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.