Buying a home in the Myrtle Beach area may be harder than ever before.
Local realtors said this is the best sellers’ market they’ve seen in more than a decade.
“This is by far the best year that I’ve had in 15 years,” said Ryan Korros, a realtor with RE/MAX Southern Shores in Myrtle Beach.
New constructions are popping up all over Horry County, consisting of about 45% of the almost 4,800 homes currently on the market. However, it seems new homes are selling faster than they’re being built.
“We’re definitely in an inventory shortage. Anything under, say, $350,000, as long as it’s priced correctly in that neighborhood, it’s not going to last,” said Korros.
In addition to Carolina Forest and the Market Common, Korros said buyers are most drawn to neighborhoods near St. James Elementary and Middle schools. He said the competitive demand is driving up home prices.
“Right now it’s definitely favoring the seller. You have to come in strong with your offer best offer, a lot of times we’re seeing bidding wars in this market,” he said.
According to Korros, the housing market is so competitive, many potential homebuyers moving to the area are being forced to rent until they can find a home. In turn, this is causing a rental shortage.
“Out of the 400 or 500 rental properties that we have there was only one available. The investor who comes in and buys [properties] could rent for top, top dollar right now.”
So if you’re looking to buy, Korros advised, “Speed is everything. If you don’t jump on it when it comes out, it’s not going to last long.”
