The U.S. housing market has cooled, and that’s affecting home values and sales in the Coastal Carolinas.

While the region’s home prices have held strong, sales volumes have fallen, and marketing times have lengthened. There are still plenty of opportunities in the Coastal Carolinas housing market, and LendSure is here to help you and your clients navigate the shifting conditions. With its warm weather and extensive coastline, the Coastal Carolinas continue to attract buyers from around the country and around the world. Here’s how the real estate markets in the region’s metro areas are performing:

● North Carolina’s Outer Banks: The median home price was $553,500 in March 2023, down 4% from March 2022, the Outer Banks Association of Realtors reports. While prices remain high, home sales plunged – they are down 19% from March 2022 and off more than 50% from March 2021. Meanwhile, residential inventory is up 35% from a year ago, and days on the market have expanded to 61, up from 42 days in early 2022.

● Wilmington, NC: The median selling price for homes in Wilmington in March 2023 was $390,000, up 9.9% from March 2022, according to Redfin. There were 168 homes sold in Wilmington, down 8.2% from a year earlier. Homes are selling quickly – the median days on the market in March was just 11.

● Myrtle Beach, SC: The median price for single-family homes in the metro area was $360,000 in March 2023, up 3.4% from a year earlier, according to the Coastal Carolinas Association of Realtors. Home sales were down 20% from March 2022, and marketing times are long – days on the market came in at 137. In the condo market, the median price was $240,000, up 12%, while sales volumes were down 29% from March 2022.

● Charleston, SC: The median price for single-family homes in Charleston County was $615,000 in March 2023, up 7.5% from a year earlier, according to the Charleston Trident Association of Realtors. Home sales were down 24% from March 2022. In Charleston’s condo market, the median price was $380,000, up 1.3%, while sales volumes were down 31% from March 2022.

● Hilton Head, SC: The median price for Hilton Head homes in Charleston County was $504,000 in March 2023, up 7.2% from a year earlier, according to the Hilton Head Area Realtors. Home sales were down 19% from March 2022. Days on the market extended to 148 as of March.
LendSure offers loan amounts as high as $3 million for primary residences, and we approve loan amounts up to $1.5 million for second homes and investment properties. We also have an innovative 40-year loan.

Here are some of LendSure’s programs that can help you build your business in the Coastal Carolinas:

● The high DTI program. Median home prices in many markets in the Coastal Carolinas are north of $500,000. At those price levels, borrowers are looking for flexibility in terms of amortization schedules and qualifying parameters. Enter LendSure’s 55% DTI 40-year IO product. This innovative loan allows borrowers to show a debt-to-income ratio of up to 55%. What’s more, the 40-year amortization schedule lowers monthly payments, and the interest-only feature reduces payments even farther.

● Second Home Mortgages. The demand for second-home loans has only intensified in the last couple of years, and the Coastal Carolinas is one of the most popular markets among second-home borrowers. Our non-QM loan programs offer highly competitive pricing and expanded options not available everywhere else.

● DSCR loans for investment properties. LendSure’s debt-service coverage ratio (DSCR) program is designed to be attractive to property investors. LendSure looks at market rents to qualify the property (instead of considering only currently rented units to support the loan amount), creating an easier path to approval. In other words, not all units need to be rented. LendSure underwrites the investment property based on both current and future rent. For an explanation of our DSCR loans, see this short video. Meanwhile, LendSure has expanded its DSCR program beyond the typical one to four units – we make DSCR loans on properties with up to eight units.

● Full-doc investment loans. In another example of LendSure’s offerings for investors, we have a program that uses a unique way of calculating rent that will benefit the investor and qualify for more loans. Here’s a video on how LendSure calculates income resulting in a lower DTI and – even better – a lower interest rate. LendSure also considers short-term rental income (VRBO, Airbnb) in this calculation.

● Non-warrantable condo loans. LendSure prides itself on being a flexible lender, one that qualifies borrowers based on common sense rather than rigid rules. The latest condo guidelines from Fannie Mae and Freddie Mac, introduced in early 2022 to address the structural integrity of condo buildings, caused upheaval in the condo market. If you have a borrower whose conforming deal has been rejected or stalled because of the agencies’ onerous rules, we can help. LendSure’s common-sense rules allow for approvals of condo units that the agencies reject, including condotels.

The LendSure Way

It’s simple. We make loans that make sense. We’re not in-the-box lenders. Of course, there are numbers and ratios, and data to consider, but we know that behind every file, there’s an individual with a unique circumstance seeking a loan. We work hard to offer our common-sense take on lending to borrowers seeking funding for the home of their dreams, another addition to their investment property portfolio, or refinancing of a currently-owned property.
Are you ready to grow your business? Conventional loan approval guidelines can be restrictive, but we want to offer our mortgage broker partners the education, tools, support, and the guidance they need in order to say “yes” to more of their clients. This ensures happy borrowers and opportunities for bottom-line growth. What are you waiting for? Let’s get started!
Are you ready to benefit from a commonsense approach to lending? Contact us today to learn more about non-QM loans and how partnering with LendSure Mortgage Corp. can help grow your bottom line.