the total sold through half of 2010 to 50. Folly Beach sold 59 in all of last year. Is this a a good sign? It depends of if your a buyer or a seller.
The prices are still drastically low and have not come back like the number of sales has, and buyers are recognizing that it makes sense to purchase now. This is a natural occurrence right before prices begin to go back up. Here are some highlights from the last month:
The average oceanfront sale in June was $780k.
You can have a nice (nice!) island home for $500k.
For the second time this year $1 million was spent and the house was a dream home.
Other sales during the month included a townhome with a deepwater Folly River boat slip for $320k and a Mariners Cay condo for under $200k.
There are great deals still out there so if you are looking contact me and start your search today!
Are you interested in Folly Beach, SC oceanfront real estate, including homes, lots, and condos? Below is a market update to keep you current on what is happening here on the beach.
Number of oceanfront sales by year:
|Year||# home sales||# condo sales||Total Sales||Avg $ home||Avg $ condo|
There have been more sales through 6 months of 2010, than 2008 or 2009.
The results have been helped by lower prices. If you can afford a beach house, you buy one right?
In the recent past there were less buyers in the market which has caused prices to come down. But at some point it just seems worth it to purchase. We have seen cases where the price is so low that buyers who wanted it, grabbed it.
There have been opportunities to purchase that smart buyers have taken advantage of.
These people were already poised to make a move. They had previewed the market and knew what they were looking for because searching for an oceanfront home does take a little time. They also knew they had leverage as a buyer and worked with an experienced Folly Beach agent. Will you be ready when the next good opportunity comes around?
It is true that the good stuff has been purchased and right now there is less to choose from.
From recent showing activity, those opportunities may be passing us by. $1 million does not go as far as it recently did. This would be natural in a recovery, and could lead to higher housing prices. Do you want to take advantage while you can?
To find out more about buying a home or what your Folly Beach home is worth contact Vince Perna – Dunes Properties.
Dunes Properties – Folly Beach
Purchasing a home nowadays has become a task in itself with banks being so reluctant to lend. Trust me. I know. I am a mortgage broker, too, and that’s with a traditional transaction from a buyer and seller. NOW, throw in the difficulty of buying a foreclosure. You now have to deal with the bank, the title company, Realtor and usually the county or city where the auction will take place.
Needless to say it is much more difficult to do then just buying a home from a very motivated seller. A large misconception about buying now is that the only way to get a deal is to buy a distressed or foreclosed home, and that simply isn’t the case. There are many sellers out there who price their homes at the same level as foreclosures just so they can compete. BUT, if you are still insisting on buying a foreclosed home there are some very important steps and issues to consider.
Read more about the advantages and disadvantages of buying a foreclosed home.
1.) Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership (repossession) of the property securing the loan. It begins when a borrower/owner defaults on loan payments and the lender files a public default notice or a lis pendens (Latin for “lawsuit pending”), depending on the state.
Ultimately, the foreclosure process can end one of four ways:
- The borrower/owner pays off the default amount to reinstate the loan during a grace period known as pre-foreclosure
- The borrower/owner sells the property to a third party during pre-foreclosure, allowing the borrower/owner to pay off the loan and avoid having a foreclosure on his or her credit history
- A third party buys the property at a public auction at the end of the pre-foreclosure period
- The lender takes ownership of the property, usually with the intent to re-sell. The lender can take ownership through an agreement with the borrower/owner during pre-foreclosure or by buying back the property at the public auction.
2.) Choose a foreclosure setting you are comfortable with.
- How to Buy a Pre-Foreclosure House
- How to Buy a House at Public Auction
- How to Buy a Bank-Owned Property (REO)
4.) Find foreclosure properties.
5.) Check property liens.
- One method of doing this if you are serious is to contact a title company or a real estate attorney to get a few names of title abstracter. Pay them a $125 +/- to search the title for you if you are serious about a particular property.
6.) Do the math.
7.) Research local and state foreclosure laws. (Better yet, consult a real estate attorney.)
8.) Find financing.
9.) Know Who to contact and how to approach the owner. (Consult your real estate agent for this)
10.) Make an offer with your agent.
Information in this post from HGTV.com