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Hello everyone and welcome to my new Myrtle Beach video blog where I'll be updating you on the Myrtle Beach real estate market and also giving tips and pertinent information to you. For the first installment of this video blog, I'm going to be recapping what happened in 2013 and also making some predictions about 2014.
Expect Sustainable Growth in Myrtle Beach for 2014:
- 2013 was a record-breaking year: Residential sales skyrocketed by 19.5% and condo sales rose an astounding 15.2% while median home prices escalated by 6.5% and median condo prices went up by 4.8%. This was a nice, steady growth, as opposed to overwhelming and unsustainable growth.
- Expect continued growth in 2014: Our growth should remain steady and sustainable this year. Expect most growth to take place in the spring when the market heats up. Distressed inventory is also down by 31%, so there is much less competition out there for traditional sellers. Also, people who were underwater before are now able to sell because they have the equity to do so.
- Interest rates: There has been lots of speculation surrounding interest rates, which are expected to rise to 5.5% from our current 4.3%. This is often an uncontrollable variable when buying a home, so buying sooner rather than later could help buyers.
If you have any questions or comments, call me at (843) 222-9265 or email me at vip@srgmail.com
Thanks for tuning in. I'll be seeing you again soon.
