Negotiation strategies differ depending on how well the condo is priced and who's on the other side. Regardless of who you're dealing with, the buyer is more likely to grab a seller's attention if the buyer is preapproved for the mortgage and can provide verification of cash for the down payment and closing costs.

Many buyers feel that cash is king. If buyers are willing and able to pay all cash with no mortgage, no hassling with the lender and no appraisal contingency, they feel they're owed a price concession.

Not all sellers agree. Some, who are confident in the value of their condo, would rather work with an offer from a well-qualified buyer who needs to obtain a mortgage but who will pay a higher price.

Negotiations are about more than price. Generally, the fewer the contingencies or the cleaner the contract, the more attractive it will be to the seller. Closing and possession dates can become issues at the bargaining table. What's included and excluded, time periods to satisfy contingencies, and virtually everything in the contract is negotiable.

The median sales price for condos and homes in North Myrtle Beach from Dec 1 to Dec 31 was $175,000 based on 75 sales. Compared to the same period one year ago, the median sales price decreased 4.9%, or $8,950, and the number of sales decreased 1.3%. Average price per square foot for condos and homes was $143, a decrease of 7.7% compared to the same period last year. There are currently 3161 resale condos and homes in North Myrtle Beach for sale. There are 195 condos and homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process in North Myrtle Beach.

There are currently four 1 bedroom/1 bathroom units on the market. Prices for these condo's range from $79,500 to $92,500. The last three, one bedroom units, sold for an average of $65,300. One of those sold is on the second floor and the other two sold were third floor units.

There are currently fourteen 2 bedroom/2 bathroom units on the market. Price for these condo's range from $79,900 to $172,300. The last three, two bedroom units, sold for an average of $113,333. One of those sold is on the Intracoastal Waterway so they got a premium price ($145,000). The other two sold for $100,000 and $95,000.

Rates on 30-year fixed-rate mortgages dropped below 4 percent this week for the first time in history amid increasing global economic concerns. A separate survey by the Mortgage Bankers Association suggested many homeowners and would-be homeowners are unwilling or unable to take advantage of record low rates, with demand for refinancings and purchase loans both falling last week.

Fannie Mae economists are projecting that mortgage rates will stay well below 5 percent through 2013, and that demand for purchase loans will more than double in the next two years. Freddie Mac's survey showed rates on 30-year fixed-rate mortgages averaged 3.94 percent with an average 0.8 point for the week ending Oct. 6, down from 4.01 percent last week and a 2011 high of 5.05 percent in February. Rates on 30-year fixed-rate mortgages have never been lower in Freddie Mac records dating to 1971.

The Grand Strand condo market had appeared to be stabilizing but prices dropped significantly in August, a sign that there are still bumps along the road to an improved real estate market. Condo prices also fell in August, down 8 percent from the same month last year, to $110,000.

An influx of foreclosures in any given month could drive prices down. In August, about 30 percent of sales were foreclosures or short sales. The drop in condo price was accompanied by a 12 percent jump in sales in August, when compared to the same month last year. The uptick in condo sales is a good sign that demonstrates consumer confidence.

There are currently four 1 bedroom/1 bathroom units on the market. Prices for these condo's are $59,900/210-E second floor no waterview, $84,900/205-B first floor with waterview, $89,000/205-E second floor with waterview and $98,000/212-B first floor with waterview. The last three, one bedroom units, sold for an average of $74,933 and all three were third floor units.

There are currently eleven 2 bedroom/2 bathroom units on the market. Price ranges from $99,900 to $169,900. There are two waterway front 2 bedroom/2 bathroom condos for sale $149,900 and $165,000. Still very interesting how the highest priced 2 bedroom/2 bathroom condo in the community is in building 204 at $169,900 and is the furthest from the waterway.

Some sellers are fortunate and receive an all-cash, contingency-free offer. But most residential purchase offers include contingencies for property inspections, and appraisal and loan approval. Buyers who need to sell a condo or a home before buying might include a contingency for the sale of their condo or home.

An offer made contingent on the sale of another property has a higher risk factor than an offer from buyers whose funds for the down payment and closing costs are liquid. For this reason, many sellers won't accept them.

Don't turn down a contingent-sale offer just because it's contingent. Some are riskier than others. For example, if the buyers' home is pending sale and all contingencies are removed, it might be worth going forward with it, particularly if your condo has been on the market awhile with no offers.

Make sure that your contract with the contingent buyer includes a clause that requires them to notify you in writing if their deal is canceled for any reason. You should then have the option of canceling the contract, if you want to. If the buyers have a backup offer, you might choose to continue with the transaction.

Sellers who accept a contingent-sale offer can gain protection by including a clause in the contract that permits them to continue to market their home for a backup offer. A release clause or kick-out clause should also be in the contract. A release clause allows the sellers to notify the buyers that they have a certain time (often 72 hours) to remove their contingent-sale stipulation or withdraw.

With a contingent-sale offer, if the buyers' condo/home doesn't sell, they don't have to buy your condo. The deal is canceled and you look for a new buyer. This can be a waste of time if the buyers price their condo/home too high for the market. Include a provision that your agent must approve the list price of the buyers' home.

Foreclosure starts dipped below the 200,000 mark during May for the first time in years, but the foreclosure pipeline remained bloated by more than 4 million homes whose owners are in foreclosure or delinquent by 90 days or more.

Those numbers are in line with the Mortgage Bankers Association's most recent National Delinquency Survey, which suggested about 4 million residential mortgages were in foreclosure (2.24 million) or delinquent by more than 90 days (1.78 million) at the end of the first quarter.

Lender Processing Services estimates that the number of noncurrent loans has fallen 21.2 percent from a peak of 8.12 million in January 2010, when the number of homes in foreclosure or delinquent by 90 days or more totaled 5.17 million.

April saw an increase in pending home sales, with contract activity rising unevenly in six of the past nine months. The Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 5.1 percent to 94.1 in April from a downwardly revised 89.5 in March. The index is 11.4 percent below 106.2 in April 2010; however, activity was at elevated levels in March and April of 2010 to meet the contract deadline for the home buyer tax credit. The data reflects contracts but not closings, which normally occur with a lag time of one or two months. Home sales activity has shown an uneven but notable improvement. Since reaching a cyclical bottom last June, pending home sales have posted an overall gain of 24 percent and demonstrate the market is recovering on its own. The index means modest near-term gains in existing-home sales are likely, which would be even stronger if tight mortgage lending criteria returned to normal, safe standards.

Existing-home sales fell in February following three straight monthly increases. Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, dropped 9.6 percent to a seasonally adjusted annual rate of 4.88 million in February from an upwardly revised 5.40 million in January, and are 2.8 percent below the 5.02 million pace in February 2010.

I expect an uneven recovery. Housing affordability conditions have been at record levels and the economy has been improving, but home sales are being constrained by the twin problems of unnecessarily tight credit, and a measurable level of contract cancellations from some appraisals not supporting prices negotiated between buyers and sellers. This tug and pull is causing a gradual but uneven recovery. Existing-home sales remain 26.4 percent above the cyclical low last July.

There are currently 11 two bedroom condo's on the market with price ranges from $99,900 to $169,900. There is only one single bedroom condo on the market and it is listed for $89,900.

Foreclosure sales accounted for 26 percent of U.S. home sales in 2010, with those properties selling for more than 28 percent less, on average, than homes not in the foreclosure process. A total of 831,574 U.S. residential properties either owned by banks or in some stage of foreclosure sold to third parties in 2010, a decrease of 31 percent from 2009 and a decrease of nearly 14 percent from 2008.

A total of 831,574 U.S. residential properties either owned by banks or in some stage of foreclosure sold to third parties in 2010, a decrease of 31 percent from 2009 and a decrease of nearly 14 percent from 2008. Homes in foreclosure accounted for a larger percentage of sales in 2009 -- 29 percent -- but their share of total sales was up from 23 percent in 2008.

While controversy over loan servicers' handling of foreclosure paperwork put a dent in fourth quarter foreclosure sales, the impact of the so-called robo-signing controversy seemed to be waining in the final month of the year. A total of 149,303 foreclosure sales in the fourth quarter, down 22 percent from the previous quarter and down 45 percent from the same period a year ago. That decline was in spite of a 21 percent monthly uptick in foreclosure sales volume in December. The catch-22 for 2011 is that while accelerating foreclosure sales will help clear the oversupply of distressed properties and return balance to the market in the long run, in the short term a high percentage of foreclosure sales will continue to weigh down home prices.

In its latest real estate and economic forecast, the National Association of Realtors anticipates that sales of existing properties, after falling 4.8 percent in 2010, will rise 7.9 percent this year, to 5.3 million, and another 4.5 percent in 2012, to 5.53 million.

Lawrence Yun, NAR's chief economist, said in a statement, "Modest gains in the labor market and the improving economy are creating a more favorable backdrop for buyers, allowing them to take advantage of excellent housing affordability conditions. Mortgage rates should rise only modestly in the months ahead, so we'll continue to see a favorable environment for buyers with good credit."

NAR reported last week that the sales rate for existing properties rose about 12.3 percent from November 2010 to December 2010, but fell 2.9 percent compared to December 2009. The median price of existing properties dropped about 1 percent year-over-year in December.

There are currently three 1 bedroom/1 bathroom units on the market. Prices for these condo's are $84,500, $89,000 and $112,000. The two lesser priced condo's are located with waterway view not waterway front and on the first and second floor. Interesting how the highest priced 1 bedroom/1 bathroom condo is on the third floor, no view of the waterway and is in building 204 which is the furthest from the waterway.

There are currently eleven 2 bedroom/2 bathroom units on the market. Price ranges from $109,000 to $169,900. There is only one waterway front 2 bedroom/2 bathroom condo for sale at $165,000. Interesting how the highest priced 2 bedroom/2 bathroom condo in the community is in building 204 at $169,900 and is the furthest from the waterway.

If you've been active in the market for long, you know that the real estate pauses for no man, woman or life event. Nor does it pause for any season; while the market usually does a major slowdown around the winter holidays, the very most motivated buyers and sellers are still doing deals.

During the holidays, the pool of qualified and active buyers shrinks - dramatically. The cold, wet weather in some areas makes buyers hesitant to come out and view properties, and holiday travels cause others to put their condo hunts on hold. Buyers also know that many sellers take their condos off the market during this period, so the forecast for receiving lowball offers is: highly likely. There are some advantages to having your condo on the market at this time of year, too. Although there will be a larger pool of buyers out and active after the first of the year, the ones who are out in the wet and the cold right now tend to be really motivated to buy. Holiday condo hunters usually fall into two camps: they either plain old need a place to live, fast, or they need to close escrow on their new home by year's end for tax reasons. Given that post-tax credit buyers have been characterized by an almost stunning lack of urgency, keeping your condo on the market over the holidays is one way to try to capitalize on the urgency this season's motivated buyers face, due to their circumstances.

Republicans take back the U.S. House of Representatives in Tuesday’s elections. What will that mean for housing over the coming year?

Some economists have urged policy makers to remove constraints to refinancing in a bid to stimulate the economy, and one proposal would allow anyone with a loan backed by a government entity to refinance mortgages at today’s rates, which are at 60-year lows. Republicans have introduced legislation that would wind down Fannie and Freddie over the next five years before letting the private market take over. But the challenge is that the firms today, along with other government agencies, guarantee nine in 10 new loans. Private lenders require higher rates and tougher lending standards, which makes getting rid of Fannie and Freddie easier said than done.

There is a lot to debate, on Fannie and Freddie in the next session of Congress, in part because the ideological gap between Republicans and Democrats.

Congress has unanimously approved a one year extension, until September 30, 2011 for the National Flood Insurance Program (NFIP). A long-term extension has been a top legislative priority for Real Estate Agents. Earlier in 2010 the NFIP lapsed, causing major disruptions for REALTORS®, and with the September 30, 2010 deadline fast approaching National Assoc. of REALTORS® (NAR) redoubled its efforts to extend the program.

REALTOR® advocacy efforts helped make the long-term extension a reality. When Congress returned to Washington, D.C. in mid-September NAR was waiting with our Federal Political Coordinators who came to DC to meet with key senators and urge the long-term extension. Additionally, on September, 22, 2010 NAR was ably represented by Maryland REALTOR® Nick D’Ambrosia. He stressed to the Senate Committee on Banking NAR’s commitment to extend and strengthening the program beyond 2011 for the long-term. While the one-year extension brings a level of certainty to the NFIP, there needs to be comprehensive reform measures to place the NFIP on more sound financial footing for at least another 5 years.

The bill now heads to the President for his signature as soon as the week of September 30, 2010. With program authority now extended for a year, it is expected that attention will now turn to proposals to reform and ensure the financial soundness of the NFIP. While the House passed its reform bill (H.R. 5114) earlier this year, it is unlikely that a comprehensive reform bill will move until the 112th Congress goes into session next year.

Housing and Urban Development Secretary Shaun Donovan said Sunday on CNN’s “State of the Union” that the administration would “do everything we can” to stabilize the U.S. housing market. Whether it will resurrect the first-time home buyer tax credit is up in the air. Donovan said that the drop in home sales in July was worse than the administration expected. Donovan also said that the Federal Housing Administration will launch an emergency loan program to help unemployed borrowers stay in their homes and a program to help underwater borrowers refinance.

The financial reform bill signed into law by President Obama may look like a giant cornucopia of helpful changes for homebuyers and loan applicants - not the least of which will be the creation of a powerful Consumer Financial Protection Bureau to ride herd on the mortgage lending industry.

What sort of tangible benefits might begin to flow once the bureau takes official form? One of the earliest - and most widely anticipated changes in the real estate field - will involve appraisals on homes. The law requires the agency to quickly come up with new interim rules on appraisal accuracy and independence designed to replace the controversial "Home Valuation Code of Conduct" rules imposed by Fannie Mae and Freddie Mac in 2009.

With the scheduled closing deadline for the home buyer tax credits, existing-home sales slowed in June but remained at relatively elevated levels, according to the National Association of REALTORS®. Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, fell 5.1 percent to a seasonally adjusted annual rate of 5.37 million units in June from 5.66 million in May, but are 9.8 percent higher than the 4.89 million-unit pace in June 2009.

The market shows uncharacteristic yet understandable swings as buyers responded to the tax credits. June home sales still reflect a tax credit impact with some sales not closed due to delays, which will show up in the next two months. Sales closed after the home buyer tax credit will be significantly lower compared to the credit-induced spring surge. Only when jobs are created at a sufficient pace will home sales return to sustainable healthy levels.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to a record low 4.74 percent in June from 4.89 percent in May; the rate was 5.42 percent in June 2009.

Once was a time when it was common for a Buyer to go through a basic Check-List before they decided to purchase a Home or Condo. As a buyer, you would have already had a stable, long-term job; some seasoned money was sitting both, in a Savings and Checking account with your local Bank. You probably had been discussing this matter for some time now; making plansand getting your finances in order. Then it was time to make an appointment and meet with a Mortgage Lender.During this meeting, you would discuss the finer details of your finances and provide the Lender with enough information so he/she could determine what your purchase price would be so that it will not disrupt your personal financial health. Once this number was determined, your next course of actions would be to align yourself with a Real Estate Agent. This too should be a process; maybe you had already found an Agent that you felt comfortable enough to work with or you were still trying to make a decision, either way you should allow yourself time to interview and preview several different Agents before you narrow it down to just One! These are successful steps to take when you are purchasing a property, this very well may be, the largest purchase of your life, shouldn't you take the necessary precautions to protect yourself?

NOW, home buyers have not taken any of the above mentioned steps before they decide to go searching for a home or property to purchase. The reason for this, I believe, is simply due to the massive housing boom that took place beginning in 2004 which created a shift in the Home Buyers way of thinking and planning. Bad financial habits were developed and continue to plague the National Real Estate Market. A combination of events took place that helped changed the way Homebuyes made efforts to purchase a House or Property.

Pending home sales increased again in March 2010, affirming that a surge of home sales is unfolding for the spring home buying season. The Pending Home Sales Index (PHSI) forward-looking indicator based on contracts signed in March, rose 5.3% to 102.9 from 97.7 in February, and is 21.1% above March 2009 when it was 85.0; this follows an 8.3% increase in February. The data reflects contracts and not closings, which usually occur with a lag time of one or two months.

The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

Behind the economic headlines that seem to change direction on a daily, if not an hourly, basis, several economic trends are asserting themselves. First, the manufacturing sector is gaining in health, and is very likely providing the greatest strength and promise now fueling the economic recovery. Second, the new home sector is surprising many in the market with its growing strength.

In April, the ISM (Institute of Supply Management) Manufacturing Index rose to 60.4 from the prior month’s 59.6. This took the index above 60 for the first time since 2004. The index results from an extensive survey of purchasing managers, measuring their optimism regarding present and short-term future levels of orders they expect to have to fill. Thus, any reading below 50 shows that less than half of the purchasing managers report an optimistic attitude. Above 50, on the other hand, suggests that the sector is strengthening. The current reading of 60, especially after years in the doldrums, is especially strong and very likely signals recovery.

Currently there are 17 Waterway Landing condos on the market. Five are one bedroom units and the remaining 12 are two bedroom units. Prices for the one bedroom units are from $77,900 to $112,000. Prices for the two bedroom units range from $94,900 to $180,000. The total average price for a condo is $117,635 with a median price of $112,000. The amount of inventory is currently at 24 months with the average unit staying on the market for 281 days before it is sold or withdrawn from the market.

The median sales price for all homes/condos in North Myrtle Beach from Dec 09 to Feb 10 was $182,500 based on 45 sales. Compared to the same period one year ago, the median sales price decreased 13.1%, or $27,500, and the number of sales decreased 62.8%. Average price per square foot for homes/condos was $140, a decrease of 18.6% compared to the same period last year.

There are currently 1551 properties homes/condos in North Myrtle Beach for sale, as well as 61 homes/condos in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes/condos for sale in North Myrtle Beach was $295,923 for the week ending Apr 30th, which represents a decrease of 0.9%, or $2,732, compared to the prior week.

An article from Builder Magazine states the 20 Healthiest Housing Markets for 2010.

Rank 15th Nationally. Myrtle Beach-North Myrtle Beach-Conway, SC

2009 Total Building Permits: 1,758

2010 Building Permit Forecast: 1,898

Median home prices dropped 7.4% last year to $158,980, but the rate of decline should slow dramatically this year. That's in part because Myrtle Beach, North Myrtle Beach and Conway still adds people and households at one of the highest rates among the 100 largest metro regions. Household formation, for instance, increased 2.5% last year and is expected to continue at that rate in 2010. Households continue to form even though employment is weak--the unemployment rate in December, 12.38%, stood above the national rate, a reflection of weakness in local tourism. Income levels here are also 25% below the national average. Even so, total building permit activity, not just single-family, rose strongly, 47%, in the fourth quarter of last year, compared to the same period a year earlier.

Strong gains in existing-home sales were the predominant pattern in most states during the fourth quarter, with many more metro areas seeing prices rise from a year earlier. Total state existing-home sales, including single-family and condo, jumped 13.9 percent to a seasonally adjusted annual rate of 6.03 million in the fourth quarter from 5.29 million in the third quarter, and are 27.2 percent above the 4.74 million-unit level in the fourth quarter of 2008. Distressed property accounted for 32 percent of fourth quarter transactions, down from 37 percent a year earlier.

According to Freddie Mac, the national average commitment rate on a 30-year conventional fixed-rate mortgage fell to a record low 4.92 percent in the fourth quarter from 5.16 percent in the third quarter. It was 5.86 percent in the fourth quarter of 2008.

I was delighted to hear about the Treasury Department's new guidelines regarding Short Sales. I have been working hard to spread the word about the benefits of Short Sales. I don't think it is a coincidence that two days before the Treasury announcement we were briefed about FHFA personnel in Washington who were working with Secretary Geithner on this issue.

Finally, there may be some movement on a process that could best be described as "challenging." Many real estate agents refuse to work on Short Sales because they take too long and buyers just don’t wait around for the lender to respond to their offer. However, if a homeowner has been turned down for a loan modification, they can still avoid foreclosure by working with a agent on a Short Sale. It’s a great alternative to going through foreclosure. The homeowner avoids the severe hit on their credit, the neighborhood has one less vacant home, nearby homes don't lose as much value, and the lender can save around 30% over selling a foreclosure. Despite these positives, we all know the process hasn't been working, but now the Treasury Department has taken a step in the right direction. Their guidelines seek to streamline the process with standardized forms, cash incentives to lenders, moving allowance for the homeowner, and requirements on response times. The feds are working out the details and these policies should be in place soon.

As a result, I think that very soon the volume of Short Sales will increase dramatically. NAR still tells us that distressed properties are making up nearly 50% of all existing home sales.

I wanted to wait to see if congress would pass the extension of the homebuyer tax credit...THEY DID!!!

Congress took further steps to right the staggering economy by expanding a popular tax credit for homebuyers and extending unemployment checks for the growing legions of people running out of benefits with few job prospects. The White House said the legislation builds on its efforts to spur job creation and President Barack Obama would sign it into law Friday morning.

The House passed the bill on a 403-12 vote Thursday, a day after the Senate ended a monthlong stalemate with a 98-0 vote. With some 7,000 people exhausting unemployment benefits every day and the $8,000 tax credit for first-time homebuyers set to expire at the end of November, there was a sense of urgency in getting it to Obama's desk. The IRS says some 1.4 million people applied for the homebuyers credit through August, helping enliven the moribund housing market. The legislation would extend the program through June of next year, as long as the buyer signs a contract by the end of April. It also offers a $6,500 tax credit to those who have lived in their current residence at least five years. The measure doubles the income ceiling for eligible individuals to $125,000. Homes must cost less than $800,000 to qualify.

Consumer spending, which accounts for 70 percent of total economic activity, jumped in August by the largest amount in nearly eight years even though personal incomes continued to lag. The Commerce Department said Thursday that consumer spending rose 1.3 percent in August, even better than the 1.1 percent gain that had been expected. But incomes edged up 0.2 percent, the same as in July. The surge in consumer spending is a strong signal that the economy was returning to growth this summer. But any rebound from the recession could falter if income growth does not improve.

Meanwhile, construction spending rose 0.8 percent in August, much better than the 0.2 percent drop that economists had expected. It reflected a 4.7 percent rise in private residential activity, the biggest one-month increase since November 1993. Spending on other projects dropped in August.

The recession, which began in December 2007 and is the worst since the 1930s, has eliminated a net total of 6.9 million jobs. Most analysts expect the economy grew by about 3 percent in the July-September quarter, technically ending the recession. But Federal Reserve Chairman Ben Bernanke said last month that growth isn't expected to be strong enough to reduce the jobless rate for some time.

The U.S. housing market is rebounding faster than expected. Home resales in July posted the largest monthly increase in at least 10 years. Sales jumped 7.2 percent and beat expectations. Sales hit a seasonally adjusted annual rate of 5.24 million in July, from a pace of 4.89 million in June. It was the fourth-straight monthly increase and the strongest month since August 2007. Sales had been expected to rise to an annual pace of 5 million, according to economists surveyed by Thomson Reuters.

The home sales report was another sign that the U.S. economy is on the verge of a long-awaited recovery after enduring a brutal recession and the worst financial crisis since the Great Depression. Economic activity in both the U.S. and around the world appears to be leveling out and "the prospects for a return to growth in the near term appear good," Federal Reserve Chairman Ben Bernanke said recently.

But fallout from the recession will linger for some time. Unemployment rose in July in 26 states and fell in 17, the Labor Department said recently. That is driving up foreclosures, which are not expected to level off until sometime next year. Sales of foreclosures and other distressed properties made up about a third of all transactions last month, down from nearly half earlier this year. The inventory of unsold homes on the market rose to 4.1 million, from 3.8 million a month earlier as buyers who had held their homes off the market in the past decided to list them for sale. That's a 9.4-month supply at the current sales pace, unchanged from June.

New home sales in June posted the fastest increase in more than eight years as buyers took advantage of bargain prices, low interest rates and a federal tax credit for first-time homeowners. While home prices are still falling, the figures released Monday were another sign the housing market is finally bouncing back. Earlier this month, the government reported that new home construction rose to the highest level since last fall. And data out last week showed home resales rose almost 4 percent in June, the third straight monthly increase.

"The worst of the housing recession ... is now behind us," said David Resler, chief economist at Nomura Securities. "We're turning the corner toward increased activity in housing." New home sales rose 11 percent in June to a seasonally adjusted annual rate of 384,000, from an upwardly revised May rate of 346,000, the Commerce Department reported Monday. Shares of big homebuilders soared on the news, with Beazer Homes USA up by more than 13 percent and Hovnanian Enterprises rising 8 percent in afternoon trading. But with home prices still falling, these companies won't be making much money anytime soon.

The median sales price of $206,200 was down 12 percent from $234,300 a year earlier and off nearly 6 percent from $219,000 in May. In addition to lower prices, buyers are rushing to tax advantage of a federal tax credit that covers 10 percent of the home price or up to $8,000 for first-time buyers. Home sales need to be completed by the end of November for buyers to take advantage. "The window of opportunity is closing," said Bernard Markstein, senior economist for the National Association of Home Builders.

June's results were the strongest sales pace since November 2008 and exceeded the forecasts of economists surveyed by Thomson Reuters, who expected a pace of 360,000 units. The last time sales rose so dramatically was in December 2000. There were 281,000 new homes for sale at the end of June, down more than 4 percent from May. At the current sales pace, that represents 8.8 months of supply — the lowest level since October 2007. If that number falls to just over 6 months, analysts say, builders will feel more comfortable ramping up construction. Fallout from the housing crisis has played a central role in the U.S. recession, now the longest since World War II. Foreclosures have spiked, homebuilders have slashed construction, and financial companies have lost billions. But it will still be a while before homebuilders turn into an engine for the economic recovery. Construction levels are still weak because builders still have too many unsold homes sitting vacant.

Americans have not seen a boring housing market since the last millennium. You know—the average, ordinary kind of market where supply just about matches demand, prices are steady, and real estate ceases to be a topic of daily conversation. Instead, we've had six years of upside craziness followed by three years of downside terror. Now we're in a tug-of-war between those who think we've finally found a bottom and those who are convinced that the overhang of unsold homes is going to push prices considerably lower.

By 2012 we may finally get back to blissful boredom. With any luck, three years should be long enough for the U.S. economy to recover and for the nation's housing inventory to shrink to more normal levels. At that point, housing will return to its old ways, with prices governed not by national mood swings and global credit crises but by local issues ranging from zoning to immigration to job growth.

Prices? While they're likely to keep falling a while longer under the weight of foreclosures, the market is definitely closer to the bottom than the top. I expect prices to drop for another year and then stabilize before starting to rise with incomes. Home prices will fall about 16% this year before regaining ground. Based on the National Association of Realtors national median home price of $180,000 for the fourth quarter of 2008, that would mean a median of $152,000 at the end of 2009 and then a rebound to $179,000 by the end of 2012.

Forty-one percent of recent home buyers were first-time buyers. The typical first-time home buyer was 30 years old, while the typical repeat buyer was 47 years old. The 2007 median household income of buyers was $74,900. The median income was $60,600 among first-time buyers and $88,200 among repeat buyers. About one-quarter of first-time buyers identified their race or ethnicity as non-white. Twenty percent of recent home buyers were single females, and 10 percent were single males. For two-thirds of recent home buyers, the primary reason for the recent home purchase was a desire to own a home.

There are many reasons that drive the decision of home buyers to make a purchase at a particular time. Four in ten buyers felt it was the right time to buy a home while one in five felt they had little choice about the timing of their purchase. A majority of first-time buyers (52 percent) felt that it was the right time to purchase compared with over one-third (37 percent) of repeat buyers. A larger share of repeat buyers (25 percent) than first-time buyers (10 percent) had little choice in the timing. Fourteen percent of buyers were prompted to purchase a home when they did based on improved affordability with little variation between first-time and repeat buyers.

When most sellers list their property for sale the first thing they think about is how much will I get and that is usually followed by how soon will I get the money. It's certainly understandable that those two concerns are, most often, top of mind. After all, you're likely selling your property to buy another one or invest the money in something else.

But, if as a seller, you can get into the buyer's mindset, the sale of your property can come faster and for more money. Understanding the way buyers think involves seeing things not from your perspective but from your potential buyer's mindset. It can sound easy but actually it's often harder to do than most sellers think. The psychology of buying is driven by emotional experiences, money, and timing. With that in mind, sellers can help create optimal circumstances that literally help walk the buyer through the process and completion of the sale of your property.

It starts with a feeling. When you meet someone for the first time, you form a first impression based on a feeling. That's exactly what happens when buyers set foot into your property. Pick up all the loose clutter that's floating around. Throw out old magazines. People like to see things that are streamlined or clean or fresh looking. There's nothing worse than walking into a place and seeing a stack of magazines all over the place or an unmade bed. Go back to basics. You may love your turquoise carpet but do you really think buyers will? Getting inside the buyers mind will help you answer these questions. You can also pick up home décor magazines and see what appeals to the masses. You don't have to change everything in your property, but going back to basics in a few areas will help buyers see how your property can become their home. Most people are visual buyers. If the property doesn't look clean, spotless, and repaired then the buyer thinks what's behind the walls, how much more money do I have to put into this property.

Remember understanding the psychology of the buyer's mindset can help you sell faster and for the price you really want.

The market conditions are have been improving now that the buyers are discovering the deals that are out there. The median average sale price on a 3 bedroom 2 bath home in North Myrtle Beach is now around $245,000, but many deals can be found both lower and above that range. Compared to the same period one year ago, the median sales price decreased 14.5%, or $41,750, and the number of sales decreased 59.1%. Average price per square foot for homes in north Myrtle Beach was $200, an increase of 9.9% compared to the same period last year. There are currently 1499 resale and new homes in North Myrtle Beach. The average listing price for homes for sale in North Myrtle Beach was $341,833 for the week ending Mar 28, which represents an increase of 0.2%, or $578, compared to the prior week.

There is about 7 months average of inventory in any given category, but that just means there is a lot of nice homes to choose from. And for those buyers looking for a weekend get-away, prices reflect the 2003 price ranges right now. As far as the future goes for this market, conditions should stay about the same through the second quarter. Prices are stabilizing, but some folks still need to make a deal, and there are some foreclosures and short sales out there for the taking.

Take a look in just about every North Myrtle Beach neighborhood and you may find the sign of distressed times. Foreclosures are still on the rise and that can cause a lot of panic for sellers who aren't in the same financial crisis. The increase of awareness about foreclosures is stimulating buyers to keep fishing and pushing for even lower prices for homes. There are two things that sellers can do;

First: pricing the property so it is competitively priced.

Second: make sure that the property shows in absolute perfect condition.

Repair anything that looks torn, worn or broken. If you walked into a retail store and saw a garment that you liked but it was torn or missing buttons, chances are you'd search for another one or ask for a discount if that were the only one of its kind. In the buyers' minds, they come up with some kind of incredible price to fix repairs. In their mind, they go way overboard and eventually it affects the bottom line price for the seller. Most people are visual buyers. If the home doesn't look clean, spotless, and repaired then the buyer thinks what's behind the walls, how much more money do I have to put into this home.

Buyers, are still reluctant to purchase during a downtrend and are holding fast in fear of paying more than a property may be worth a month or two later. This will change as soon as they realize that this market, although distressed, is at or near the bottom value.That being said smart Buyers should recognize that the current market creates an excellent time to purchase a property and with the peak vacation season just around the corner the fence sitting is over.

Selling prices of Grand Strand homes are still up from 2003 prices (before the real estate bubble started). Even with the bubble bust home prices are up 17% from those 2003 levels. How can this be, you ask. Easy over the past 4 years we saw prices climb at a rate of 20% or more per year. Nothing climbs at that rate for very long. Remember back in September 2008 when oil prices traded at near $148 a barrel, now in January 2009 prices for oil are near $40 a barrel.

Another bit of good news are inventory levels of unsold homes that are on the market are slowly starting to fall. At the end of 2007 there were 13,484 homes for sale in the local MLS. At the end of 2008 a reduction of 683 homes are on the market. As the supply of homes continues to reduce we should see a stabilizing housing market in 2009.

Cost data are generated by HomeTech Information Systems, a remodeling estimating software company based in Bethesda, Maryland. When comparing the data in this report to remodeling costs and resale values in our area, remember that averaging tends to have a leveling effect.

Why are renovations holding their value better than home prices today? When housing slows down, people stay put and reovate their house to make it more livable. Renovating before they sell, home owners get to enjoy the new space themselves, not just to make the home more appealing to buyers.

Despite declines in overall remodeling dollars spent and a still shaky housing market, people's homes are still one of their best, most solid investments. Even though the markets have gone through some adjustments, it's still smart to invest in your home.