Why The Market Is Really Good For Sellers Right Now
Posted by Abe Safa on Tuesday, January 3, 2023 at 2:12:40 PMBy Abe Safa / January 3, 2023Comment
When you hear the Myrtle Beach real estate market is softer, it can be a bit confusing. On one hand, it may seem like prices are falling, but that's not always the case. In fact, the market is actually quite good for sellers right now for a number of reasons.
Reasons Why The Market Is Really Good For Sellers Right Now:
#1. There is very little inventory for sale.... less supply means higher price
Single Family home inventory is at 2.4 months supply...down from 2.6 months in November
Condo inventory is at 2.2 months supply...down from 2.3 months in November
#2. Interest rates just adjusted down... when the cost of borrowing money decreases, demand is higher.
6.54% National average for 30 year mortgage...down from 7.37% peak in October
#3. The thought that inflation could be easing is creating buyer confidence and with confidence they start buying again.
We are seeing a spike in buyer activity
Zillow predicts a 36% spike
To point out what is happening in pricing, December, the average sales price for a single-family home was $454,517, an increase of 14.1% compared to the previous year. While prices peaked at $488,000 in April, they were still up $10,000 from November.
Similarly, the average sales price for a condo was $262,588, an increase of 20.5% compared to the previous year. While prices peaked at $276,000 in May, they may be back on the rise.
In conclusion, the market may be considered "softer" by some, but that doesn't mean prices are falling. In fact, there are a number of factors contributing to the strength of the market for sellers, including low inventory, lower interest rates, and increasing buyer confidence. If you're thinking of selling your home, now may be a great time to do so.
If you have any questions or would like to discuss the market or your property, reach out to Abe at (843) 360-2145
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