There are plenty of things to consider when buying a house or property in 2022. From the look and feel of the property to the price, to the location, to the economy. After the slippery slope of the last few years, the housing market and the economy have seen some ups and downs. Recently, in 2022, there has been some development in the housing market. Your luck as a new property owner might be turning around! There are many reasons to want to buy property in Myrtle Beach!
Whether you’re looking to set up camp and buy a house, or you’re looking to flip some properties, Myrtle Beach has got you covered. To learn more about real estate and the current market in Myrtle Beach, read on. This informative article has everything you need to know to keep up to date with real estate in Myrtle beach! Read on to learn about the biggest changes in this hot new real estate market!
The local real estate market
Whether you’re looking to buy a house, a workspace, or a plot of land, you need to research the area you’re buying from. Each town, city, and county has a different real estate climate that you need to get accustomed to. You need to get acquainted with the local real estate market well if you want to be able to navigate it well.
When it comes to Myrtle Beach, the current real estate market is in favor of both buyers and sellers. You’re lucky if you fall into either of those categories! If you want to get into the Myrtle Beach real estate market, here are the 4 current main trends to keep in mind, before you get started!
Rising interest rates
One of the main reasons why choosing to buy property in Myrtle Beach now is a good idea is because of rising interest rates. A common trend throughout the country now is rising interest rates in the US. What this means, is that it’s only going to get more expensive to buy a house. As interest rates rise, the more expensive it will be to take out a loan to buy or pay for a house.
The best way to stay ahead of this curve, and save money in the future, is to buy now! The Myrtle Beach real estate alerts new homeowners that there are plenty of properties to choose from. Whether you need a 3 bedroom suburban house for your family, an oceanfront apartment, or a mansion, there’s something out there for everybody. Do some research, find a property that you like, and buy that house!
Stable prices with some increases
Aside from the interest rates, there are some other price increases you need to be aware of if you’re looking at property in Myrtle Beach. It’s typical for property prices to rise and fall based on supply, demand, and other outside factors. When buying a property, whether it be a house or a plot of land, the trick is to buy it when the price is lowest.
Since the prices of properties are currently stable and expected to rise soon, now’s the perfect time to buy. Stable prices mean that you’ll get more of a choice on which property to buy because you won’t have to worry about the difference in cost. The expected rise in prices, coupled with the rising interest rates, means it’s only going to get more expensive to buy property in the future. If you want to save yourself some money in the future, think like a broker, and make the smart investment now!
Current inventory rate is at 2 months
Another reason to hop onto the real estate market in Myrtle Beach is that time may be running out! The current inventory rate is at 2 months for Myrtle Beach, which means that properties are flying off the shelves fast! For those new to the real estate market, it’s important to know that not every location is expanding at the same time. In some places, like in Myrtle Beach, properties pop up on the market slower than they’re being bought and taken off.
The inventory rate of the markets refers to the amount of time left until all the properties are bought up. If you think about it, 2 months is not a lot of time at all, so you better get on that horse if you’re thinking of buying a property. Now’s the best time to browse and buy as you may not get a chance in the future! Do your research, be thorough, and find your dream property before time’s up!
Condo sales are booming
Last but not least, if you’re looking for more of a condo than a plot of land, you’re in luck if you’re thinking of setting up camp in Myrtle Beach. If you’re looking to get a second home or vacation home for your family, then look no further than the condo market in Myrtle Beach! Condo sales in this area are booming recently, and you’ll have your pick of the bunch to choose from.
There are plenty of reasons to be in the market for a condo rather than a house or simple apartment. Whether you’re looking for something small or big, simple or extravagant, there’s a wide variety to choose from. Whatever you’re in the market for, Myrtle Beach has you covered when it comes to finding your dream condo. If Condo sales are booming, now’s the time to invest, so make sure to do your research.
Why buy property in Myrtle Beach
Now that you’re all caught up on the current real estate climate, it’s also important to know why Myrtle Beach is so popular in the first place. At the moment, the properties in Myrtle Beach are ripe for the taking, but that’s not the only reason why you should consider them. There are plenty of benefits to buying property in this part of South Carolina. Here are a few reasons why buying property in Myrtle Beach is a smart idea on more fronts than one.
Affordable real estate
The affordable real estate market can be reason enough for anyone to want to set up camp in Myrtle Beach. Properties in Myrtle Beach tend to be 30% lower than the national average, making it a great spot for young homeowners to set up camp.
Whether you’re a new homeowner, a college student or a single parent, the housing market in Myrtle Beach has your best interests in mind. Not only this but if you’re in the market for a condo then this area has got you covered. You can have your pick of affordable and high-quality condos in one of the best locations in South Carolina.
Low living costs
South Carolina has long been one of the best and cheapest states to buy and own a home. Myrtle Beach is no different and makes for a very affordable living space for a few key reasons. Mainly, living costs are low in this area, so you’ll be able to save your money and spend it elsewhere.
Don’t let this put you off, as the area is well equipped with all the necessary facilities and amenities, just at a lower price. Not only are the properties cheaper to buy in Myrtle Beach, but everything that comes with them is cheaper too. Things like public transport, gas prices, and hospital and medical expenses are also lower. If you’re looking to set up camp in South Carolina, without breaking the bank, then Myrtle Beach is the place for you.
Lower fees and taxes
Aside from the lower costs of living in Myrtle Beach, there are other things that are lower in cost too. In Myrtle Beach, you’ll get to spend much less money on fees and taxes! Fees like the HOA fees (Homeowners’ Association) are a great asset to have and will cost you much less in Myrtle Beach than in other areas.
The same goes for taxes, as they are generally lower in this area as well. Taxes for high-risk properties like condos and oceanfront homes are cheaper in South Carolina. You also won’t have to pay up to $50 per year on annual inspection costs.
Good health facilities
If you’re looking to rent, live, or retire somewhere with a good healthcare system, then look no further than Myrtle Beach! There are enough medical professionals, doctor’s offices, hospitals, and drugstores to take care of all your needs. You’ll have access to reliable and trustworthy medical care and won’t have to drive 10 miles a day to get it.
Myrtle Beach has won awards in the past for providing the best healthcare services in the state, so you won’t have to worry about the quality either! When moving to a new location, you want to make sure all your needs are met, especially when you’re at your most vulnerable.
Plenty of things to do and see
If you’re looking to settle down in an area that’s both exciting and relaxing, then Myrtle Beach is the place for you! The area has two main seasons of action throughout the year; winter and summer. The summer is full of tourists, hustle and bustle, and if you own a business, it’s easy to make money. The summer is full of opportunities and possibilities both as a tourist and as a resident.
Fall and winter in Myrtle Beach are long and warm, and a nice change of pace from the busy summer seasons. Prices are lower during this time for locals but don’t worry about getting bored even if it’s off-season! With the lack of tourists, you’ll be able to sightsee and enjoy the resorts with fewer people. The winters are short and mild, so you won’t have to deal with any extreme weather conditions either. Myrtle Beach has the perfect weather and climate all year round, for any occasion!
High rental rates
The housing market in Myrtle Beach not only benefits buyers but also those looking to rent out their spaces. Myrtle Beach is one of the many places where you’re better off buying a home than renting it because of the high price of renting. Although this may be more inconvenient for the buyer/renter, the rentee gets to take advantage of the situation and make some money.
If you’re looking to get into the real estate business yourself, buying and renting out property is a great idea in Myrtle Beach. Because of the high cost of rent, you can make a decent amount of money, just by renting out your property. Since the area is popular with tourists, you’ll be booked all summer long! All you need to worry about are getting a good oceanfront location, and making sure your house looks great and you’re good to go!
So there you have it! Now you’re all caught up on the current market in Myrtle Beach and why buying a property there right now is a good idea! The real estate market in Myrtle Beach has plenty to offer and properties are ripe for the picking! With the rising interest rates and the soon to be rising housing prices, now’s the perfect time to invest. With the current inventory rate at 2 months and the possibility of increased prices, there’s no time like the present! Not to mention, it would be a shame to not take advantage of the booming condo market in the area.
There are plenty of reasons to buy property in Myrtle Beach, besides it being a good investment. The area is full of a wide variety of affordable real estate and the cost of living is much lower. You’ll have to pay less in taxes and you’ll get to save money by spending less on other things like public transport and medical expenses. Speaking of medical expenses, Myrtle Beach is famous for its high-class and available medical services.
You won’t have to worry about catching a cold while you’re there because of the weather and medical expertise! There are plenty of things to do during the mild, relaxing winters, and fun and exciting summers! Last but not least, Myrtle Beach is a great place for business owners and budding real estate agents too because of the high rental rates. Now that you know the ins and outs of the favorable real estate situation in Myrtle Beach, it’s hard to resist looking up a property and moving there ASAP!