Myrtle Beach Real Estate

When summer ended, several sellers were faced with a dilemma. “Do I keep my property on the market possibly through the winter or do I rent the property out until the market turns around”. My listing inventory dropped nearly 20% in the past several weeks from people making the decision to lease the property until next Spring. Carolina Forest Real Estate is being affected more than several areas around Myrtle Beach, because many investors bought new homes in a flipping frenzy. Add these investors to the investors that bought with an intention of renting and you have a major surplus of inventory to lease. Not only have the values of the homes come down, but now we are seeing the rental incomes come down as well, while these investors lower the prices in order to secure a tenant. Many areas of Myrtle Beach are not suffering as much as Carolina Forest with rentals, because the properties have been around longer and hasn’t had as much of the pre construction investor occur. I personally feel that if the sales market doesn’t turn around soon, we will witness several foreclosures in the Carolina Forest Area. People tend to walk away from their second homes and investment homes before their primary homes. Therefore, we will witness several bank owned properties in the Carolina Forest Area soon. The market most likely will turn around in a few years, but it simply has to correct itself first. I think that we will never again witness the boom of the new home construction that we witnessed over the past 3 years. Several local new home builders are witnessing the same market affects as the national builders. Spec homes have been built at an unprecedented rate and are not selling. Some of these homes are not very easy to rent. Myrtle Beach does not support the need of executive rentals. It will be interesting to see what the Winter of 2007 brings, but let me make one thing clear. Don’t reject any offers on your properties. It may not be what you are looking for, but you can always counter-offer in an attempt to bring the buyer back to reality.