Buy Myrtle Beach Real Estate Now or Wait
The following is an example of why you may not want to wait to purchase real estate in Myrtle Beach or the surrounding area:
If a buyer has 20 percent to put down and sees a $300,000 home, today, he can borrow at 4.5% and pay $1,216 per month. However, if a buyer waits four weeks for a price reduction to $285,000 on the same house and the interest rate has gone up to 5.5% the monthly payment would be $1,295. That's an increase of $79 per month even though the house is selling for $15,000 less.
It is expected that interest rates should gradually rise to 5.5% by the end of 2011 and average 6.0% in 2012.
The number for sale of Myrtle Beach homes, condos, and townhomes decreased from April through July 2011. Only residential lots / land showed an increase in availability during that same time period.
The US Treasury Department recently recommended the elimination of Fannie Mae and Freddie Mac. It may take several years for it to happen but it seems that they will become a thing of the past and mortgage loans will become harder for those wanting to buy or refinance. If you are waiting for lenders to loosen their mortgage requirements you may want to reconsider and not wait too long.
Have You Ever Thought About Buying Real Estate In Myrtle Beach, South Carolina?
Real estate prices in the Myrtle Beach area were below other east coast properties through 2004. During the beginning of the real estate boom this area was simply trying to match what property was really worth. Speculators and greed took over as we saw the cost of an ocean front condo increase by a hundred thousand dollars within weeks. Even after the crazy days ended real estate sales continued until the mortgage problems began to surface. The media made things sound worse and day after day all we heard was basically "the sky is falling". Those that could make a real estate purchase feared the worse was yet to come because that is what they heard day-after-day. Just think, if the media had not made things worse and if people that could afford to purchase real estate had done so, builders would have continued to buy materials and products, suppliers would not have laid-off employees, so-on and so-on.
Today, we are seeing a rapid increase in Buyers coming to the Myrtle Beach area. Those ready for retirement have decided they are tired of the cold weather in the northern U.S. but do not want constant hot weather. Since new construction homes are available in the high $100,000 price range many are cashing in their declining investment accounts to pay cash for a perfect home.
Myrtle Beach Condos For Sale
July 2011 the MLS shows 3,982 Condos For Sale throughout the Grand Strand
Myrtle Beach Townhouses For Sale
July 2011 the MLS shows 435 Townhomes or Duplex Units For Sale
Myrtle Beach Lots / Land For Sale
July 2011 the MLS shows 3,820 Residential Lots For Sale and 36 Lots zoned for Manufactured Homes