The summer real estate market has come to an end. Overall, the market has been strong year to date and you have likely seen more appreciation on your real estate in last 24 months than you have in the prior 4 years.
The recent volatility of the stock market has many people calling and asking if it is time to sell. I wish I had a crystal ball and could predict where the market is heading but we both know that is not possible. Some people are happy with the appreciation they have seen in the last 2 years and are either selling for profit or cashing out in fear that the market will dip and their gains will be wiped away similar to past markets. There is not enough information that indicates a dip is coming, yet we are keeping a sharp eye on the market.
I read this last week… "This slip in home values is a sign of the times. Many people didn't think it was happening, but it is: we're going negative," said Zillow Chief Economist, Svenja Gudell.
Comments like this concern me. Too often, perception becomes reality and consumers are influenced when major websites start making comments that the market is heading into the negative. We have not seen a decline in the Myrtle Beach market as of yet.
If you are thinking of selling during the remainder of 2015, I recommend you get started now. We would need to take a very aggressive marketing approach to selling right now in order to best compete for the buyers that are looking in the market today. There is a lot of inventory available for the buyers to view, so the aggressive marketing agents will be the most successful at maximizing your price. I think top dollar will be obtained over the next 6 months.
If you are looking to acquire another property, now is also a good time. You would want to choose and close on a property this year because the low-interest rates will not last forever. You can buy a property right now and lock into interest rates under 3.9%. At these rates, it is like borrowing money for free once you factor in the interest deduction and depreciation against your taxes.
Let us know how we can best serve you and your real estate needs. We specialize in evaluating our clients' real estate holdings to determine short and long-term financial strategies. We are happy to do this with you.
For the condo owners that have been waiting for the rental season to end in order to sell, please call us immediately so we can get started on the marketing. We want to beat the competition to the market and secure a buyer contract before inventory levels rise.
We are happy to be your Real Estate Resource.