June 2017 Myrtle Beach Real Estate Market

Inventory Shortage? Prices Going Up?

As I mentioned in last month’s newsletter, the local real estate market has been extremely active. As a matter of fact, we are seeing inventory shrink to the point of nothing being available for sale on the market in some buildings and communities. In many cases, there are qualified buyers waiting for a property to come on to the market. Of course, there are some buildings or communities where this is not the case, yet that is few and far between.

The best part of our inventory shortage is that we are able to get higher prices for our sellers today. I recently sold a property for more than full price AND over the appraised value. That has not happened for years, but is an example of how HOT our market is today.

 If you are thinking of selling in the next year, you MUST consider it right now while there is little competition.

If you are not thinking of selling, no problem. I am just happy to be able to report to you how the market is active and your asset is performing.

Yes, prices have increased this year in nearly all categories. Homes, condos and raw land and lots are all seeing improvements in price, as well as selling time. The amount of time it takes to sell has decreased.

I advise all property owners to review their property's current value. You may be surprised at the price you can get for your property right now.

As usual, I will never attempt to convince you to sell if you don’t want to, yet I have to inform you that this is the time to get your property sold if you have any interest at all.

Those that own condos on a vacation rental program - this is the time! You can list at a higher price, find a buyer and close it at the end of the rental season. That is the best of both worlds because you get a high price, the major portion of rental income and you get rid of the property before the negative cash flow months.

Those that own homes they want to sell - this is also the time. We are seeing a surge of buyers looking to relocate over the summer months. Demand is very high this time of year and the supply is very low. When demand is high and supply is low…it is a Seller’s Market!

I’m sure you can tell by my tone that I am very excited about the opportunities in this market. I am not only excited, but I also feel a sense of urgency. I have seen too many people watch the market go up thinking and hoping it would continue to rise and all of sudden the market shifted and they missed their opportunity to get a high price. We will never know the future until it has already passed and I think it would be wise to evaluate your real estate holdings and see if this is the time for you to exit at a high price.

As always, we are committed to helping you or anyone you know with their real estate needs. We study the market daily and report on it monthly making us your Preferred Real Estate Resource.

Please reach out to us if we can be of service.

Your Realtor,
Greg Harrelson