As we have recently been telling you, right now, the real estate market is a buyers market!! A recent article on scnow.com speaks of how much lower interest rates in the Myrtle Beach are since five years ago. Also, it seems that the past six months, in the Myrtle Beach area, home sales are up by 30% since this time last year.

Right now interest on mortgage loans are so low it is incredible. Interest rate averages have dropped from 6.3% five years ago to 4.5% today. If you bought a $150,000 home five years ago your loan payment would have been $934 a month, compared to $767 today. If you are planning on buying or refinancing your home, now is definitely the time to go through with it!!!

The biggest problem with homes selling now is people are not getting what they expected. The floor plans are not exactly matching up to the blueprints they were shown, so they are paying for a loan that is actually worth more than the house itself. A local appraiser, Ki Thompson of Thompson Appraisal Services, says that it is highly recommended you get a home/blueprints appraised before purchasing. He has actually appraised homes up to $100,000 less than there original value. Home appraisals only cost around $200-$600, which could wind up saving you thousands in the long run. We believe it is definitely worth the investment!

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