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

Grand Strand Real Estate Activity March 2013

Here's the March 2013 Report from SiteTech Systems:

"Solid First Quarter for Grand Strand Real Estate Activity

…..sales activity up double digits and sales prices have stabilized and rebounded

The momentum for the last half of 2012 carried into the first quarter of 2013 in both Single Family Residential (SFR) and Condo activity. In March, SFR sales volume was up 11.6% as compared to March, 2012. This solid growth translated to Year to Date (YTD) sales to be up 11.6% to prior year levels. SFR inventory maintained it seasonal increase and is now 4.6% higher than March 2012 levels. Non distressed listings continued to decline and now represent 12.6% of all SFR listings. Continuing its trend from February, SFR median sales price was $176,000. YTD, the SFR median sales price is $174,990 which is up 3.5% from its 2012 level. The improvement in median sales price is driven by a reduction in the percentage of distressed sales. For condos, the listing inventory increased seasonally but is down 11.7% from its 2012 level. Distressed condo listings continue to decline and are down 33% from its prior year’s level. Condo sales remained strong, up 3.7% for March 2012. YTD, condo sales are up 9.3% from their 2012 level. Driven by cash and distressed sales prices, the median sales price for condos slid to $101,750. However, the YTD median sales price of condo sales are up 4.5% from 2012. After a strong 2012, residential lot sales activity has slowed and are down 8.1% from their 2012 levels. The median sales price of residential lots have remained stable at approximately $35,000."

For the full report:

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

Myrtle Beach Real Estate Market, February 2013

Here's the February Grand Strand Market Report from 
SiteTech Sytems:

"January’s momentum continued in February…..strong sales 

and rebounded sales price led a strong February.

Single Family Residential (SFR) sales activity remained strong as 

February’s volume was up 13.6% from February 2012. Year to 

date, SFR sales volume is up 16.6% to prior year levels. SFR 

inventory is seasonally up, however February’s level is 3% higher 

that prior year levels. On a positive note, non-distressed listings 

continue to decline and now represent a declining share of the 

total listing inventory. SFR median sales price rebounded from 

January to $175,000. This improvement was driven by higher 

non-distressed sales prices. Year to date, SFR median sales 

price is down 3.7% from 2012. Condo sales activity was strong in 

February; up 18.7% from prior year level. Year to date, condo 

sales are up 21.9%. Condo inventory increased seasonally, but is 

still below prior year levels (down 10.4%). Condo median sales 

prices rebounded from January, up 14.5% from January. The 

improvement was in both distressed and non-distressed 

sales. Year to date, the condo median sales price is up 9.5% 

from 2012. The rate of residential lot sales improvement slowed, 

but the 2013 volume is up 9% from 2012. Overall, distress sales 

remain at 28% of all sales, up slightly from Q4 2012."

For the full report, click:

Grand Strand February Market Report 2013

Sellers: Does Your House Compete ONLINE?

After you list your house, check to see what your home looks like online.  No kidding.

Chances are the agents you met with before listing (you did meet with more than one, didn't you?) demonstrated their commitment to online marketing and you chose an agent who takes online marketing very seriously. Now that you've listed, it's time for further due diligence. Today, online marketing sells houses, but somehow, there are still hundreds of listings in every major city that receive a failing grade on their online presence, once the home has actually been listed.  Make sure yours isn't one of them.

Pictures are critical. Not one or two, but at least a dozen, preferably more, that show the home in the best possible light.  In focus, well lighted, pictures sell houses.  No pictures of dirty dishes or the trash area, please. Pictures of the neighborhood are good too. 

Listing descriptions that may bemuse buyers, but would befuddle and even anger the homeowner are common. Start with no description, misspelled words, etc. A description of clearly the wrong house or which says, "this place is a mess," are out there and won't get your house sold.

Sometimes, the problem is a glitch along the production chain that it takes to get a property marketed online; other times agents just aren't bothering to do the job right. It’s free for you, the seller, to hop online and see how your home is presented online; the same listings, virtual tours, and property websites that buyers will see.  And it’s often the only way these glitches will get caught, brought to the agent’s attention and rectified. If you can't find your home online, chances are no one else can either.