Myrtle Beach Home Sales Still Gaining Ground

Greg Harrelson - Myrtle Beach Realtor

I am happy to report that we have experienced another great month of sales activity. Fortunately, our hard work over the Winter is starting to pay off and a lot of our database leads are starting to come to the beach and write purchase offers.

It is not uncommon to see a spike in activity leading up to Spring with a flattening off period during the Summer and a mild decline towards the end of the year. For those of you that have been around the Myrtle Beach real estate market for awhile, you have seen this time and time again. I have always told my clients that selling early in the year typically brings more money than those who wait until after the Summer.

In preparation of this month's update, I conducted a conference call with about 15 great agents around the market in addition to a few private conversations with some of the area's leading bankers. For the first time in awhile, there was a lot of agreement on some critical points.

This month, I want to share with you what you would see if you were a working real estate professional in Myrtle Beach. In other words, let me show you what it looks like in the trenches of the local market. The following 5 things are happening while we speak....

1. The number of listings are decreasing in all categories: Condos, Homes, and Land

2. The offers from buyers are realistic now. Low balls still exist yet they are decreasing quickly.

3. At my office, we are averaging 75 showings on our listings every day. This means buyers are in town and they are looking to buy.

4. As a company, we have increased our internet exposure and it is showing up in the amount of emails and phone calls we are getting on our listings.

5. We have been able to negotiate a higher price for some of my sellers than we could have last year.

6. Listings are taking less time to get sold. Days on Market is on the decline.

The above information is good to see after going through the last 5 years of this volatile real estate market. It is easy to jump to the conclusion that the market is recovering, yet we want to be careful before we celebrate. I will be the first to tell you that I feel we are stabilizing as a market. The key thing to remember is that real estate markets in general go up and down over longer periods of time. They don't typically change overnight.

The market is showing signs of a very strong Spring and Summer. That means the next 5 months should produce some great results for owners that are looking to get their Myrtle Beach property sold.

The above information are all points that I feel are very positive for our market.

There are two things that we could be facing soon that are worth noting:

1. Interest rates are on the rise. This is one reason why we are seeing more buyer activity right now. Buyers are wanting to buy before rates go up. Historically, higher interest rates slow down sales.

2. After mid-summer, we may see another slow-down due to higher interest rates, higher gas prices and the fact that the selling season tends to decrease as the fall approaches.

In summary, if you are thinking of selling, now is a great time and as always, if you are thinking of holding then you must prepare to hold on for around 5 years to give the market plenty of time to settle down and become normal again. Remember, normal is not 2005 or 2006 prices.

We are here to help you in any way possible. Our goal is to help protect your equity and for those without equity, our intention is to minimize your losses. Be assured, We are committed to working harder than ever to help our clients reach their goals.

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