What is Happening in the Myrtle Beach, SC Oceanfront Condo Market
The Myrtle Beach, SC condo market has seen dramatic changes in price over the past few years. In 2005 condo prices surged at unprecedented gains, some were sold within 6 months at $100,000 above what they were bought for.
Today’s condo market has seen a shift in the prices; many of the condos are priced where they were in 2004-2005. Many of the oceanfront condos that sold for $150,000 in 2005, are now selling for $150,000. The large increase in price from 2004-2006 has almost been wiped out with many oceanfront condos. What does this mean? Buyers can now make a smart investment and actually see some rental income comparable to the price.
Many buyers became priced out of the market for Myrtle Beach oceanfront condos, but now the oceanfront condo market is becoming much more affordable and attractive. There are still many overpriced oceanfront units that are for sale, with many of these units owned by buyers that bought the condos when the prices were inflated.
The amount of people searching for oceanfront condos in Myrtle Beach is still very high, but most buyers are waiting to see signs that we have hit bottom. Many economists feel if we are not there yet, we are getting pretty close.
What can agents do to help these condos sell? I think many people are still listing condos at inflated prices, agents need to help there sellers realize that this is not helping the market and either withdraw theses listings or lower the prices. Also, I think agents need to use the resources they have more wisely. With so many condos listed, make sure you list the rental income, taxes, etc… These are all tools that are available, but so few people use them. With the large amount of inventory these resources are that much more important and may help attract buyers and agents.
When is the right time to buy? I think buyers should look at the affordability and the numbers to figure out if it is the right time to buy. If rental income is something that is important to you, then weigh the past few years of rental income and the expenses. It is not hard for your agent to do some research and find these numbers.
If owning an oceanfront condo in Myrtle Beach has always been a dream, then maybe you should start searching while condos are being sold at numbers we have not seen since 2004 and 2005. One resource that I think can be instrumental in your search for oceanfront condos in Myrtle Beach is CRGCompaniesinc.com, my website is updated daily with all the available listings in Horry and Georgetown County. When searching for condos in the Myrtle Beach area, it is always a good idea to work closely with a knowledgeable REALTOR that can answer any questions that you may have.