Welcome and Thank You!

I want to personally thank you for cheking out our blog and staying in touch with the real estate market in this area. I have a daily focus on the market and keep my finger on the pulse of each community we serve. I hope that you find the information contained here to be insightful and helpful and that your connection allows you comfort in relying on me for all your real estate needs no matter where you live in the country. Have an awesome day!

Thursday, August 1, 2013

Your Closing is today...How do you feel?

You have invested years planning, hoping and preparing for the day you close on this property.  You've spent months and months searching for it and weeks waiting to make this home your own.
Today you're finally closing on what will be one of your largest purchases ever and the place where you spend your life creating memories.

How do you feel about the journey?

Too many times the joy of homeownership is lost as we approach closing because of a small detail.  We focus on the one item that wasn't agreed on the inspection report, or that we paid all of our closing costs when the seller should have paid something....  In some cases it could be the experience you had with your Realtor.

There is absolutely nothing that should get in the way of your closing day being filled with JOY.

Being able to guide a homebuyer through the many steps of buying and closing on a home requires processes, attention to detail and anticipation.  Many of the mundane steps required to get real estate closed can be handled through proven processes and checklists, but that doesn't represent everything needed for a great experience.  The emotional journey a homebuyer takes cannot be "processed" and requires great attention to detail.  The relationship established through effective guidance should allow your real estate professional to anticipate your needs and keep the bumpy road smooth for you with you never feeling the bumps.  Great real estate closing don't happen by accident; they are planned and all the actions needed are completed only involving you where needed.

The best closings happen without a hitch and allow you to look forward to the day, enjoy the experience and continue your upward emotional journey into the months after you move in.

If your on this journey now or expect to start the journey in the future make sure to discuss your expectation with your Realtor.  When it comes to moving day and you reflect back on how you arrived your memory should turn your frown upside down!

Make it a great day!

Friday, July 19, 2013

Is a SELLERS Market Charging back?

There is a very distinct difference today in the real estate market for what a Seller believes and what a Buyer believes.  The "facts" the home seller believes is that the real estate market has rebounded and is on the fast track to return to the pricing highs of 2006 & 2007.  These facts are based on the continued pounding of this information into our heads by the national news media.

The "facts" that the Buyer believes show that the real estate market is about to implode again and the recent 1% jump in interest rates will impact pricing and things will start to decrease again.  There is still an abundance of properties on the market for them to choose from and they have an expectation of 10% - 15% off the asking price of any property offered.

What do you believe?  Why do you believe what you believe?  Is your education of the current market derived by newspaper headlines, or do you follow the market, research the numbers monthly and use all available data to help you understand the market at a local level?  Opinions generated without proper research can cost you money and time, so don't be stubborn because you want to believe...

The real estate market in any area of the world is determined by the properties in that market that are actually selling.  It is not determine by what a single Buyer or Seller Wants to be taking place.  The market is what it is and the only decision you would normally need to make is if you can participate in it.

The most recent facts from properties in our market show a flat market, in general.  My opinion is that Flat is actually a good thing right now based on where we have come from.  Last year we were happy that prices were only Decreasing around 2% - 4% annually, so for 2013 flat is an improvement.  Pricing is always the central question when it comes to real estate, but the true drivers are obviously Supply of properties on the market and the demand for those properties.  The demand for single family homes in our market is up 16% from the same period (Jan-June) in 2012.  16% more properties have sold this year and there are 1% fewer homes on the market to generate that increase.  Supply and demand working together have brought the Average selling price of homes up 4% this year...but that is not entirely true.  The larger factor is that all Distressed (foreclosure & Short sale) properties is down by 6%.  Fewer properties priced low will improve the Median selling price more so than fewer overall properties available, or more selling.

Condo facts show that demand is up 5% and supply is Down 11% which has had ZERO effect on pricing.  The average price is the same for the first six months of 2013 as it was in 2012.  All of that along with Distressed condo sale being down 24%!  Wow.  Let me say it again...Condo prices have not moved up at all market-wide this year when compared to last year.  This is true for the Myrtle Beach market.

Land supply still puts us with enough land to last for over 3 years based on the demand, so an extreme Buyer's market remains in effect.

When you remove Land from the equation and divide the number of properties selling in a month into the number available we arrive at a 8 - 10 month supply of properties today.  A balanced selling environment (not a Buyers market or a Seller's market) happens when the supply is around 6 - 8 month supply.

In conclusion, our market is heading in a very good direction.  A healthy direction.  As has been predicted by real estate experts for over 18 months, we are in a long, slow, steady period for pricing.  Flat pricing is expected through 2014 with very low single digit increases to begin in a year to 18 months.  If a "Bottom" is still being discussed then it is past us.  It is in our history now mainly due to affordability related to mortgage rates.  Cash buyer's still have an advantage here. 

Seller's shouldn't expect improved pricing which keeps them from selling if they want or need to.  Buyer's should understand the market to know that demand has eliminated most seller's from considering offers of 10% or more off a fair asking price.  If you want to buy it you better get it before someone else does.  Just ask three of our clients that experienced this recently!

Make it a great day!


Saturday, June 29, 2013


Here is a list of 8 reasons that may be preventing your property from selling.

#1. The Price isn't right for the market.
             The real estate market is fluid and experiences ups and downs with prices changing due to supply                
             demand.  Generally there isn't significant changes in pricing, but could you catch a $500. to $1,000 
             swing in pricing by staying on top of things?  Yes.  Whether selling or buying you have to watch
             not only what has sold recently, but what other similar properties are available that compete with 
             yours or the one you want.  The supply impacts pricing, just as past sales do.  Also, if your selling
             don't price it high and drift it down.  Price it right for the market and expect to receive offers in
             the first 14 - 21 days.  If you hit the market and get no showings or get showings and no offers,
             you've missed the mark.  Plan on staying on the market a while or make the change right away.

#2   Placing a sign and putting on MLS isn't anywhere near enough.
             Today's market demands an aggressive approach to getting the home sold.  In addition to all
             manner of normal marketing, social media and consumer sites, the property must be Featured
             so it stands out and the agent has to proactively push the property out to Buyer's and other agents.
             Be sure the agent you select is aggressive in nature and not passive.

#3   The Listing has to Pop!
             It starts with great photos and continues into a well planned virtual tour.  Between 90% - 97%
             of potential Buyer's will see your property on their computers or smart phones first.  If it doesn't
             Catch their eye on the screen you can forget them ever crossing the threshold.  A professional
             camera with EXTRA lighting is a must!

#4  Buyer's can't see the property.
             Buyer's shop for property at all hours of the day.  I receive the highest number of emailed leads
             at night after 9PM.  They are also out looking on weekends, after work and during your dinnertime.
             If your on the market you have to be open to showings at all times.  You never know which showing
             will be the next owner of your home.  If you own a rental property you have to do your best to have 
              it ready to show between check in and checkout or make sure the renter knows it is on the market.

#5  Your timing isn't right.
             Monitor the market to make sure you aren't hitting the market when there is an overabundance of
            other homes on the market on your street.  If you're forced to sell then you have no choice and you
             can't control what happens after your on the market, but if there are many like yours available then 
             make sure yours is the best.

#6  The house has a stigma or isn't a great as it should be -
             Is your home cluttered or dusty or in need of pressure washing?  Do you have too many counter top
             appliances, or the grass is too high?  Take a few steps away and put on an unbiased Buyer's cap;
             Take a truthful, honest look at your home and compare it against the similar ones in your area to see
              if you would select your house above the others....if you had to do it all over again.

#7  Your too detached from the process.
            There is no doubt that when you hire an agent that you expect them to take care of things and the 
            good ones do.  It is also true that the more engaged a seller is in the process the better the odds
            of getting the property sold.  Two-way communication and having an open mind are essential to
            to a successful conclusion.  Get to know your agent and understand the way they sell, at least to
            the point that you trust them.  Understanding each other and listening to your agents guidance is

#8  Your may have chosen the wrong agent.
            In our local market there are over 2600 licensed real estate agents.  To date, less than half of them
            have sold a property this year (all the way into June). The number of sales an average agent makes 
            in a year is 4.  933 agents have sold 4 properties are LESS this year.  You'll have to get into the top 
            40 agents in the market for sale performance of 5 sales per month in our market.  Make sure you
            get the stats from your agent on what they've sold and what they have listed this year.  Activity
            breeds activity and the top 10% of working agents in this town will always have time to talk with 

Consider this food-for-thought and use it as one of the sources you have to better position you in accomplishing your goals.  Your home is probably your most important asset, so do your homework to make sure the relationship you begin is the right one.  ben@benguyton.com

Monday, June 10, 2013

Is 4% the new 3.5% for mortgage rates?

Mortgage interest rates have remained at historical lows for a long time now.  Sure, they have fluctuated between 3% and 3.875% for over a year, but the 4% threshold has been reached and it may not come back below it again.  The problem with low, low rates is that when the new lowest rate is seen it then becomes the benchmark that all rates are judged against.  Let's face it 4%, 5% for a mortgage are great rates, but it does reduce your buying power.

Rising rates either eliminate your from being able to buy, reduces your ability to cash-flow and investment property, or reduces the size of the home you can purchase.

Rates have now been over 4% for over a week now and seem to be stable.  There is an absolute here; We can't all wish for a better overall economy and expect mortgage rates to stay low.

When are you going to make the decision to buy?

Real estate prices have remained flat all year and demand for properties has remained high.  If the current market continues into next year we will see segments of the market in Myrtle Beach metro start to increase.  Today, it costs you more to buy a property (the same property) as it did last month because of rates.

Could the new low for mortgage rates be 4.5%?

Time will tell.  Are you willing to take the risk?

Wednesday, May 8, 2013

Myrtle Beach Area Real Estate Trends Update

Myrtle Beach Real Estate Growth

Broadway at the Beach
Market indicators point to a national real estate industry powering economic growth in many areas throughout the US. As reported by Bloomberg, the S&P/Case-Shiller index indicates that residential real estate prices have reached their highest growth rates since May of 2006 during the month of February, another indicator to a strengthening housing market.
Sticking to the national trend of the improving housing market, the Grand Strand and Myrtle Beach areas are both experiencing significant real estate growth as sales are up and pricing appears to be climbing. Both single family homes as well as condos are seeing growth and improvement from just a year ago, affirmation of a powerful housing sector in the Grand Strand area.
In February the National Association of Home Builders expanded their Improving Markets Index of  housing markets to include the Myrtle Beach area.  The IMI indicates and tracks improvements in three key areas: housing permits, employment, and home prices.  The improving markets are closely tracked for at least six consecutive months before being included on the index.  The inclusion is yet another indicator of a strengthening market.
Single-Family Home Upswing
Single family homes are experiencing considerable growth in both price and sales. Compared to this time last year, specifically the month of March, sales of single family homes are up 11.6%. This matches first quarter growth as well for 2013 versus growth during the same time frame last year. The pricing for single family homes is also up from a year ago, with numbers experiencing an $18,000 increase in price when compared to March of 2012.
Decreasing Distressed Listings
Distressed homes are properties that are under a foreclosure order or are being sold by the mortgagee and are, at times, offered to the public well-below market price. A great indicator of a growing real estate area is the number of distressed listings from year to year. An area experiencing decreasing and fewer distressed listings points to a growing economy and is a great indicator of a solid real estate environment.
Both single family homes as well as condos saw a drop in distressed listings for the month of March, with numbers showing distressed listings down 11.7% from levels seen in March of 2012. With fewer listings of these properties, new and existing homes are moving the real estate market forward, evidence of a growing national and local economy.
New developments such as The Cottages at 7th, rising prices, and the popularity of the Myrtle Beach area are all reasons you should be starting your search for your dream home soon.  Check out our free whitepaper, Myrtle Beach Real Estate: 5 Things You Should Know, to learn more about the Myrtle Beach area and better prepare yourself to find your dream home in one of the hottest destinations in the US.

Friday, April 5, 2013

Timely Tax Deductions for real estate

As the time to file income taxes approaches, we need to take a new look at the changing tax landscape for homeowners. The dynamic atmosphere in Washington, D.C. has a different effect each year on which tax breaks are proposed, rescinded, changed, and extended for taxpayers who own a home.

Thanks to the efforts of many real estate industry groups including the National Association of REALTORS®, many of the tax benefits that homeowners enjoy–which were on the chopping block over the past few months–have been protected and extended through the 2013 tax season.

Disclaimer – This is only an informational summary of current tax issues in the news. If you need tax advice, please contact a tax attorney or CPA.

1. Mortgage Interest Deduction

The mortgage interest deduction has always been the most-beloved tax benefit of home buyers in the U.S. New homeowners’ monthly mortgage payments are made up almost entirely by interest for the first few years. Their ability to deduct that interest can result in a healthy reduction in tax liability. Affordability for first-time home buyers is directly linked to their ability to deduct the interest on their mortgage.

Homeowners who itemize their deductions can deduct the interest paid on a mortgage with a balance of up to $1 million. While there is some movement to limit the total itemized deductions for taxpayers with higher incomes (over $400,000), the current deductions holds for all tax brackets. Americans save around $100 million every year by deducting mortgage interest on their tax returns.

2. Home Improvement Loan Interest Deduction

The interest on home equity loans used for “capital improvements” to a home can also be a tax deduction. On loans with balances of up to $100,000, the interest is tax-deductible for a homeowner who uses the loan to make improvements to the home such as adding square footage, upgrading the components of the home, or repairing damage from a natural disaster. Maintenance items like changing the carpet and painting a home are usually not included as capital improvement projects.

3. Private Mortgage Insurance (PMI) Deduction

Homeowners who make a down payment of less than 20 percent are usually paying some sort of Private Mortgage Insurance. PMI (sometimes abbreviated MIP or just MI), can be a few dollars to hundreds of dollars per month, and it is a large portion of many homeowners’ mortgage payments.

If your mortgage was originated after Jan 1, 2007, and you have PMI, it can be a tax deduction. The deduction is phased out, 10 percent per $1,000, for taxpayers who have an adjusted gross income between $100,000-$109,000 and those above that level do not qualify. The extension of this tax deduction in 2013 was one of many last-second saves by real estate industry advocates.

4. Mortgage Points/Origination Deduction

Homeowners who paid points on their home purchase or refinance can often deduct those points on their tax returns. Points, often called origination fees, are usually percentage-based fees which a lender charges to originate a loan. A one percent fee on a $100,000 loan would be one point, or $1,000.

On a home purchase loan, taxpayers can deduct the entirety of the points that they paid in the same year. On a refinance loan, the points must be deducted as an amortization over the life of the loan. Many taxpayers forget about this amortized benefit over time, so it’s important to keep good records on the deduction of points on a refinance.

5. Energy Efficiency Upgrades/Repairs Deduction

Homeowners can deduct the cost of the building materials used for energy efficiency upgrades to their home. This is actually a tax credit, one which is applied as a direct reduction of how much tax you owe, not just a reduction in your taxable income.

10 percent of the total bill for energy-efficient materials can be used as a tax credit, up to a maximum $500 credit. Insulation, doors, new roofs, and many other items qualify for the energy efficiency credit. There are also individual limits for certain items, such as $150 for furnaces, $200 for windows, and $300 for air conditioners and heat pumps.

6. Profit on Sale of Real Estate Deduction

If you’ve sold a home in the past year, you’re likely aware that individuals can claim up to $250,000 of profit from the sale tax-free, and married couples can claim up to $500,000 tax-free. Of course, there are some requirements to escaping the capital gains tax on this profit.

The home must be a primary residence. This means that you must have lived in the home, as your primary residence, for two of the past five years. You could rent it out for years one, three, and five, while living in it for years two and four. In this way, a homeowner could potentially claim this tax break on multiple homes within a fairly short time frame, but each tax-free sale must occur at least two years apart from the previous tax-free transaction.

7. Real Estate Selling Cost Deduction

For those lucky folks whose profits on the sale of their home might exceed the $250k/$500k limits, there are still some ways to reduce the tax burden. The costs of selling the home can be significant, and those in themselves can be claimed as tax deductions.

By adding up all of the fees paid at closing, capital improvements made to the home while you owned it, money spent to make repairs to damaged property, and marketing costs necessary to sell the home, you can add a significant figure to the cost basis of your home. This basically raises the original price you paid for the home. Your cost basis begins with the original price of the home, and then adds in the improvement and selling costs. When the new cost basis price is compared to your selling price, it reduces your potentially-taxable profit on the home significantly.

8. Home Office Deduction

The home office tax deduction is often cited as a deduction that increases your likelihood of being audited. While the raw numbers might add some credibility to that perception, it’s really the way a home office is deducted that gets some taxpayers into audit purgatory.

This deduction, when used correctly, is just as safe as any other. Homeowners deduct a percentage of their mortgage, utilities, and repair bills in direct proportion to the amount of their home that is dedicated office space.

There are a few hard and fast rules to live by when deducting the costs of your home office. The home office must be your principal place of business (the primary office location where you get the majority of your work done). It needs to be exclusively used for business (it can’t be your kitchen by day and office by night). You need to be realistic with its size and use (unless you enjoy audits).

9. Property Tax Deduction

New homeowners often don’t know that their property taxes are deductible. While it may sound strange to have a tax-deductible tax, the overall effect is that you don’t pay income tax on money that was spent on property taxes.

Homeowners should be careful to only deduct the amount of property tax actually paid to their local municipality for the year. This is not necessarily the amount you paid to your escrow account, and should not include any other city/county fees that might potentially be on the same bill as your property taxes.

10. Loan Forgiveness Deduction

The Mortgage Debt Forgiveness Relief Act of 2007 was created when short sales were becoming a new and growing part of the real estate market. An underwater homeowner might convince their lender to agree to a short sale of their home at $100,000, even though they owe $150,000 on their mortgage. While the lender forgives the extra $50,000 owed after the short sale, the government views it as $50,000 in taxable income (a gift from the lender to the borrower).

The Debt Forgiveness Act temporarily relieved the taxpayer of that burden, but was set to expire this year. Through much effort, it was extended along with many other homeowner tax relief measures this year and homeowners can continue to claim this tax relief in 2013.

IRS-suggested disclaimer: To the extent that this message or any attachment concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. This message was written to support the promotion or marketing of the transactions or matters addressed herein, and the taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor.

Saturday, March 30, 2013

Whether Selling or Buying...it is time to take action!

Now is the time to make a move – for buyers and sellers alike. The housing market is showing signs of a tepid economic recovery with housing prices showing improvement in many places across the country and mortgage rates continuing to remain near historic lows. How long will this continue? Nobody knows for sure.
If you’ve been tossing around the idea of selling your home or purchasing a primary or second home in the Myrtle Beach area, you’ve found yourself at an optimum time. Following are two factors to consider to determine if this is the right time for you to take advantage of the Myrtle Beach housing market.

1. Timing

The trends over the last several months indicate an increase in residential and condo prices. This is due in part to supply and demand. When supply shrinks, demand tends to rise and thus prices increase. Grand Strand condo inventory trends have shown a steady decline from June 2010 when there were 5,765 listings on the market to February of 2013 where there are only 4,143 listings. Also a help to increased prices has been the decline in distressed condo inventory which has fallen by 39% since August 2010. The trends thus point toward a rise in condo prices which is currently what the market is experiencing.
In regards to the Grand Strand residential inventory, there has not been as dramatic of a drop in inventory levels. The biggest decline though has been the drop in distressed residential listings where there has been a 30% decline over the last two years.
If these inventory trends continue, demand for both Grand Strand condo and residential properties should rise, which will also mean higher prices.

2. Professional advice

The journey of selling and/or purchasing a home is a daunting task in and of itself. You can compound that by going at it alone or working with a novice. The best strategy - seek a professional who knows exactly what is happening in the Grand Strand market.
Be sure to employ the following techniques to find the right professional real estate agent for you:
  • Don’t be afraid to specialize. Not all agents are created equal. Be sure to seek out agents that specialize in what you are looking for (i.e. condos, residential, land).
  • Do your research. Google can help you narrow down your search and discover if the agent and real estate company you are considering is up to the task of serving your real estate needs. Do they look professional? Do they provide online resources that are helpful? Do they have testimonials and references? Do they have a weekly newsletter that keeps you informed on what is happening in the market? Do they care?
If you are in the market to purchase or sell a Grand Strand property, we would be glad to help you. Be sure to grab our free whitepaper, Myrtle Beach Real Estate: 5 Things You Should Know, for insight and information on purchasing a property in the Myrtle Beach and Grand Strand area.

Friday, March 22, 2013

March Update

A consistent factor in nearly all the markets across the nation since late 2007 has been inventory and in many cases – too much of it. Whether this meant a large number of distressed sales, homes that just were not selling enough or buyers lacking confidence to buy – much of America went through a real estate downturn.

Distressed Property Inventory Lowest in Several Years
Today, that has changed. Not only is it a very active marketplace but also we are seeing a complete shift in trends whereas sellers now have the upper hand in lower to mid-level price ranges.

Consider this: just two years ago as much as forty percent of our available inventory was made up of short sales and bank owned properties. Today’s distressed property inventory has significantly reduced. Of our present-day 4,000 or so homes on the market right now, only 4% of them are bank owned foreclosures, which translates to about currently active 180 listings. For condos that number is even lower at just 3.3% of the approximate 3,500 available condos for sale being distressed properties.

Multiple Offers Are Artificially Inflating Prices
What was once very much a buyer-controlled marketplace has complete turned the tables – even for distressed properties. Buyers are up against a lot of competition, particularly in the $200,000 and under price bracket. It is necessary to be prepared to pay close to asking price for many of these homes given the high occurrence of multiple offer situations these days.

As demand continues to rise and inventory keeps dwindling downward buyers will be facing more and more of these situations where prices will be artificially inflated. So far the Fed has not done much to change interest rates and the expectation is that they will last at least a while longer. With fewer distressed properties competing with standard sales now is a great time for buyers to get in on the action.

Sellers Market for Homes Priced $200k and Under
With all the pent up demand from after the Presidential election and then the Fiscal Cliff issue – now there is a lot more consumer confidence and much more buyer activity in the marketplace. If you have been on the fence about selling – this is the time to jump off and consider listing your home before mainstream spring market sellers begin to list.
As always, we provide a market snapshot on our video blog but for a customized look at your own real estate outlook and goals, I invite you to visit us! We look forward to helping you achieve your goals!  Contact us at 877-302-8576 or direct at info@benguyton.com

Tuesday, March 19, 2013

It Remains A Great Time to Buy!

Myrtle Beach Home Prices Continue to Rise

This market growth hasn’t gone unnoticed in the Grand Strand area. Myrtle Beach Online reports that, “Real estate sales showed a continued upward trend in January, with a 10.3 percent boost versus a year earlier in sales of single family homes and a 11.9 percent increase for condominiums.” This trend, present not only in Myrtle Beach but throughout the entirety of the Grand Strand, is beginning to push an ever-increasing amount of people to begin the search for a new home or condo.The Cottages at 7th. | The Hoffman Group
Developments such as The Cottages at Seventh are evidence of the growing housing economy. If you are in the market to purchase a new vacation condo or property, we would be glad to help you. Be sure to grab our free whitepaper, Myrtle Beach Real Estate: 5 Things You Should Know, for insight and information on purchasing a property in the Myrtle Beach and Grand Strand area.

Please look to my team for professional guidance in real estate.  From New Home construction to existing homes and condos, we cover the market with a wealth of experience.  

Thursday, March 14, 2013

Rates Are Rising!

Mortgage interest rates are up a quarter percent over the last week!  With real estate prices stabilizing, inventory going down and interest rates going up....when will it be your best time to purchase?

It is interesting that I am already having conversations with people that say they "missed the market".  Are you kidding??

The "market" isn't a day in time that has passed.  The best buying opportunities are here and now and I expect that to be the case for the next 6 - 12 months.  The quality of properties at the best prices are becoming harder to find, for sure, and the difference between asking and selling price is getting closer, so why wait?

Twice a year it amazes me how many people rush out to retail stores across the Grand Strand for the "Tax-Free" weekends.  These shoppers are saving about 7-9% on their purchase because tax is not collected.  If that same store advertised a whopping 10% off sale for this weekend only would you get off the couch to go?  No.

Right now real estate is discounted much more than 7% - 10% from not only what it was...but what it will be.  Rest assured that what you see for pricing right now will not last.  Our recovery to normal pricing will lag many of the other markets that are seeing appreciation, but it will come to our market.  here are great properties out there at really great prices and the historical interest rates may very well be gone.

Isn't today a good day to start your search?

Let me know if we can mobilize our resources for you!

Have Fun!

Friday, February 8, 2013

The Beat of Our own drummer! What is going on with home values?

Myrtle Beach is different.  We've said this for years and in many different industries.  But, why is it different and what is it different from?

Well, we are different in that for the last year the local real estate market has gone against the trends you read about happening on the national stage.  It is true that our inventory levels have been decreasing and that our demand has been increasing, but our prices are not increasing.  In fact, single family home pricing declined another 2.6% in 2012 and condo pricing went down 3%.  These declines do represent a more gradual decline than past years and the outlook for THIS market is stable pricing as we go through 2013 and begin 2014.  In the national market, the demand has been driven by investor buyers scooping up properties priced at crazy low amounts and using historically low interest rates to finance them.  As the quality properties are sold and pricing in those markets increases we will see sales volume soften and their temporary appreciation stall.  Fortunately, in the Myrtle Beach market, we are seeing Buyer's that plan on using the property as second homes or primary residence drive the demand and while this may not drive prices higher, it will enable us to have sustained growth in both sales volume and pricing over the next few years.
Right now, the inventory levels are rising daily with more new properties on the market than the ones that are selling, withdrawing, or expiring from the market.  This continued daily surplus is what will cause our pricing to become stable and not rise over the next 12 - 15 months.
Any prospect of the average pricing going up will be driven by lower foreclosures coming to market and lenders requiring higher retail pricing on short sales.
We will continue to monitor the market for you and keep you informed of trends here while helping you to interpret the national news regarding real estate.
Have an awesome day!