Well, it's the first day of 2013, and the beginning of a new year of "statistics" for the national real estate market. I thought I would start this year out by posting an article from one of my Realtor buddies in Myrtle Beach, South Carolina at the Harrelson Group. We like to confer about changing market conditions nationally on a regular basis to gauge the overall level of consumer activity and confidence in the economic recovery. I asked Greg to write about the condo market in Myrtle Beach to see if there were any similarities with the Las Vegas market since both are considered "resort destinations."
We don't need to talk about what happened to the prices of condos that were purchased between 2005 - 2009. What we need to start talking about are the changes that are taking place in the Myrtle Beach real estate market right now.
The real estate market in Myrtle Beach is starting to become extremely active and local realtors and potential buyers could miss a huge opportunity if they don't pay attention and get into action. Too many prospective buyers are sitting on the sideline wondering if the latest activity is real and trying to figure out what it means. Here are some of the changes that happened this week alone....you decide what it means.
- This week, a few condos were listed and sold the same day in the MLS. Sold in 1 Day!
- This week, dozens of listed condos and homes in the MLS received mulitple offers. The demand for some of these condos in Myrtle Beach has tripled due to the lack of supply.
- The availability of active condos has decreased forcing more competition amongst those that want to purchase.
- Foreclosures have declined and it is rare when one is listed that doesn't receive 5 offers within the the first week.
To be successful, you need to recognize the changes and respond with action. Again, too many people are sitting on the sidelines watching all of this take place and wondering when they should purchase.
We've all heard the term..."You snooze, you lose."
The market for Myrtle Beach condos, homes and lots for sale has shifted. The prices of vacation and residential condos are already starting to increase. This is good news for the economy and all sellers, but if you're waiting to buy, don't wait much longer!
I fully expected there to be some similarities between Myrtle Beach and Vegas. What I didn't expect was that their market conditions would be exactly the same as ours. I could have written this article myself, word for word, about Vegas! Rising prices, multiple offers and low inventory. And a heck of a lot of nervous buyers still sitting on the sidelines who may miss the appreciation boat again.
Greg Harrelson+ is the founder of C21 The Harrelson Group in Myrtle Beach, SC. He's been selling real estate in the Grand Strand for over 15 years and is a well known career coach, speaking at seminars nationally.
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