Is There Improvement In The Real Estate Market?

Myrtle Beach real estateLast week several area real estate agents met in Wrightsville Beach to discuss the region’s housing market and make an assessment of what they feel is the future of real estate in the area.

Although they felt we have a ways to go for a full recovery, the general diagnosis was there has been good news in the Wilmington-area housing market. With the close proximity of Willington to Myrtle Beach, we can extract a similar diagnosis for the real estate market in this area.

We need to remember that this patient (local real estate market) was at one time very ill.

Jim Wallace, the president of Intracoastal Realty referred to what many saw as a recession was in reality a depression in real estate.

The good news is that home sales are up substantially as they compare to last year at this same time. Wallace sites a 49% increase in his business and JP Real Estate Experts have seen a similar increase. Wallace also mentioned that current pending contracts are up 64% over this same period last year. “We’re seeing multiple offers again,” Wallace said.

North Carolina real estate agents have formed a panel to study the housing market’s status. This panel gathered for a economic roundtable sponsored by Shipman & Wright LLP in Wilmington as well as several local and national banks and a law firm.

The panel concluded that buyers still remain somewhat cautions even in with improvement in the real estate market.

If you have been following our posts, it should be no surprise that the National Association of Realtors says that 94% of all local home buyers go online to research what they plan to purchase for as long as two years before they call a buyer’s agent. Once they make the decision to move forward with buying a home, they are looking for a bargain.

There is still a large inventory of real estate property to choose from.

Wallace sites that in the Wilmington market the inventory has fallen to 4,000 homes from a high of 6,000. Although we have seen a similar drop in the Myrtle Beach real estate market, it is still not the best situation. A normal inventory is around six months of sales and we are still above that locally.

Once of the major keys to recovery is access to credit. This applies to both residential and commercial property. In order for a home owner to qualify for a home loan they need to have extremely clean credit. JP Real Estate Experts recommend that you take the time to get pre-qualified prior to starting your new home search.

The new home building industry has an even longer way to go before they are in full recovery. Fewer new homes are being built than ever before. This makes the existing inventory of homes even more attractive.

The current tight credit situation contributes to local builders getting back to work. Many builders such as D.R. Horton and Bill Clark Homes are picking up lots in existing subdivision for as little as 30 cents on the dollar. This is great for construction companies with big pockets, but the small builders can’t borrow the money to take advantage of these deals.

Yesterday’s news sited a record low in mortgage rates and that should be a good indicator for those home buyers with a good credit record. Banks are working with new home buyers to provide creative solutions to the current financial dilemma. Mortgage packages that are similar to a construction loan allow a home owner to purchase a home that needs renovations and withdraw the funds as the renovation project is completed.

Appraisals are beginning to reflect an improvement in the real estate market.

In the past most of the appraisal work involved foreclosed or bank owned properties, however, things are starting to change. Many real estate agencies are starting to see more appraisals for the purchase of homes not in a short sale or foreclosure over the past three or four months according to the North Carolina panelists.

In the Myrtle Beach area we are experiencing an increase in summer reservations for vacationers. This makes it an ideal time to buy a rental home or beach condo. Ocean Front Rentals has seen a substantial increase in reservations over the past few years. Visit MPCondoExpert.com for tips on investing in this type or Myrtle Beach real estate.

The real estate market is gradually starting to improve and we very well may be at the bottom of the current real estate crisis. Of course no one has a crystal ball but the team at JP Real Estate Experts is optimistic.

Call us today if you are in the market to purchase Myrtle Beach real estate. This is the ideal time to invest in the real estate market.

Jerry Pinkas Real Estate Team
854 Frontage Road West, Myrtle Beach, SC 29577

Last week several area real estate agents met in Wrightsville Beach to discuss the region’s housing market and make an assessment of what they feel is the future of real estate in the area.

Although they felt we have a ways to go for a full recovery, the general diagnosis was there has been good news in the Wilmington-area housing market.  With the close proximity of Willington to Myrtle Beach, we can extract a similar diagnosis for the real estate market in this area.

We need to remember that this patient (local real estate market) was at one time very ill.

Jim Wallace, the president of Intracoastal Realty referred to what many saw as a recession was in reality a depression in real estate.

The good news is that home sales are up substantially as they compare to last year at this same time.  Wallace sites a 49% increase in his business and JP Real Estate Experts have seen a similar increase.  Wallace also mentioned that current pending contracts are up 64% over this same period last year. “We’re seeing multiple offers again,” Wallace said.

North Carolina real estate agents have formed a panel to study the housing market’s status. This panel gathered for a economic roundtable sponsored by Shipman & Wright LLP in Wilmington as well as several local and national banks and a law firm.

The panel concluded that buyers still remain somewhat cautions even in with improvement in the real estate market.

If you have been following our posts, it should be no surprise that the National Association of Realtors says that 94% of all local home buyers go online to research what they plan to purchase for as long as two years before they call a buyer’s agent.  Once they make the decision to move forward with buying a home, they are looking for a bargain.

There is still a large inventory of real estate property to choose from.

Wallace sites that in the Wilmington market the inventory has fallen to 4,000 homes from a high of 6,000.  Although we have seen a similar drop in the Myrtle Beach real estate market, it is still not the best situation.  A normal inventory is around six months of sales and we are still above that locally.

Once of the major keys to recovery is access to credit.  This applies to both residential and commercial property.  In order for a home owner to qualify for a home loan they need to have extremely clean credit.  JP Real Estate Experts recommend that you take the time to get pre-qualified prior to starting your new home search.

The new home building industry has an even longer way to go before they are in full recovery.  Fewer new homes are being built than ever before.  This makes the existing inventory of homes even more attractive.

The current tight credit situation contributes to local builders getting back to work.  Many builders such as D.R. Horton and Bill Clark Homes are picking up lots in existing subdivision for as little as 30 cents on the dollar.  This is great for construction companies with big pockets, but the small builders can’t borrow the money to take advantage of these deals.

Yesterday’s news sited a record low in mortgage rates and that should be a good indicator for those home buyers with a good credit record.  Banks are working with new home buyers to provide creative solutions to the current financial dilemma.   Mortgage packages that are similar to a construction loan allow a home owner to purchase a home that needs renovations and withdraw the funds as the renovation project is completed.

Appraisals are beginning to reflect an improvement in the real estate market.

In the past most of the appraisal work involved foreclosed or bank owned properties, however, things are starting to change.  Many real estate agencies are starting to see more appraisals for the purchase of homes not in a short sale or foreclosure over the past three or four months according to the North Carolina panelists.

In the Myrtle Beach area we are experiencing an increase in summer reservations for vacationers.  This makes it an ideal time to buy a rental home or beach condo.   Ocean Front Rentals has seen a substantial increase in reservations over the past few years.  Visit MPCondoExpert.com for tips on investing in this type or Myrtle Beach real estate.

The real estate market is gradually starting to improve and we very well may be at the bottom of the current real estate crisis.  Of course no one has a crystal ball but the team at JP Real Estate Experts is optimistic.

Call us today if you are in the market to purchase Myrtle Beach real estate.  This is the ideal time to invest in the real estate market.

Jerry Pinkas Real Estate Team
854 Frontage Road West, Myrtle Beach, SC 29577

Last week several area real estate agents met in Wrightsville Beach to discuss the region’s housing market and make an assessment of what they feel is the future of real estate in the area.

Although they felt we have a ways to go for a full recovery, the general diagnosis was there has been good news in the Wilmington-area housing market.  With the close proximity of Willington to Myrtle Beach, we can extract a similar diagnosis for the real estate market in this area.

We need to remember that this patient (local real estate market) was at one time very ill.

Jim Wallace, the president of Intracoastal Realty referred to what many saw as a recession was in reality a depression in real estate.

The good news is that home sales are up substantially as they compare to last year at this same time.  Wallace sites a 49% increase in his business and JP Real Estate Experts have seen a similar increase.  Wallace also mentioned that current pending contracts are up 64% over this same period last year. “We’re seeing multiple offers again,” Wallace said.

North Carolina real estate agents have formed a panel to study the housing market’s status. This panel gathered for a economic roundtable sponsored by Shipman & Wright LLP in Wilmington as well as several local and national banks and a law firm.

The panel concluded that buyers still remain somewhat cautions even in with improvement in the real estate market.

If you have been following our posts, it should be no surprise that the National Association of Realtors says that 94% of all local home buyers go online to research what they plan to purchase for as long as two years before they call a buyer’s agent.  Once they make the decision to move forward with buying a home, they are looking for a bargain.

There is still a large inventory of real estate property to choose from.

Wallace sites that in the Wilmington market the inventory has fallen to 4,000 homes from a high of 6,000.  Although we have seen a similar drop in the Myrtle Beach real estate market, it is still not the best situation.  A normal inventory is around six months of sales and we are still above that locally.

Once of the major keys to recovery is access to credit.  This applies to both residential and commercial property.  In order for a home owner to qualify for a home loan they need to have extremely clean credit.  JP Real Estate Experts recommend that you take the time to get pre-qualified prior to starting your new home search.

The new home building industry has an even longer way to go before they are in full recovery.  Fewer new homes are being built than ever before.  This makes the existing inventory of homes even more attractive.

The current tight credit situation contributes to local builders getting back to work.  Many builders such as D.R. Horton and Bill Clark Homes are picking up lots in existing subdivision for as little as 30 cents on the dollar.  This is great for construction companies with big pockets, but the small builders can’t borrow the money to take advantage of these deals.

Yesterday’s news sited a record low in mortgage rates and that should be a good indicator for those home buyers with a good credit record.  Banks are working with new home buyers to provide creative solutions to the current financial dilemma.   Mortgage packages that are similar to a construction loan allow a home owner to purchase a home that needs renovations and withdraw the funds as the renovation project is completed.

Appraisals are beginning to reflect an improvement in the real estate market.

In the past most of the appraisal work involved foreclosed or bank owned properties, however, things are starting to change.  Many real estate agencies are starting to see more appraisals for the purchase of homes not in a short sale or foreclosure over the past three or four months according to the North Carolina panelists.

In the Myrtle Beach area we are experiencing an increase in summer reservations for vacationers.  This makes it an ideal time to buy a rental home or beach condo.   Ocean Front Rentals has seen a substantial increase in reservations over the past few years.  Visit MPCondoExpert.com for tips on investing in this type or Myrtle Beach real estate.

The real estate market is gradually starting to improve and we very well may be at the bottom of the current real estate crisis.  Of course no one has a crystal ball but the team at JP Real Estate Experts is optimistic.

Call us today if you are in the market to purchase Myrtle Beach real estate.  This is the ideal time to invest in the real estate market.

Jerry Pinkas Real Estate Team
854 Frontage Road West, Myrtle Beach, SC 29577
843-839-9870

 

 

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