Is it a buyer’s market or a seller’s market right now in Myrtle Beach? As local experts in the Myrtle Beach real estate market, this is a common question we get asked.
The answer is: it depends…
The State of the Market for Buyers in Myrtle Beach SC
First off, it really depends on the property type and location.
Single-family homes in desirable locations that are priced well have been selling quickly. There’s a lot of demand in the market for certain areas, while others can seem like they are being forgotten about.
Buyers are often looking for the same thing – good neighborhoods, good schools, close to work, proximity to amenities, etc. Properties that deliver all these are definitely a hot commodity. And with all of the new homes being built, newer construction and newly rehabbed houses are definitely what buyers want. Sellers with a highly desirable property are in control of the market. So this is likely your competition.
But for condos and townhouses – especially those with high HOA fees and special assessments, older and outdated buildings in need of repairs, less amenities, or with some outdated features – it can be quite a different story. Prices were down in certain areas of Myrtle Beach, but seem to be rebounding as the rental market increases.
Investment properties are in demand. The massive amounts of cash from up North flooding in to invest in Myrtle Beach real estate have impacted the Myrtle Beach market in unique ways.
Overall, those people in a position to pay cash for properties have been picking up the good deals in the marketplace.
Lots of sellers are trying out speculative prices just to see if anyone bites, but most investors are walking away from deals that don’t pencil out. At the end of the day, all experienced investors have buying criteria that they stick to, and if it doesn’t make sense then it’s on to the next deal.
Financing is still a major obstacle for buyers. Banks are being incredibly strict, requiring lots of money down, proof of financials and wages, and even changing their terms at the last minute. It’s not uncommon for approved buyers to get their loans pulled right before closing, although it’s getting better than it was just a short time ago.
Overall the markets remain incredibly polarized – there is a lot of action at the very top and the very bottom, with the biggest challenges in the middle. The high end market is on fire, with lots of out-of-state cash buyers looking to buy ocean-front properties to use as second homes or vacation rentals. Carolina Forest is also hot, with many buyers from up North moving into new construction homes in this centrally located section of subdivisions within a desirable school district. On the other end of the spectrum, houses under $75k and condos under $50k are also moving quickly, with investors snapping them up. The $100k-$200k price range remains an interesting and confusing segment of the local Myrtle Beach real estate market.
Sound confusing? It is. But We Can Help.
There’s a lot of shakeup in the US economy still taking place, and the markets are moving fast in lots of directions at once. Where the real estate market is headed is anyone’s best guess. But that’s not stopping us from buying properties.
We’re investing in Myrtle Beach because we believe in the community and the people here.
If you need to sell a property near Myrtle Beach, we can help you.
We buy properties like yours from people who need to sell fast.
Give us a call anytime 843-732-3529 or fill out the form
over here today if you’re looking to sell a Myrtle Beach house fast!
We’ll evaluate your house, make you a fair all-cash offer, and you can decide if selling your house to us is the best fit for you. We’re here for you, just reach out and let’s chat.
Get treated like family with Belle Coast Properties. We simplify the house selling process… check out our testimonials here.
