Myrtle Beach becoming a homebuyer hotspot
Wed, 19 Mar 2014 03:20:08 GMT —
If you're looking to buy or sell a home on the Grand Strand, local real estate experts say now is the time to do it.
"The good deals are going very fast. They're not necessarily on the market that long. If it's a price point that's a good price point, everybody knows it, and they're jumping on it," Jerry Pinkas, CEO and Head Broker of Jerry Pinkas Real Estate said.
Historically, spring kicks off the busiest season to buy and sell homes, and this year, things are looking good for both buyers and sellers.
In fact, the market has gotten so much more competitive, Pinkas said there's been a 19.6 percent increase on prices of homes just since last year - making for some fierce competition.
"The lure of the beach and ocean has not gone away. So basically, here we have that and all the restaurants, the shopping, all the tourism, and the beach lifestyle. And I think everyone wants the beach lifestyle," Pinkas said.
Nationwide, interest rates are the lowest they've been in years, but they will rise eventually.
He said now is the time to buy if you're looking to.
"When the interest rates go up, it's how much house can you afford for what's your mortgage payment. And inflation will kick in and the price points of the houses will go up, so that's why it's a good time right now," Pinkas said.
If you're ready to buy a home, Pinkas recommends you make sure you're pre-approved, so that you're ready to act immediately on a good offer in a competitive buyer's market. He also recommends working with someone who knows the local real estate market well and can point you in the right direction.