It is official! The real estate market is more active now than it has been in years. We are very busy showing properties and writing contracts.
Take a look at what is going on:
Grand Strand Residential Market:
Single Family Homes have been selling at a much greater pace than this same time last year. We have recorded a 14.1% increase in home sales during the first 2 months of 2015.
Grand Strand Condo Market:
The year to date sales for condos has declined by 5.9%. The condo market is not nearly as strong as the residential market, yet we are anticipating an increase now that we are in spring. We know the we are going into the great selling season.
Residential Lot Sales:
Lot sales in the area have struggled over the last 6 months. In February, sales were down 33%. We know that builders were buying a lot of land in the past few years. They have slowed down their purchases because they have so many lots in their inventory. This has had a significant impact on lot sales in our market.
Even though the condo and land sales have struggled in comparison to residential home sales, the market remains to be very active. The key to selling lots and condos in today’s market is to make sure they are priced fairly and marketed aggressively. Too many listings are on the MLS and are not being actively marketed. It takes more to sell these properties than just listing them in the MLS.
Personally, I believe this is the perfect time to be selling a property. The market is active, interest rates are still low and there is a fear that interest rates will increase. Concerns about future increases are convincing buyers to come to Myrtle Beach and purchase property now, while they can still get a good rate and keep their payments down.
I had a buyer tell me that they planned on buying in 2017, but because they fear interest rates will increase, they have decided to buy now. We are having this conversation more and more these days.
If you need help along the Grand Strand than we want to earn your business. If you ever need a great agent in another market, let me know where, and I can recommend an agent from my Preferred Agent Network. An active and knowledgeable agent will get you more money than an average agent!
Let us know how we can help you.
~ Greg Harrelson