Home prices are finally beginning to stabilize and real estate in myrtle beach is seeing improvement in pending sales and solds! If you look at the current market prices, insanely low mortgage rates and the spike we have seen recently in rental prices per month, there has never been a better time to buy a home. Especially when you look back at the price of real estate in Myrtle Beach!
If you are still on the fence about buying a home, whether it is your first home, retirement home, or vacation home, let us help make your decision a little bit easier.
- Inventory is disappearing quickly! With homes for sale in Myrtle Beach selling daily and the inventory of homes declining in many areas, finding your dream home or a home that is most suitable for your needs, is becoming more difficult. Everyday I hear buyers comment on how surprised they are that there is just not enough available in their market and they really thought that there would be more to choose from.
- Location, location, location! It is no secret that the homes in the best locations sell first! If you find a house is in an excellent location at a great price, the chances of it being there tomorrow are slim to none. DON'T miss out on that opportunity!
- Price Increases are coming....quicker than expected! Originally, home prices were projected to remain very low and close to the bottom throughout the winter. However, according to NAR, "many pricing indices (examples: CoreLogic, FHFA, LPS, Case Shiller) are reporting that prices are continuing to rise."
- Rent prices are soaring and have seen a historic increase! According to an article recently published by the National Association of Realtors, "rent prices are expected to increase by 3.2% on an annual basis. A study issued earlier this year projects rent increases of 4% for the next two years. Trulia recently reported that rents this year have actually shot up by 5.4%." I recently had a client who told me that they got a 30 day notice that their rent would be increasing by $200 after the first of the year. They have now decided to buy and cut their monthly payment in half. What will you do?
- Interest Rates WILL be going up! We knew it would happen, we can't stay here forever and when people begin to buy, the rates begin to go up. The Mortgage Bankers Association has projected that the 30-year mortgage interest rate will be 4.4% by the end of 2013. With rates right now sitting between 3.25 and 3.75, that is nearly a full point over current rates. This is critical as it means that the house you want may be just out of reach if you had a higher rate.
- Buy Low, Sell High! You've seen investors do it over the years on homes that needed a TON of work. In this market, you can buy a home low that may not need a ton of work and, wouldn't you agree, buying low insures that you receive equity in your home and buyers begin to see profit when they become sellers. If you make your investment wisely, homeownership can create family wealth and security.