Thanks for taking to time to submit your question.
Oceanfront Guru Real Estates Sales and Development
7508 N. Kings Highway
Myrtle Beach, SC 29572
866-262-3866 Toll Free
Will try to answer your question as best as possible as Real Estate is now in a new era normally slower the latter part of the year Dec-Feb. Due to the marketplace and financing has taking a sharp upward turn in 2013, it is not possible to know for sure if it will follow previous patterns. Myrtle Beach bottomed out early in the game, buyers and sellers slowly came back into the market, confidence in the housing market increased.
New construction has been aprox 3 years behind because of the uncertain previous market. Therefore, the inventory consisted of foreclosures and resales. Foreclosures have dropped drastically and resale inventory is less. New Construction has picked up at an amazing pace, but as I said previously is 3 years behind in most states in general.
Interest rates for the first time in a while have begun to inch forward. I doubt we will see anything in the 3% range for anytime soon (other than low term mortgages, i.e. 10-15 yr. That is a strong sign the economy is stabilizing. Therefore, people who have been doing the waiting game, may keep the marketplace strong throughout the year as homebuyers are still hoping to get a decent interest rate. Banks have also softened up on their lending. Those with starter homes may also be looking at larger homes and baby boomers are retiring at an incredible rate; number will continue to rise. They are looking for homes in the warm areas such as SC. We are experiencing a rental shortage as well, so there are investors looking to purchase.
I know this is a lot of info, but this is the criteria that I see making a difference in the market. If I can assist in any way. Please contact me at 860-262-1203 or email email@example.com.
Michael J. Costello
Sea and Sand Realty
Myrtle Beach, SC.
our market is not just a seasonal market. Buyers search for homes down here all times of the year. the slower season typically will be from November -end of January. Currently the inventory is getting lower in certain price ranges ( under 150K) if you are thinking about a purchase, sooner is better than later. http://www.suelucas.com