GRAND STRAND MARKET REPORT April 2013

Here's the mostly good news from Site Tech Systems:

Single family homes sales are up in April, 31.5% from last year; year to date sales are up 19.5% from 2012. The median sales price shows signs of stabilization, up 3.1% from 2012.  However, as the number of sales climbs and prices stabilize, more homes are coming on the market, inventory is about 6% above last year and will probably continue to grow in May.  Increasing inventory tends to keep prices down, but fewer available homes are distressed inventory (homes in some stage of foreclosure) which is good as distressed home sales tend to put downward pressure on prices.

Condo sales, both in number and median price remained flat with 2012 and inventory continues to decline, both overall and distressed, which over the next few months should help prices.

Much better news for sellers and for buyers, time to take action.

Read the entire report at:

http://www.sitetechsystems.com/Grand_Strand_Market_Report.pdf

FLOOD INSURANCE Changes and Increases

Changes are coming to the national flood insurance program.  What hasn't changed is this: Almost every property owner should have flood insurance.  PERIOD.  Floods can happen any place at any time.

Flood insurance is almost never included in your homeowners insurance.

If you live in a Special Flood Hazard Area there is a 26 percent chance of a flood during the life of a 30 year mortgage. If so, you really need food insurance, even if your property is paid off.  Find out if you're in a Special Flood Hazard Area at www.msc.fema.gov.

FEMA's National Flood Insurance program allows homeowners and renters to purchase to purchase federally backed flood insurance.  Visit www.floodsmart.gov to learn more.

Congress has mandated that the national flood insurance program become financially self sustaining.  Many policies will go up, sometimes small changes can make a big difference in your premium.  For example, if you have an elevated home (one on stilts) any downstairs enclosure must now be less than 300 sqft or you'll pay a higher price.  Home elevators can also bring higher premiums unless modified or designed to special standards.  So know before you buy, check with your insurance agent.  If your house has a large downstairs enclosure or an elevator, now is a good time to check into necessary modifications, before your premium jumps.

Litchfield / Pawleys Island Market Update - March 2013

For the Litchfield Market / Pawleys Island Update for March 2013:

http://ccarimages.fnistools.com/Uploads/RECos/1207/ContentFiles/pawleysislandlitchfieldmar.pdf

Surfside Beach Real Estate Update - March 2013

For the Surfside Beach Real Estate Update for March 2013:

http://ccarimages.fnistools.com/Uploads/RECos/1207/ContentFiles/surfsidebeachmar.pdf

Garden City / Murrells Inlet - Real Estate Update - March 2013

For the Garden City/Murrells Inlet Report for March 2013:

http://ccarimages.fnistools.com/Uploads/RECos/1207/ContentFiles/gardencitymurrellsinletmar.pdf