Finally, the Myrtle Beach real estate market is Extemely Active!
As anticipated, the market in the Myrtle Beach area has come back to life. I am sure you are hearing conversations about how great the market is at this time. It seems to be the most popular thing to report in the local newspapers as well as the local news channels. In this month's update, I want to share with you a few things to be excited about in terms of this 'shifted' real estate market.
1) We have delivered multiple offers to many of our sellers creating a bidding war. Typically, we will get our seller more money than the most recent sales. Multiple offer situations are mostly influenced by an aggressive marketing plan.
2) The days that it is taking us to get an acceptable offer on our listings is shrinking. In many cases, we were able to get an offer on the property within the first 30 days of it being listed for sale.
3) The number of Expiring Listings that drop off the market daily has decreased. This means that more of the active inventory is actually selling prior to the listing agreement expiring. A good sign for the seller.
4) The number of people looking to get a real estate license in the area has increased. When there are signs of an improving real estate market, more people seek a career in real estate in hopes of making some quick commissions.
Let's Not Ignore......
We need to make sure that we remain logical when making real estate decisions. It is times like this that we need to keep current with the changes of the market and we need to understand how these changes actually impact our real estate holdings.
Many property owners have been waiting for the market to shift like this before they listed their property for sale. So, this means that we will likely see a huge rush to list properties for sale towards the end of the summer. There are many owners that are sitting back watching the market and determining that they will sell in late summer. Some of them will do this because of rental revenue and some with do this because they feel the market will be stronger duing the summer months.
Be careful: A lot of owners are likely going to list their properties for sale after the summer which could create an over-supply situation. As you know, when supply is too high...prices usually decrease. Do not ignore the Law of Suppy and Demand!
Personally, if I were going to sell in 2013, my goal would be to list it now and have it sold by August. This strategy would likely attract me the highest selling price, reduce my risk of competing in an over-supplied market, and eliminate my need to hold the property through the next winter.
I hope you find this information helpful. As always, I am committed to you being the most informed consumer in our real estate market. The more informed you are then the better decisions you make.
Please let us know what we can do for you. We strive to be your best resource for Myrtle Beach real estate!
Greg Harrelson & The Harrelson Group