2011 Myrtle Beach Real Estate Outlook

Greg Harrelson - Myrtle Beach Realtor

First of all, Happy New Year!

I think a lot of us are ready to start off this year fresh with hope that 2011 will offer us some positive news for the Myrtle Beach Real Estate market.  Personally, I believe the worst is behind us. We must all understand that real estate markets typically follow the same path as landing an airplane.  Let me explain...

When you’re flying in a plane, the pilot comes on the speaker and mentions that we are preparing for landing.  Then within a few moments you will start to feel the plane descend. You will notice that the plane is dropping from its comfortable cruising level. During this descent, there are brief pockets of time where the plan is going down fast, and times when we feel the plane is leveling again. It can be a bit confusing. Then, we start to see the runway and the plane levels off, touches the ground, and continues to run flat down the runway until it gets to its final stop at the gate.

Real estate markets are often very similar to the above description.  In 2005, real estate for sale in Myrtle Beach was at the peak.  It was at a cruising level for a good 24 months (approximately 2004-2006).

For the past few years we have been experiencing the market’s descent.  Sometimes it felt as if it was going down fast, then we thought it was level, and it then it dropped again.  From my perspective, the end of 2010 was the start of the final descent which ultimately leads us to a landing.

So what is the outlook for 2011 for Myrtle Beach real estate?

I feel a lot of us will agree that the market is going to find the bottom.  Just like a plane, the market is likely going to land on level ground and sit for awhile.  Remember, real estate markets typically go up, go down, sit on the bottom for awhile, and then start a very slight increase over time.  Most economists predict that this cycle may take 10 years with 4-5 of those years being at levels where prices don't fluctuate very much.

So, what am I saying?

It looks like the market has found or is near the bottom. The question that everyone wants an answer for is, “How long will we sit at the bottom before we see price increases?”

Though we do not know the exact timeframe, history tells us it could be a while.  Personally, I feel that it is good news to know that we may have seen the worst in Myrtle Beach.

Make no mistake, I am not claiming to own a crystal ball. I am committed to doing extensive research of this market and then forming my personal conclusions.  I hope this perspective will at least get you thinking about your investments.  It is a fact that we are working with more qualified buyers today then we have in the past few years, so if you have wanted to sell in the past, now is an opportunity.

As always, we remain committed to being your resource of information for the Myrtle Beach real estate market. If you have any questions, want to buy, sell, or know someone that does...we are here to help.

~ Greg

Myrtle Beach Real Estate

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