Myrtle Beach Real Estate and New Construction

Posted By @ Jun 23rd 2013 9:56pm In: Posts for Buyers

The homes for sale in Myrtle Beach have been flying off the market in recent weeks! Bidding wars have come back into play and prices are very competitive. What I noticed this past week as I was looking for a home for new clients who were relocating, is the lack of inventory homes in the new construction arena. I must have called a dozen developments asking for a home that was complete or would be near completion within the next 3 weeks. The answer each time was, “I don’t have anything ready but I can build one in 90 days”. For those who are looking for our inventory homes and wondering where they are, they’re SOLD!

New construction in Myrtle Beach has rapidly grown over the past few months and homes are selling faster than they can build them. New phases of development are opening months ahead of schedule because of the demand for new homes and, with the prices coming in lower than some existing homes, I can see why. The construction loan process has taken a back seat to FHA and conventional loan programs as builders are packaging their new homes in such a way that financing a new home is the same process as buying an existing home.

This increases the appeal to buyer as they don’t have to have huge down payments and take draws out to complete their home. If you are looking to buy a new home though, be prepared to wait up to 6 months in some cases for it to be completed. My advice, get in now so your home is ready for the holidays!

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