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Lately I have been hearing a lot about the Myrtle Beach real estate market and the upcoming election. A lot of sellers have decided to wait for the election results before deciding if they will list their homes or wait. I thought I would address some of these questions and provide some helpful information on where our market is right now.
The Myrtle Beach real estate market has seen a jump in sales during the third quarter and they are continuing to rise in the single family market. According to the MLS, the sale of single family homes rose 17% July through September, when compared to last year during that time frame. Buyers are seeing value in Myrtle Beach real estate, investors are still continuing to purchase, and new construction is up and continuing to grow.
Looking toward next month and the impending election results, our next President will have some major housing issues to deal with. Consumers have questions about the availability of mortgages, affordable mortgage rates, and what will be the government's role in the housing industry, especially with regard to government backed lending like Fannie Mae and Freddie Mac.
Neither Romney nor President Obama has provided a specific plan for the housing market or mortgage lending. However, if President Obama is re-elected, most believe he will continue adding to his programs which are already in place, such as foreclosure relief, mortgage loan modifications, and expanding refinancing options for home owners. One major difference between the two would be their stance on the Dodd-Frank Act. President Obama is expected to continue to push for new housing finance rules under the Dodd-Frank Act, while Romney, if elected, is expected to repeal Dodd-Frank, according to the Washington Post. He also would likely replace it with regulations that would make it easier for the private sector to be a stronger player in the mortgage market, The Washington Post reports. According to the National Association of Realtors, housing analysts say that the next president will likely have a big influence over the mortgage market, such as determining how much of the real estate market could continue to be subsidized by the federal government.
“The decision will have a huge influence on the housing market and the price of real estate, both for the lower end of the market that competes with affordable rental housing and the higher end that has lagged, partly because of lower limits for the size of mortgages that can be purchased and resold by Fannie and Freddie,” The Washington Post reports.
One last factor to consider regarding the election, the next president will also have to decide whether to ease up lending standards to make it easier for more people to qualify for a loan and the amount of down payment needed to buy a home.
The long and the short of it, nothing is going to happen overnight. If you need to sell your home and move on, now is a great time to do that. The winter months may be viewed as a dormant time in the real estate market, but that is untrue. When you list during the winter months you have the opportunity to stand out and be the home that buyers will see rather than just another house in a sea of homes. The buyers who are looking in this market are serious and qualified, especially those who are looking to purchase during the winter months. We have overcome many obstacles in the housing market and I'm sure there are many more to come, but, we are more equipped now than we have ever been to handle any situation that comes our way and that is no small feat!