How Bad Is The Myrtle Beach Real Estate Market
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- Опубликовано: 8 сен 2024
- Is the Myrtle Beach real estate market as bad as people say?
In this comprehensive market update, I dive deep into the current trends and data to give you a clear picture of what's really happening in the Grand Strand area, from Pawley's Island to North Myrtle Beach.
This video is broken down into three key segments:
🔹 Single Family Homes: Analyzing the month's supply of inventory and how it has changed since the peak of the market in January 2022.
🔹 Condos in General: Exploring the condo market and the impact of rising interest rates on inventory and sales.
🔹 Oceanfront Condos: A closer look at oceanfront properties, including the challenges posed by increasing HOA dues and insurance premiums.
Despite some concerns, I remain optimistic about the market.
Whether you're thinking of buying, selling, or just curious about the current state of the Myrtle Beach real estate market, this video has valuable insights for you.
📞 For personalized advice and support, feel free to reach out to me at 843-360-2145 or visit my website at www.abesafa.com.
Don't forget to like, comment, and subscribe for more real estate updates!
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Abe Safa Sales Team is one of the top real estate teams in the country and serve the Myrtle Beach and surrounding areas. We have helped hundreds of Home and condo Sellers navigate the process of selling or buying.
Call us for all your real estate needs or questions. (843) 360-2145
I sold an ocean front condo in 2017. Lost money after buying in 2005. Myrtle Beach, SC is basically a second home market that is greatly affected by changes in the market. There are not enough high paying jobs in that area to support year round living. Most year round people are retirees who worked up north and built up big retirement assets. Now, they move south to get better weather. I predict at least a 20% drop in current prices for single family homes and condos in that area.
Interesting perspective. I can see that happening in condos. Not sure that we will see a 20% drop in homes. Time will tell.
You are exactly right.
@@vaughncowan4055I look at the numbers a lot and numbers don’t lie.
@@Myrtlebeachrealtor
Prices are already dropping
The homes are overpriced
Taxes too high
Insurance way too high
Traffic insane
Not enough roads
Not enough doctors and dentist to care for all the people. Development that’s been going on and still going on
Is out of control.
HOA increases
All materials to fix a home has gone way way up in price
The beach is ruined
Not enough jobs
Most all jobs are seasonal and people can’t live on seasonal wages
It’s always been very hard for most of the people living here for decades
Only the rich can afford to live here and not have to stress over bills
The Surfside collapse changed the waterfront condo market forever.
That’s another great point. The laws in Florida - as far as requirements for building as they age have not been enacted in SC. No where near as stringent here. If they did, they would have a devastating impact. We are already feeling a big impact in OF condos without the stringent laws.
Worst Time ever to buy. Lowest mortgage originations since 1995, Homes 50% Overpriced, Interest rates at 7.5%, H.O.A, Insurance & Property taxes higher than ever. Tell people the truth #GREED
Homes are at their highest prices ever. 7% rates are really high relative to what we have seen in the recent decade. So I agree with those two things.
Worst time to buy? That’s a relative comment. I don’t believe in timing markets. Whether real estate or the stock market. People who try and time markets usually lose or never make a move. They always think the best time to buy was the past.
I am concerned about the condo market and I want to make sure people are aware.
This market update was not meant to promote buying. So the greed comment stumped me.
But it’s ok. I appreciate your opinion and I welcome any debate.
@@Myrtlebeachrealtor BULLSHIT. I own 7 homes in the Myrtle Beach/North Myrtle Beach area. Plenty of investors time the real estate market. I did in 2008. When it tanks again I will buy more. It will tank again.
@@giii7599gotcha. Appreciate your opinion. Give me 2 investors. One that tries to time the market and one that just buys and holds and I’ll take the latter any day…the will blow away the former in Returns.
NO ONE knows when the bottom is and when the top is.
If you bought in ‘08 because it looked like the world was coming to end, you still over paid because the market kept declining.
The best deals were in ‘11 and ‘12.
So unless a person has a crystal ball, then claiming that they can time the market is like the guy going to Vegas thinking they can beat the casino.
I’ll take the casino.
@@Myrtlebeachrealtor Buying homes that the bank loaned $400k on for $150K was no loss. Those homes now go for $380k and above. Nobody will time it perfectly. However people buying right now are making a huge mistake.
@@giii7599 gotcha. Good purchase.
Appreciate the video and your local insight. FYI, the report you are referring to is actually called the "Absorption Rate". For anybody that wants to sell soon, I'd pay close attention to the volume of sales starting to drop and and the direction of home prices if they are still increasing. Don't be greedy.
Way to many developments here
And now townhomes and huge single family homes communities are high rent only,
Can’t buy them
They are over priced
I live in Myrtle Beach
Roads are so bad
Not enough doctors and dentist to help the people who have and continue to move here and all the surrounding communities
Greedy developers have ruined Myrtle Beach and all surrounding areas
We sold our beach house in Jan 2022 in less than a month made a bunch of money, bought a new house on the marsh and paid a bunch of money for it!
What is even worse is just to the north of Myrtle Beach Brunswick County NC there are tens of thousands of apartments, condos, and especially single family homes….last time I heard there are 50,000 residential building permits at varying stages of construction.
Wow
@@Myrtlebeachrealtor - need to keep in mind when working with clients. They may ghost you and come up here. I. Worried that if we have another major storm like Florence the flooding will be horrendous (setbacks, lot size, permeability are virtually nonexistent)
there is a glut of homes in Myrtle Beach....There is not enough good paying jobs in the area to keep the demand up.....I see a 30% drop coming
Thank you for your input. I agree that we can always use more jobs here. The one thing about this market is that so many of the people moving here are retirees.
Hard to imagine a 30% drop In prices. Nothing in the data is showing that but of course things can change.
@@Myrtlebeachrealtor We are getting close to peak boomer. I have no idea what prices will do but there’s not an unlimited supply of retirees either.
great point!! There is not. The millennials just took over boomers as the largest pool of buyers and they have what - 30+ years to retiring.
Sad to see this happening with popular plantation timeshares, figured all the golf courses would have help sustained retires let alone vacationers...over 30yrs not much growth has occured at least the mandate of demo the motels etc... and new water park and googles presences is a positve and yes still disreable would love to retire there.
@@azeemali7102 this is incoherent babbling....you should run for president
Every Ocean Front property is aging into “assessment situations”they need repairs .. also HOA fees are rising due to insurance had a friend who received insurance assessment increase of $5000 had to be paid within 30 days.
This is becoming an issue taxes are increasing.
So be cautious about ocean front properties for certain
need to get HOA meeting transcripts .. ask about up coming assessment fees
Many are in assessment litigation.
Something that should be paid attention to.
Great info. Thanks!
You're welcome...glad I can be of help
Saint Simons Island further South in GA is still commanding price increases. Two weeks ago the only house for sale in our subdivision went for the ask in a couple days. I thought it was a very strong price. Maybe we don't have enough condos and we're a smaller community.
@@paullockyer7905 that’s great!!
St. Simons is considered a VERY nice place to live.
Completed sales in the month vs. 2023 and 2022 would be a better statistic.
The Myrtle Beach market is bad, with overpriced homes and condos, which is exactly WHY, like I saw on another channel, the MOBILE HOME COMMUNITIES IN NORTH MYRTLE, should be where EVERYONE IS LOOKING to buy a home OUTRIGHT, for less than $125K!
THAT is called buying SMART, especially for retirees as a condo alternative, or for parents looking to provide a home for an adult child who is going through a divorce, for example. There shouldn't be ONE of these homes on Zillow for long, and people need to dismiss the negative stereotype of these communities, which is a major disservice!!
Abe have you seen casualty insurance companies pulling out or not insuring these areas because of the increasing coastal environmental risk? Florida and coastal Georgia has been seeing this lately.
Yes I have and the ones that stay are hiking up the premiums. My home insurance is up 65% from 2 years ago.
From a Realtor perspective, any commission is better than no commission, so taking from the other person's comment, when house prices go up along with mortgage rates, why AREN'T Realtors shifting gears, and marketing the MOBILE HOME communities in the North Myrtle area, as a viable alternative to renting or buying a condo?
IF there are still homes for sale in the area, let's say $125,000 and under, which is INSANELY affordable, especially to people coming from up North, they should be SNAPPED UP as fast as they hit the market!!! Four quick sales of these homes in a month add up to one half million dollar home!!
NO BRAINER, REALTORS, and THIS is the direction that buyers need to be pointed in!
I’m an avid golfer. Great place for vacation but I wouldn’t want to live there.
@@pubmeatman definitely a great place to golf and vacation. As for living here, I’ve been here since 1988. I love it but can see how it’s not for everyone.
I live in SC and have vacationed in MB dozens of times. Have friends that were forced to live there due to job location. In a word, they did not care for it. In season, the traffic is mind boggling. You pay a premium for everything there as far as staples. If your a car person you won't like it. Your car stays covered in sand year round - guess that's to be expected at any beach. There are some developments and areas that are tucked away a littel bit and might border a nice golf course, some wetlands, or something other than commercial properties. If you plan to retire there spend at least a few weeks to understand the flow of traffic and areas you want to avoid at all cost. As stated, most folks that retrire there are from out of state. With that said, the people are not as friendly as what you will find 30 miles inland. It's not for everyone.
4 months inventory of SF homes and CLIMBING! How can you be encouraged?
@@GTB1 because 4 months is not that much if you look at historic numbers. That would be considered low inventory pre covid.
Not a good time now. Shit economy
I’m confused if you listen to Joe and Kamala that economy is just great?
Imagine wanting to live in Myrtle Beach.
3:20 Cognitive Dissonance that wont age well. #GREED
If you’re interested in knowing the facts then research how many millenials there are and what ages they are now…getting to the prime home buying age.
Then look at how many homes there are for sale in the country…relative to how many of them want to buy a home.
THEN google how many gen z there are out there and do a little math to see when they will reach that prime home buying age.
If you still think that people should time the market then please come back and give me your opinion.
Great Analysis😅
@@Myrtlebeachrealtor Millenials do not buy in Myrtle Beach unless they can work remotely with a stable job. A majority of buyers are 60+ year old retirees from New York, New Jersey, and other northern states.
@@proudliberal24-sv1wo I agree. But they buy in NY and NJ and many other states with jobs. So the homes they are buying belong to people who are moving down here. So it’s all linked..:in my opinion