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Archive for July, 2013

VIDEO: Mid-Year Myrtle Beach Market Update 2013

Tuesday, July 30th, 2013

Hello and welcome back to my Myrtle Beach real estate video blog where I am bringing you relevant topics about our local market. Thanks, as always, for joining us!

I’m asked all the time how the market is doing. When asked that, it’s common for agents to attach their personal production to the state of the market. The two, however, aren’t necessarily direct reflections of each other, though. Just like life, there are ups and downs in businesses that don’t always represent what is going on in the market as a whole.

So today I wanted to give you some statistical information and recap these past six months of 2013 and compare them to the first six months of 2012. Let’s start with single family homes. The number of units sold from January through June of 2013 was up 16% from last year and the sales price was up 4.5%.

Now the next area is why it’s good not to attach opinion. I thought the price of condominiums would have increased; however, data shows prices remained flat. The number of units sold was up by 5% while the inventory has decreased by 11%. So there are quite a few less condos on the market this year than there were last.

Distressed sales are down by 24% which is great. There is still a tremendous amount of inventory, over 3,000 lots for sale! In the first six months of this year, 686 lots sold! Here’s the weird part, that’s the exact same number of lots that sold in the first six months of 2012.

So, in a nutshell, you have a stable market. I’m very excited! If you’re a buyer, it’s time. If you’re selling, take advantage of low inventory; interest rates have crept up and buyers are feeling a sense of urgency. So, give me a call at 843.251.2693 or send me an email greg@gregsisson.com I’d be more than happy to help you get started with your next real estate move. These last six months of 2013 are going to be great!

VIDEO: How Will Rising Interest Rates Affect the Market?

Thursday, July 4th, 2013

Lately, I have been hearing the same question: how will rising interest rates affect the market? Interest rates have crept up in the past 30 days from a little below 4% to about 4.5% now. Because of this, there is a great sense of urgency for buyers. They want to avoid the possibility of paying a higher interest rate if they wait. This is great news for sellers on the market now.

If interest rates increase to 5%, the market will slow down a bit, but with current interest rates, buyers are ready to purchase your home. If you have any real estate questions or are looking to buy or sell, please don’t hesitate to call or email me.

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