Greetings from Myrtle Beach,
Well, it looks like I broke another couple of promises. The newsletter didn't go out on time again and my new and improved website is still not quite ready. As for the promised review of how the real estate market has changed, I'll sum it up this way - this afternoon I will be submitting my 12th offer in 10 days. The buyers are back in force!
I really noticed the market changing direction at the beginning of last year. That's when the growth in buyer demand appeared to me to start outpacing the supply of distress sales reaching the market. During the course of the year, the available inventory of distress properties and other severely discounted listings kept dropping as this trend continued. Now we are definitely seeing price increases in the more popular condo developments and in a number of the housing developments. I am being told that construction costs are also starting to rise as the demand for materials and labor increases.
This is all good news if you have been waiting to sell. But it doesn't mean that you've missed the boat if you want to buy and haven't done so yet. The prices are still very low compared to where they were a few years ago and you can still buy high quality for a bargain price. Also, interest rates are still low and rental incomes are continuing to increase (for you investors out there). It's a much "safer" time to buy than when the market was still dropping.
I know this isn't a comprehensive analysis of the market but, in summary, I think 2012 marked the end of the downturn and 2013 will be the year in which our local real estate market, as well as the market for most of the country, gets back on firm footing.
Once again, I apologize for this abbreviated (and late) version of my normal newsletter. Still included are the monthly market reports and this month's best buy picks. Also, there have been some interesting recent press releases that you may want to check out.
LINK TO PRESS RELEASES
My Best Buy picks this month include oceanfront and ocean view houses as well as condos in Arrowhead Court at Kingston Plantation , Atlantic Breeze, Avista, Bay Watch, Beach Club III, Beach Colony, Bluewater Keyes, Caravelle, Crescent Keyes, Dunes Village, Edgewater at Barefoot Resort, Grand Atlantic, Island Vista, Long Bay Resort, Magnolia Pointe, Margate and Brighton at Kingston Plantation, Market Common, North Beach Plantation Villas, North Beach Towers, Ocean Blue, Ocean Keyes, Ocean Reef, Oceans One, Paradise Resort, Sandy Beach II, Seaside Inn Resort, SeaWatch, Southwind and Windy Hill Dunes.
