We are fast approaching the end of the summer and before long the holiday season will be here. The last couple of years in the Myrtle Beach real estate market has been a roller coaster ride for which all of us are ready to be over. As your resource for real estate information, I will give you an update as to where we stand in this market. I have also discussed the future of our local market with other professionals and will share with you what the believe will take place over the next few years.
The market is moving. It is a fact that we are seeing an increase in the number of sales taking place in the market at this time. I personally sold 4 more properties in the last week. Even though sales are increasing, the number of new listings coming on the market for sale is increasing also. In fact, the number of new listings are out pacing the sales by nearly 100%. This is not a positive sign because that means that the supply is still on the rise which may impact the prices once again. It is obvious that we are still in a buyers market and the buyers that are investing today are the one’s that are going to do very well.
Foreclosures are decreasing. It is true that myrtle beach foreclosures have declined. Owners in our market have learned that short selling their property is better than going to foreclosure so we are seeing many owners take this route. The impact on the market is that foreclosures listings are down and yet short sale listings are up. In the end, the number of distressed properties being listed in the MLS is still on the rise. Even with more coming on the market, we are noticing that the quality properties have multiple offers on them within a week of being listed. It is time to act if you want a good property at a discount.
Investors are buying. We are happy to report that investors are in our market. We have sold many properties to investors over the past few months. Today’s investor is a different investor than we have seen in the past. The investor today wants to make sure they are buying the right property. It is important that you look at the cash flow and stability of anything that you purchase. This is a great market to buy in yet you must make sure you are doing your homework.
Of course, the local market conditions can fluctuate depending on the property type that you have. The current trends may differ slightly if you have a home or lot versus a condo so if you want details ona specific property then you can email me and we will respond with some detailed information.
I have discussed the market conditions with many professionals in the area and their opinion is that the market will continue to offer great buying opportunities while the best properties are starting to go fast.
I have been providing updates for awhile now and I will continue to be a trusted resource for you. If you are going to purchase something in the near future, it is critical that you have accurate information about the market.
Please feel free to contact me on my direct cell number, 843-457-7816, if I can help or provide additional information.
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