For months many real estate professionals have been predicting another wave of foreclosures nationwide. Many forecasters have called it a possible “Double Dip” recession. Personally we don’t think that we ever got out of the first recession, and real estate prices have continued to decline over a 5 year period. Between now and New Year will prove to me a great opportunity; better than you may ever see again in the Myrtle Beach real estate market. We will explain why it is a great time to buy a home in Myrtle Beach even if you still have 5 years or more to wait for retirement.
Myrtle Beach is a much desired area which is evident by the over 14 million tourists that visit the Grand Strand yearly. The Myrtle Beach real estate market has taken a blow as strong as many of the other “Sunbelt” areas that you read about in the papers, or hear about on the news. There are three main reasons that the real estate market in Myrtle Beach has taken such a hit, and then we explain why these same three reasons will cause the market to rebound again. Everyone knows the biggest reason is that it was ridiculously easy for just about anybody to get a loan in the mid-2000s. The second reason is in fact due to the area being so well sought-after. Lastly in relation to the desire to own property in Myrtle Beach, many savvy real estate investors bought multiple properties in the area and over built development projects. Now for the reasons on why the real estate market in Myrtle Beach will rebound quicker than many other areas of the country.
The Myrtle Beach area has continued to have a strong tourism season, which proves the fact that the area is still highly desired. Baby-boomers are retiring at record numbers, and are starting to purchase homes a few years prior to retirement. As I write this article, our team is negotiating two second homes for New Yorkers that they aren’t going to retire into for 5 years. People are snagging up oceanfront condos in the Myrtle Beach paying cash. We just had three back-up offers on an Anderson Ocean Club unit in Myrtle Beach. The mortgage companies have gotten more lenient with financing for owner occupied properties, and we even have some private investors that will take care of condotel financing. With the opportunity of many properties now hitting the foreclosure market, can you afford to take a chance of missing the bottom?
The prices of real estate in the Myrtle Beach area is now around the same prices that people were paying 10 years ago. We expect a small dip in prices this fall with positive gains starting around February of next year, and here is why. Banks are foreclosing on properties and processing short sales at record paces now, in expectation that there may be another moratorium around the holiday season. More foreclosures means more real estate inventory for average sellers to compete with. If you are looking for an oceanfront condo in Myrtle Beach, the idea of buying during this time may be extremely attractive. Most sellers don’t want to think about carrying their investments through the winter, when rental income is down and POA fees keep coming. Buying one of these condos now with a 60 closing will get you in the property right before the holidays, and you may be able to secure a snow-bird rental for a few months of the winter. If you have ever been interested in real estate in the Myrtle Beach area, call us for a list of foreclosures, short sales or any other properties that you may be interested in. You can reach us at 843-267-4627
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