Foreclosures

 

Myrtle Beach’s Market 2011

 

In the past few years we have seen the market adjust itself from the over inflated prices of 2005. The adjustment in price started in 2006 with sellers holding onto to top dollar prices, and really didn’t seem to set in until 2009. The fourth quarter of 2010 and early 2011 the overextended Sellers/Investors are giving up of their investment properties anyway possible. Many of these properties have become "Short Sales / Pre-Foreclosures" and Foreclosures. The ocean front has taken probably the hardest beating as the value continues to go downward. You also have the banking industry continuing to try to figure out the mess they have created in 2005, and lending money to people with immaculate credit with more money down. This leaves us being in a depressed market….but not for everybody.

Today’s buyers are still hesitant to purchase during a depressed market and are holding tight in not knowing in which way the market is heading. All of these thoughts will change once they figure out that this market is at or close to the bottom value. This market has also made sellers reduce their prices to more realistic values in order for them to not sit on their properties. The sellers who still refuse to accept the current market value of their home have finally taken their home off the market until they can get a better price for their home. Fortunately, this dwindles off some of the active inventory in our market, and tends to stabilize value.

As a result of a reduction in properties in our area, we should see the Myrtle Beach market turn around, possibly as early as spring of 2009. Home values probably will not climb in 2011 and probably into 2012, but the market will remain stable and will slowly make our market strong once again. A big drawback would be the banking industry not coming through on the consumer benefits that the government has provided these big lenders. The banking industry must be willing to do business once again with strict, but practical guidelines that worked for them prior to 2005. Currently, the banks are on the other extreme.

Right now buyers should realize that the market today creates a great time to invest in a real estate with confidence. Myrtle Beach is coming into its peak season right and the prices are remaining stable.  Buyers who are sitting around wondering if this is the right time to buy will be kicking themselves later wondering why they didn’t. In 2005 consumers were doing that exact thing and saying“ I knew I should have bought a second home when it was still affordable”.  As for the sellers, make no mistake that this is a sign of the market taking an upswing because it isn’t. Owners with dreams of selling their properties for more than what they were once worth will become very discouraged and unsatisfied of the outcome.

In Summary….2011 will remain stable It is safe to buy once again!