Is it a Seller's Market?
There is no doubt that March was the strongest month of the year. Residential home sales are on fire while condo sales were up over 30% over March 2016. Even vacant land sales increased 7.8% although the prices are still below the same time last year.
What is going on?
We are seeing a slight increase in interest rates but that is being offset by low inventory which makes the buyer have to compete for the listing. In many cases, we are able to market a property in a way that attracts multiple offers. We recently had a sale where we had 7 offers at the same time and the property sold for more than full price.
As you can imagine, builders are racing to buy land for new developments and build new construction. They are putting up homes as fast as they can and a huge percentage of "would-be" resale buyers are choosing to buy new construction because of incentives and selection.
If you have a property you are thinking of selling, you want to get on the market and take advantage of this seller's market. Too many property owners missed their opportunity to sell last time and that ended up costing them thousands of dollars.
Throughout the year, we are committed to giving you market updates that will keep you informed as to what is happening in the market.
Here is a very detailed report on what is going on in the Myrtle Beach market:
It is important that you keep an eye on the market. Generally, the market is influenced by Supply and Demand. As of now, supply is very low yet we know that the builders are doing everything they can to produce more supply fast. When supply starts to increase again, we could see slower sales or a decrease in prices. That is a common cycle that we see in the real estate markets from time to time.
We see the next quarter being another good 3 months for those looking to sell. If there is anything I can do for you, please let me know.
We have buyers waiting for properties to come on the market. They have seen the few listings on the market in the area they like but nothing fits their needs. Some buyers are waiting on the sideline and as soon as one comes on the market, they will look at it and likely make an offer.
As always, we are committed to helping you with all of your real estate needs. You can feel free to call or contact us anytime.