Myrtle Beach Real Estate

July’s New Home Construction fell to the lowest level in over 10 years. One of the biggest factors to this decline in the rising mortgage defaults, which dumps more inventory out there to an already saturated market. What does this mean in the Myrtle Beach Market? It supports the idea of a Buyer’s Market and with all of the bad publicity that the Real Estate Market is facing; Home Sellers have come to the realization that they need to negotiate to sell their properties. The only properties that I see selling in the Myrtle Beach Area are the lowest price homes for each given neighborhood. In this declining market, a home buyer is cautioning buying a home for more than it may be worth a few months from now. From all of my thoughts and from what I see in the Myrtle Beach Area, the prices have fallen back to the 2005 prices and investors have stepped away from the Real Estate Market all together. It should be a good time to get in. If the interest Rates are to decrease in September, we could see a lot of the inventory for homes in the $200K price range and below sell quicker.