The real estate market has been quite hectic over the last couple of years, especially in the realm of housing in our area—across Horry and Georgetown counties.
In South Carolina, average home prices are expected to continue to increase as 2022 brings a renewed interest for those moving to our state. Home prices in SC have already increased over 18% since the year 2020—but housing affordability dropped by at least 10.9% since the last report by the Coastal Carolinas Association of Realtors.
In the Myrtle Beach area alone, housing has continued to soar. As of February 2022, Horry County home prices were up 22.8% since the past two years, as the county remains the fastest growing county in the state.
For Sellers, it’s a great time as many listings have been getting multiple offers. For Buyers, the current trend can be difficult to navigate.
Supply and demand still rules the real estate playing field. While most home mortgage interest rates remain historically low, there are not as many homes for buyers to afford to purchase. Inadvertently, this also leads to furthering the sales price increases. Home prices can not realistically decrease until there are more homes available.
Buyers today may have to work a bit harder to find a home that they can buy, but there is hope as the mortgage market can be friendly to those needing good rates. However, buyers must be aware that if one’s credit score is not optimal a mortgage lender will not be readily eager to loan. In 2008, this was not the scenario, and it subsequently led to the crash when many buyers defaulted on their mortgages and homes entered into foreclosure. Many unscrupulous lenders and brokers were in it for their own fast gains, not in the interests of the people buying homes. Now, there are more robust federal regulations that have been implemented to protect home buyers—as well as the overall market—in preventing a similar catastrophe.
At the Floyd Law Firm, we want you to feel happy, proud, and secure with your purchase. It’s a lifetime investment for many, especially first-time home buyers. Our hope is that you are prepared for the best and are able to prevent the worst before it becomes an issue. So many individuals and families from neighboring states are choosing to make South Carolina their home. The recent increase in sales and purchases along the Grand Strand and surrounding communities is feeding a building boom as well. Local leaders are working hard to get the local infrastructure ready for such growth and expansion.
Our Real Estate Law Attorneys serve buyers and sellers in Surfside Beach, Myrtle Beach, and throughout South Carolina. Our firm is committed to ensuring that our clients’ real estate transactions go as smoothly as possible. Protecting your transaction is our focus. It is our job to know everything the law requires so that you can make the most of the opportunity you have.