Today I’m unboxing one of the newest technologies that we’re implementing in our business to complement all the others we have that specifically cater to virtual reality home tours in the age of COVID-19. We had been using Matterport in-house, but we recently got a quicker, more consumer-friendly tool: a RICOH camera. This tool is helping our homeowners get more online traffic to their listings so they can attract buyers to their property without them having to see it in person. To learn more about the RICOH camera and how it makes virtual reality home tours simple, watch the short video above.
It’s time for a brand-new market update this spring. February’s numbers are in, so we’re going to compare them to what we saw in 2019.
In January, you’ll remember that we had a 20% increase in the average sale price to go along with a 10% increase in sales. Things aren’t quite that crazy in February, but we still saw some very encouraging numbers. Although sales were up just 2.5% from February 2019, the median price was up 11% to $249,007. I believe one thing driving that average sale price up is the lack of inventory.
Inventory is down 21.2% from where it was last year and we have a record-low 4.2 months of inventory. There are 53,000 active buyers on our website, and there simply aren’t enough homes for them. If you’re thinking about selling, this could be a huge opportunity for you.
Condo sales are pretty much flat from last year. They were down 0.9 % from 423 to 419. Prices in this market are still up 9%, though. The median price is right at $135,000. Inventory is down 11.3% for condos, with supply hovering around four months' worth.
In just the past week, we’ve seen interest rates for 30-year mortgage rates hit 50-year lows as a response to the coronavirus. If you're thinking about making a move in 2020, it could be a great time. If you just want to refinance, you could lock a rate in the 2% range.
There might be some consumer confidence issues in the future, but the window is open right now for home sellers and homebuyers to take advantage of the current demand. Right now, you have a lot of buying power with these low rates.
If you have any questions for me about the real estate market or your personal situation, don’t hesitate to reach out via phone or email today. We look forward to hearing from you.
What do the latest year-over-year numbers tell us about our Myrtle Beach market as we make our way through December? Last month, we saw some very surprising numbers, including a few records being set. In November, single-family resale home sales rose 16.2%, and the median sale price rose 4.1% to $230,000. In early 2016, the median price was $179,900, so you can see how much it’s increased over the years. The key number, though, is inventory, which dropped 13.2% to a new low of 4.6 months. Since 2016, the previous all-time low was 4.9 months. This means there are hardly any resale homes on the market as we come to the end of 2019. As a result, we’ll see prices rise considerably in January and February of 2020. If you’re thinking of selling, this is a great opportunity because there’s less competition. After the holiday season, there’s typically an influx of inventory.
If you’re thinking about selling in the next couple of months, take advantage of this low inventory.
New construction sales dropped just 0.8% compared to November 2018, and the median sale price dropped 4.2% to $250,000. Most of this drop, in my opinion, is due to the diversification of the new construction market. Inventory, meanwhile, rose 2% to five months. As far as condos go, sales rose 0.8%, and the median sale price rose 9.6% to $142,500. Inventory for condos dropped 9.4% to 4.8 months. These numbers make it clear: The word’s out on Myrtle Beach. Our market has gotten so much national attention for our affordability, and we’re seeing a lot of people move here to take advantage of better deals. As I said, if you’re thinking about selling in the next couple of months, take advantage of this low inventory. If you have any more real estate questions or you’re thinking of buying a home soon, don’t hesitate to reach out to me. I’d love to speak with you.
What’s the latest news from our Myrtle Beach market as we move through April? Here are the year-over-year numbers from March. Single-family home sales dropped 3.8% from 497 to 478, which isn’t a huge difference, but if you consider the fact that there were only 355 single-family home sales in February, these numbers are great news. The median price for single-family homes jumped 7% to $230,000, while the level of inventory dropped 3.6% to 5.3 months. The average days on market dropped 9.9% to 118 days, which means homes are selling quicker.
New construction home sales also dropped 8% from 275 to 253, but as with single-family homes, this represented a significant jump compared to February’s 234 sales. The median price for new construction homes rose 7% to $261,000. Inventory also increased 1.9% to 5.5 months, but the average days on market dipped 1.5% to 195 days.
Condo sales, meanwhile, rose 2.9% from 478 to 489. As for single-family homes and new construction homes, this was an increase compared to February’s sales, of which there were 422 in this case. These statistics indicate we’re in a seller’s market. Right now, everyone’s getting that spring itch. Homeowners from up north are itching to move down here, while local residents are itching to get outside and have some fun in the sun. Whether it’s resale homes, new construction homes, or condos, the most home sales consistently take place in our market from May to June. If you are planning on selling your home, you need to do it as soon as possible if you want to take advantage of these conditions. Buyers also have a great opportunity in front of them, because last month was the best month for mortgage rates we’ve seen in the last decade. Rates were as low as 4.02%, so now that so many buyers who were on the fence about purchasing will be looking to buy now, our market is a perfect storm for sellers and buyers.
As always, if you want to know more about our Myrtle Beach market or you’re thinking of buying or selling a home, don’t hesitate to reach out to me. I’d love to help you.
We have the latest numbers for our Myrtle Beach market, just in time for the spring selling season’s arrival. Here’s what they say.
Single-family home sales declined by 1.1% with 351 sales; however, prices increased by 12.5% last month alone. The median price was $224,950. There was no year-to-year change in the supply of homes for sale, which is currently at 5.2 months of inventory. Anything below six months is a seller’s market and anything above is a buyer’s market, so this means now is the time for sellers to get their homes listed.
Interest rates also hit a 12-month low and are currently at 4.4% for a 30-year fixed rate. This means buyers will be jumping off the fence and into the market, and you’ll want to take advantage of it.
There were 215 new construction home sales last month, which is typical of the last few months. We are seeing, however, a bit of softening in the market. New construction prices are up 8.3% compared to last year, which is a smaller increase than what we’ve seen in the recent past. The median price is $255,500. New construction inventory is at 5.4 months, a 3.8% increase from last year.
As we head into the spring market, we’re well insulated from the factors that are affecting other markets throughout the country. While a lot of places are experiencing a slowdown, we have a great seasonal market and are a beach destination. People will be selling their homes up north and moving here.
There were 406 condo sales last month, a decrease of 1.2%. Their median price is $124,900, which is an increase of 6.8%. Condo inventory also increased to 5.3 months, an increase of 3.9%.
We’re definitely going into a great season for buyers and sellers alike. If you have any questions or would like more information, feel free to reach out to me. I look forward to hearing from you soon.
We have the brand new market numbers for last month, and there were some BIG increases! Now is a great time to make your move as a buyer or seller! There was a HUGE jump in both sales and prices for the month of August, following a July where sales numbers were almost flat.
Single-family home sales are up 19.7%, and the sales prices for resale homes are up 15.9%. In July, the median sales price was $199,000, and that number jumped to $220,300. A combination of low inventory and significant drops in interest rates led to both sales, and price increases.
Interest rates dropped to 3.85%, which created a great opportunity for buyers to enter the market who were still on the "fence" so to speak, and it also enticed others to enter the market.
Inventory has now crossed below that six-month line from a buyer’s market into a seller’s market. Right now, there are only 5.7 months of inventory available. That means that if no other homes came on the market, it would only take 5.7 months to sell all of the homes currently on the market. Inventory has dropped 18.6% year over year, which is part of why prices are jumping up.
On the other hand, new construction sales are down 4.4%. There is simply less inventory available. The good news is that prices are up 9.4%, so our market has seen almost double-digit growth in prices compared to August of 2016 which is great news for sellers.
Low inventory and surprisingly low interest rates have again contributed to major price increases.
People often ask if they should sell in the fall market, and you definitely want to take advantage of current market conditions. People are still coming to Myrtle Beach to look for homes, but these buyers are a little different from the ones we see in the summertime.
That said, our market is not as seasonal as most think. A lot of people make the mistake of thinking that after summer, the housing market just dies. We have a mild climate and fairly nice weather year round, so we will continue to see quality buyers this fall. If you’re thinking of selling your home, you should list this fall and take advantage of those price increases.
Condo sales are up as well, increasing 11.3% last month. Prices dipped 1.5% to $118,375, but that number will jump back up. It all has to do with inventory. Right now, there are 5.5 months of inventory, which is a 32.1% decrease compared to condo inventory in August of 2016.
The market is really being driven by supply and demand right now. Low interest rates have buyers coming out in droves, so if you’re thinking of selling, now is the time. You may have more equity in your home than you think.
Just last week, we closed on a $2.25 million home. We closed on a $1.6 million property two weeks ago. We are selling everything across the board and we are in touch with buyers around the country, so reach out to us if you have any questions about selling your home this fall. We would be happy to help you!
Today, I’ll go over how a Trump presidency will impact the real estate market. Specifically, we’ll discuss down payments, interest rates, Fannie Mae, Freddie Mac, new construction, and more.
Everybody in the world is asking about the Trump effect on the real estate market, so I did some research in order to give you an idea of what will happen to the market over the next year. I have to say, I feel very bullish about the 2017 real estate market, and so do many of the experts. From a policy standpoint, a Trump presidency could be a real boon for buyers who have been struggling to come up with a hefty down payment. Trump has promised tax cuts which, combined with shrinking the brackets down from seven to three, will make it easier for buyers to come up with a down payment. These tax cuts should also help boost the luxury market, which has been struggling nationwide over the last couple of months. Many experts feel that the promised tax breaks will reenergize the luxury market.
We’re feeling very bullish about the 2017 real estate market.
However, many people are wondering what will happen to Fannie Mae and Freddie Mac. Many Republicans want to shrink Fannie Mae and Freddie Mac, or do away with them completely. If Fannie and Freddie don’t survive the Trump administration, it would be very unfortunate for the real estate market. Those government-backed loans are pivotal to getting 30-year fixed rates for everyone who wants to buy a home. So why do away with these institutions? Critics claim Fannie and Freddie made some bad business business decisions in the past to buy subprime mortgages and create an internal hedge fund. Although Fannie and Freddie have made significant management changes and repaid all the taxpayer bailout money, Republicans may want to do away with them to punish these institutions for their past errors. Today, Fannie and Freddie are led by technicians providing a government guarantee on soundly-written mortgages. If there is anything wrong with these institutions, it could be that the guaranteed fees are too high and should be reduced. If Fannie and Freddie are abolished, then mortgages will be much more expensive as 30-year fixed rate products disappear from the market. You may remember that commercial lending fell 90% during the market crash because there are no government guarantees for this product. Imagine what the housing market would be like if there was 90% reduction in home buying. Ultimately, Fannie Mae and Freddie Mac help smooth the financial market. Now, what will happen to the Dodd-Frank Act? Dodd-Frank has over-regulated a lot of aspects in the real estate industry. In fact, Dodd-Frank created many delays and hurdles for buyers, sellers, borrowers, lenders, and agents. I think this law was written by people who had good intentions but don’t understand the day-to-day operations of the real estate market. Changing the Dodd-Frank Act would definitely help smaller banks, which don’t have the resources to handle all of the extra regulation that came with this law. If the regulatory burden gets lifted, small banks can make more loans and boost home building activity, which we definitely need as the housing shortage continues. The Consumer Financial Protection Bureau may undergo some changes during the Trump administration as well. Right now, there are not many checks and balances for the CFPB. In the past, it was unclear what was right and wrong between the mortgage industry and the real estate industry. A combination of tax cuts and government spending will provide a boost to the economy in the first half of 2017, which should also lead to higher interest rates. There could be less zoning regulations for new construction builders. Builders have seen prices go up due to all of the extra regulation from the government. Less regulation should open up the new construction market quite a bit. We may see less natural disaster relief in the future as well. Right now, the program is $24 billion in the hole. The current flood map for federal insurance is outdated, so that would be improved so that better risk assessments could be made. We will see tax code reforms. Commercial real estate depreciation will be a big issue, because Trump used that code to minimize his tax payments. The stock market will experience huge highs and lows as these policies take place. You need to pay attention to the stock market because it directly impacts the bonds market, which affects interest rates. We may also see some changes with the Fed; Janet Yellen may be asked to step down. Overall, though, I feel very good about the 2017 real estate market. New construction will be up, the luxury market will be reenergized, and buyers will be more able to afford down payments. Interest rates may increase, but we have been talking about that for awhile now. It’s impressive they’ve been so low for this long already! If you have any other questions about our real estate market, just give me a call or send me an email. I would be happy to help you!
Today, I’ll go over how a Trump presidency will impact the real estate market. Specifically, we’ll discuss down payments, interest rates, Fannie Mae, Freddie Mac, new construction, and more.
Everybody in the world is asking about the Trump effect on the real estate market, so I did some research in order to give you an idea of what will happen to the market over the next year. I have to say, I feel very bullish about the 2017 real estate market, and so do many of the experts. From a policy standpoint, a Trump presidency could be a real boon for buyers who have been struggling to come up with a hefty down payment. Trump has promised tax cuts which, combined with shrinking the brackets down from seven to three, will make it easier for buyers to come up with a down payment. Trump should also help boost the luxury market, which has been struggling nationwide over the last couple of months. Many experts feel that the promised tax breaks will reenergize the luxury market.
We’re feeling very bullish about the 2017 real estate market.
However, many people are wondering what will happen to Fannie Mae and Freddie Mac. Many Republicans want to shrink Fannie Mae and Freddie Mac, or do away with them completely. If Fannie and Freddie don’t survive the Trump administration, it would be very unfortunate for the real estate market. Those government-backed loans are pivotal to getting 30-year fixed rates for everyone who wants to buy a home. So why do away with these institutions? Critics claim Fannie and Freddie made some bad business business decisions in the past to buy subprime mortgages and create an internal hedge fund. Although Fannie and Freddie have made significant management changes and repaid all the taxpayer bailout money, Republicans may want to do away with them to punish these institutions for their past errors. Today, Fannie and Freddie are led by technicians providing a government guarantee on soundly-written mortgages. If there is anything wrong with these institutions, it could be that the guaranteed fees are too high and should be reduced. If Fannie and Freddie are abolished, then mortgages will be much more expensive as 30-year fixed rate products disappear from the market. You may remember that commercial lending fell 90% during the market crash because there are no government guarantees for this product. Imagine what the housing market would be like if there was 90% reduction in home buying. Ultimately, Fannie Mae and Freddie Mac help smooth the financial market. Now, what will happen to the Dodd-Frank Act? Dodd-Frank has over-regulated a lot of aspects in the real estate industry. In fact, Dodd-Frank created many delays and hurdles for buyers, sellers, borrowers, lenders, and agents. I think this law was written by people who had good intentions but don’t understand the day-to-day operations of the real estate market. Changing the Dodd-Frank Act would definitely help smaller banks, which don’t have the resources to handle all of the extra regulation that came with this law. If the regulatory burden gets lifted, small banks can make more loans and boost home building activity, which we definitely need as the housing shortage continues. The Consumer Financial Protection Bureau may undergo some changes during the Trump administration as well. Right now, there are not many checks and balances for the CFPB. In the past, it was unclear what was right and wrong between the mortgage industry and the real estate industry. A combination of tax cuts and government spending will provide a boost to the economy in the first half of 2017, which should also lead to higher interest rates. There could be less zoning regulations for new construction builders. Builders have seen prices go up due to all of the extra regulation from the government. Less regulation should open up the new construction market quite a bit. We may see less natural disaster relief in the future as well. Right now, the program is $24 billion in the hole. The current flood map for federal insurance is outdated, so that would be improved so that better risk assessments could be made. We will see tax code reforms. Commercial real estate depreciation will be a big issue, because Trump used that code to minimize his tax payments. The stock market will experience huge highs and lows as these policies take place. You need to pay attention to the stock market because it directly impacts the bonds market, which affects interest rates. We may also see some changes with the Fed; Janet Yellen may be asked to step down. Overall, though, I feel very good about the 2017 real estate market. New construction will be up, the luxury market will be reenergized, and buyers will be more able to afford down payments. Interest rates may increase, but we have been talking about that for awhile now. It’s impressive they’ve been so low for this long already! If you have any other questions about our real estate market, just give me a call or send me an email. I would be happy to help you!
Today, we're here with your Myrtle Beach real estate market update.
The market is going strong. Closed sales for single-family homes are up 16.8% from last year, and condo sales are up 9.8%. This is great news, but the biggest indicator for the future of the market is the number of pending sales. For single-family homes, pending sales are up 18.7%. Pending sales for condos are up 15.5%.
Based on this information, we predict prices will rise. Inventory has decreased 6.6% for single-family homes and 9.9% for condos. Demand is high and inventory is low. This helps to drive prices up. Even now, single-family homes saw an increase of 7.5% in median sales price. The median sales price is currently $202,000. Condos also saw an increase of 2.6%, making the median sales price $120,000.
While higher sales prices means good news for sellers, we need more inventory. If you've been thinking about selling your home, or if you have any questions about today's video, give us a call or send us an email. We would be happy to help you!
Today, we're here with a Myrtle Beach real estate market update. All three areas - single-family homes, condos, and lots - are up in price. That is great news for sellers!
Single-family home sales went up 11% year over year. Median sales prices also went up 5.4%. That means you can sell your home for more than you paid for it.
On the other hand, condo sales are down 3%. Inventory was low, and so sales decreased, but the median sales price still rose 3.6%.
Lot sales are up over 21%. For a long time, the new construction industry was struggling with inventory. When the inventory opened up, the lots sold very quickly.
If you're considering selling, be sure to check the trends in your local market. These numbers are for the market overall, and homes are appreciating more in some areas than others.
Interest rates are still low, so it's a great time to buy or sell. If you have any questions, give me a call or send me an email. I look forward to hearing from you!
I just got some fantastic news regarding the Myrtle Beach real estate market! Here are the latest numbers for Myrtle Beach:
Single-family home sales are up 11% over this month last year and prices have climbed a solid 3.2%.
Although condo sales are down 7.2%, prices have risen 12.3%.
Condo inventory is down.
SFR sales have increased 11.8%, compared to the same month in 2014, and are up 17.5% year to date compared to 2014.
Residential lot sales are up 2.3%, bringing overall sales up roughly 5.5% year to date compared to 2014.
Median sales price dipped slightly to $43,500 from $44,000
Sold to list ratios were up 300 basis points for the month and flat year to date
We've seen month over month increases in sales for both condos and homes. Anyone out there thinking about selling would be wise to act soon; we have 15,000 buyers searching our site every single day looking for the perfect home.
Long story short: there are plenty of opportunities out there to get top dollar for your home! To see the Grand Strand market report for July, click here!
If you would like a more detailed market analysis, or if you're interested in taking advantage of these great selling conditions, don't hesitate to reach out to me. I'm always here to help.
Today we're here with a quick market update. These last couple months have been record-breaking for us.
So far this year, single-family home sales are up 16.6%. The median price this year is $203,000, which is up 3.7% from last year's median price. This year, the list to sales price ratio is at 95%.
Condos have also had explosive growth this year. Sales are up 11.7%, and prices are up 2.5%, with a median price of $120,000.
Long story short, there is awesome growth in sales of homes and condos. Our market is hot right now. Our biggest challenge is finding inventory. If you've been thinking about selling, your home may be worth more than you think in today's market.
If you have any questions about selling your home, or about real estate in general, give me a call or send me an email. We'd love to hear from you!
It's time once again for another Myrtle Beach market update, and there is a lot that I need to let you know about.
We're seeing double-digit growth in both condo sales and home sales. Single-family home sales are up 10% and the median sale price is up 16.2%! That is a HUGE price increase. Condo sales are on the rise as well, as sales are up 13.5% and median sales price has risen by 7%!
As far as lots go, inventory is down a little bit and sales have slowed slightly. However, prices have risen by 11%.
This is all great news for our market, but we are in need of inventory.
If you or anyone you know has thought about selling, now is the time to make your move! We have spoken with a lot of clients who are from out of town and are now looking to buy because their kids are out of school and they're ready to move. If you're on the fence about buying, just remember that values have risen by 16% since last year, so you can reap the rewards of that in a sale. Give us a call or shoot us a quick email if you have any interest in taking advantage of this fantastic market. We would love to help you sell quickly and for top dollar!
Brand new numbers are in for the Myrtle Beach real estate market and I think you'll like what you see!
Residential sales in our area are relatively flat, but condo sales have soared this year when comparing April of this year to April of last year. They've risen 21%, a massive increase!
If you look at year-to-date sales for residential homes, they have actually fallen by 3% in April, but you'll see they've risen 12% in comparison to last year. Median home prices are relatively flat, but the median home sales price is currently sitting at $188,000 for the Myrtle Beach area. Inventory has also risen by 7%, and distressed home sales have fallen by 3% since last year.
On the other hand, condo sales are up 10% year to date. This is all very good news for homeowners and condo owners in our area. However, the inventory of condos has dropped by 6% since last year, but the median sales price increased by 2.7% and now sits at $115,000.
New home sales are about 31% right now, which means around 70% of sales are resale homes. If you've been thinking about selling your home, now is the time to contact us. We can get you an instant valuation on your property and hook you up with one of the 14,000 active buyers browsing our sites right now. Residential lot sales were up 7.7% in April after a few slow months of growth. Median sales prices declined 16% year to date, while sold-to-list price ratios were up 100 basis points for the month and down 100 basis points year to date.
If you would like a more detailed analysis of market conditions, or if you need real estate assistance of any kind, don't hesitate to reach out to us directly via phone or email. We are always available to help make your real estate experience a whole lot easier!
There are many great Myrtle Beach area homes for sale. Click here to perform a full home search using the most advanced search tool on the web. If you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (843) 222-9265 for
a FREE home buying or selling consultation to answer any of your real
estate questions. (We have over 10,000 active buyers searching our
website for homes right now)
Today I'm going to give you a quick update on what happened with Myrtle Beach real estate in 2014. There is some really great news for the local marketplace.
Single-family home sales increased by 18.9% from December 2013 and overall they increased by 9.3% from 2013.
What this means for you is that the median home price rose 5.6% to $190,000, which is a very nice amount of appreciation depending on the area that you live in. However, we're still anticipating home values to rise in Myrtle Beach.
More great news is that the average list-to-sale price ratio is 94%, and this is the third month in a row where we've gotten numbers like this. This is great news for home sellers.
Condominiums stayed more flat in regards to year-over-year statistics. Condo sales increased by 2.5% and condo prices rose by 3.1%.
If you need any more information or if you'd like to contact me about buying or selling homes in Myrtle Beach, please don't hesitate to reach out to me via phone or email.
There are many great Myrtle Beach area homes for sale. Click here to perform a full home search using the most advanced search tool on the web. If you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (843) 222-9265 for a FREE home buying or selling consultation to answer any of your real estate questions. (We have over 10,000 active buyers searching our website for homes right now)
Tune in to ABC’s Shark Tank tonight at 9:00 PM Eastern to see our own Blake Sloan of the Sloan Realty Group side-by-side with real estate magnate Barbara Corcoran.
Corcoran is Shark Tank’s resident real estate mogul and a prominent self-made multi millionaire.
She is now an exclusive strategic partner with Blake Sloan, and the Sloan Realty Group as the go to real estate experts for the Myrtle Beach & Grand Strand areas.
Sloan’s company, Sloan Realty Group, is a dominant leader in the real
estate industry, providing phenomenal service and expertise to a wide
base of clientele in Myrtle Beach.
The
Sloan Realty Group is one of the most advanced and highly ranked real
estate teams in the world. They were ranked by the Wall Street Journal
as one of the Top 50 Real Estate Teams In North America, coming in at
#43, and #1 in the State Of South Carolina.
Blake
Sloan's unmatched marketing and innovation in the real estate world has
landed him national & international attention with recognition such
as "Forbes Magazine Top 30 Under 30", Real Estate Magazine's Top 30
Under 30, and has consistently been featured in both national and local
news outlets like NBC, Fox, and others.
Corcoran is an iconic figure in the New York real estate scene and
nationally known as the real estate contributor to the NBC TODAY
show. She has invested in more than two dozen businesses to date on
Shark Tank, and has written several well-received books including Shark Tales: How I turned $1,000 into a Billion Dollar Business.
