Myrtle Beach Real Estate Market Expected to Rebound in 2008
According to a recent article in the Sun News, a research economist with Coastal Carolina has optimistic hopes of the Myrtle Beach real estate market coming out of its slump by the end of 2008.
The economist, Don Schunk, explained that with home prices staying low or perhaps falling lower, sales will increase, which should use the present inventory of homes and condos for sale. Providing mortgage rates stay low, this should help the market balance with supply and demand by the second half of the year.
According to the SC Association of Realtors, homes and condos in the Myrtle Beach area rose 4% in 2007, but the slow sales since then have caused some sellers to reduce their prices low enough to induce sales and reduce the amount of homes on the market. Other owners removed them from the listings rather than to take such a reduction in price. According to the Association, the number of listings dropped from 14,720 to 14,150 from November to January.
Foreclosures in Myrtle Beach may continue to escalate due to the mortgage crisis in the nation, and William Harrison, director of the center for Real Estate at USC feels that this could make prices remain unnaturally low through the year until 2009.
He explains that resort areas and communities can "become stigmatized" by having high levels of foreclosures, and the lowered sales prices of the forced sales can add pressure to regular sellers to lower their prices as well.
Investor and speculator buying has decreased dramatically, which leaves most sales coming from those who intend to actually use the homes and condos for vacation purposes, which is a good thing for the economy in the long run, but also adds to the more sluggish market presently being experienced. Harrison estimates that there is about a 23 month supply of condos and a 15 month supply of single family homes presently on our market, from Little River to real estate in Pawleys Island and Litchfield.
There are still numerous excellent options for potential buyers at this time, and some brand new communities such as Market Commons, Withers Preserve, the new Westgate Resort, and North Beach Plantation in North Myrtle Beach are available for those who prefer preconstruction and new homes to previously sold real estate. Tom Maesar, who is the market analyst for our local CCA Board of Realtors predicts prices and sales to rebound this year as well, and cautions buyers to be careful when waiting until the very end for prices to bottom out. Prices and inventory can begin to increase, and mortgage rates could rise enough to offset any extra savings that might come from waiting to get that rock bottom price that may not happen.
The inventory to choose from at this time is as good as it gets, and those interested in purchasing property in Myrtle Beach should seriously consider taking advantage of today's market for buyers while it lasts. We invite you to use our new MLS presentations and web resources to find the best deals on the best resorts and homes available in the Grand Strand.
Contact us for information and advice from the most experienced agents in Myrtle Beach condos and homes.
The economist, Don Schunk, explained that with home prices staying low or perhaps falling lower, sales will increase, which should use the present inventory of homes and condos for sale. Providing mortgage rates stay low, this should help the market balance with supply and demand by the second half of the year.
According to the SC Association of Realtors, homes and condos in the Myrtle Beach area rose 4% in 2007, but the slow sales since then have caused some sellers to reduce their prices low enough to induce sales and reduce the amount of homes on the market. Other owners removed them from the listings rather than to take such a reduction in price. According to the Association, the number of listings dropped from 14,720 to 14,150 from November to January.
Foreclosures in Myrtle Beach may continue to escalate due to the mortgage crisis in the nation, and William Harrison, director of the center for Real Estate at USC feels that this could make prices remain unnaturally low through the year until 2009.
He explains that resort areas and communities can "become stigmatized" by having high levels of foreclosures, and the lowered sales prices of the forced sales can add pressure to regular sellers to lower their prices as well.
Investor and speculator buying has decreased dramatically, which leaves most sales coming from those who intend to actually use the homes and condos for vacation purposes, which is a good thing for the economy in the long run, but also adds to the more sluggish market presently being experienced. Harrison estimates that there is about a 23 month supply of condos and a 15 month supply of single family homes presently on our market, from Little River to real estate in Pawleys Island and Litchfield.
There are still numerous excellent options for potential buyers at this time, and some brand new communities such as Market Commons, Withers Preserve, the new Westgate Resort, and North Beach Plantation in North Myrtle Beach are available for those who prefer preconstruction and new homes to previously sold real estate. Tom Maesar, who is the market analyst for our local CCA Board of Realtors predicts prices and sales to rebound this year as well, and cautions buyers to be careful when waiting until the very end for prices to bottom out. Prices and inventory can begin to increase, and mortgage rates could rise enough to offset any extra savings that might come from waiting to get that rock bottom price that may not happen.
The inventory to choose from at this time is as good as it gets, and those interested in purchasing property in Myrtle Beach should seriously consider taking advantage of today's market for buyers while it lasts. We invite you to use our new MLS presentations and web resources to find the best deals on the best resorts and homes available in the Grand Strand.
Contact us for information and advice from the most experienced agents in Myrtle Beach condos and homes.
posted by Myrtle Beach Condo Store at
2:12 AM
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