September 2014 Myrtle Beach Real Estate Market

Property Tax Increase Letters On the Way

Attention: Myrtle Beach Property Owners!

You may receive a letter this month in the mail from the property tax department that your taxes have increased. Not everyone will receive a letter so if you do not get one then that is GOOD news. The only people that will receive a letter are those whose property tax value is increasing. Let me know if you have any questions because you will only have 90 days to APPEAL your property's value to lower your tax bill. I am here to help.

Here is the link to the County Assessors office is you want more details on property taxes and the Appeal Process.

Click Here: Property Tax Appeal Information

As you know, we are approaching the 4th Quarter of the year and there have been a lot of changes occurring in our local market, as well as the market across the United States. This month, I want to discuss a few random subjects that are circulating through the real estate industry.

Some of these will impact your real estate values as well as the way real estate transactions are being conducted.

First, I want to discuss Zillow Zestimate:

Many consumers are using Zillow as one of the websites they use to determine the value of their property. I also look at Zillow from time to time to see all the homes that are for sale in a particular market.

It is important that you understand that the Zestimate is often inaccurate. It is important to know that I am one of the biggest advertisers in our market on Zillow, so this is NOT intended to be negative about what Zillow offers. I just want you to know that I had represented a seller on their property where Zillow said their home was worth $50,000 less than what we could sell it for in today’s market.

My point: Be careful on making final decisions based on what websites say your property is worth. A lot of the data is based on averages and if there are lower priced properties in the same Zip Code than that could mean an inaccurate assessment of your property's value. Just email us if you want an accurate report of what a property would sell for in today’s market.

Second, I want to discuss the term "Seasonality":

Yes, the summer is over but that does not mean that our market slows down. When researching sales throughout the last 12 months, you will find it interesting that there are sales taking place in every single month of the calendar year.

My Point: The market changes very little from season to season, yet the type of buyer that buys changes based on the season. For instance, younger families tend to by in the summer because their kids are out of school. Retirees and golfers tend to buy during the fall and spring, and snowbirds purchase in the winter. There are always buyers in town. We just have to know WHO the buyer is. This influences the way we market our listings.

Third, I want to discuss market conditions:

The first 6 months of 2014, the market was on fire. The last few months have been stable and a little flat. Inventory is increasing a little while sales are dipping slightly. I do not have many concerns about our market, yet there has been a shift towards a normal market again.

I hope this information is helpful and please let me know if you have specific questions regarding our market. Our goal is to empower property owners with the information necessary to make great financial decisions. Let us know how we can help you or your friends.

~Greg Harrelson