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Everyday, it seems, I come across someone who asks me how the Myrtle Beach real estate market is doing and then.....I get that look. The assuming looking that I will respond with how slow it is or how hard it is. I always respond with a great big smile and a question, "Did you know, home prices are rising rapidly?". The truth is, they are! According to NAR, "experts are not only projecting that house values will increase in 2013, they are also more optimistic in the level of appreciation they are projecting as the market begins to heat up." This is great news for sellers!! For buyers, it adds a bit of pressure.
By the end of 2013, experts originally believed that we will see an average increase in home values up to 4.7%. Since the initial report, "home prices continue to show momentum amid shrinking inventory and record high affordability, prompting us to revise up our original forecast of 4.7% for home prices this year. We now expect national home prices, as defined by the S&P Case Shiller home price index, to increase 8% this year.”
When demand continues to increase along with sales, interest rates, that have been historically low, will begin to rise as lenders become less stringent and more willing to invest again. Long story short, if you are thinking of buying......sooner would be better than later.