Myrtle Beach home prices to continue to rise, says realtor

MYRTLE BEACH, SC (WBTW) – Myrtle Beach realtors say home prices in the area mirror a recent S&P Report, which documents home prices are the highest they’ve been in more than two years.

The homes in Myrtle Beach may be worth more than most owners realize, and Cherie Hardy with South Carolina Real Estate Network says home values along the Grand Strand have been on the rise for the past five years and she predicts that trend will continue.

“All the people, including myself, that bought in ’06 and ‘07 and paid a higher price, the prices are starting to get to where we paid for them,” says Hardy. “You’re going to have the opportunity to recoup most of the money you paid.”

Hardy says while the growing influx of retirees is driving up demand, developers are also facing a land shortage, which will slow down new construction.

“The less inventory you have on the market, the better opportunity you’ll have to sell because you’ll be able to ask higher price for your home,” says Hardy.

Hardy predicts prices are only going to keep increasing, so homeowners may want to wait about six months to a year to sell, but if you’re in the market to buy, hardy recommends doing it soon.

“The longer they wait, the more it’s going to cost them,” predicts Hardy. “Right now you might get a mortgage for $800. As prices continue to go up, that same house is going to cost you $900 to $1000. Interest rates are going to go up two more times, so now’s a really great time to buy before you’re out priced in the market.”

Hardy says this is also a great time to buy for first time home buyers since a lot of rental rates are comparable to mortgage payments right now.

“The average rental is what, $1200 dollars a month? In some cases you can buy a house for less than that,” says Hardy.

Hardy says the neighborhoods highest in demand are in the Market Common area, so buyers can expect to see those prices increasing rapidly. Hardy suggests house hunters looking for a great deal and good investment should look toward Highway 90 before International Drive construction is complete.