For first time homebuyers, today’s climate seems to have buyers proceed with more hesitancy than before. While many of the housing markets throughout the country are still facing decreases, the south managed an increase, if only slightly, but and increase nonetheless in sales. This even holds true for Myrtle Beach real estate.
For homebuyers this year, now may be one of the best times in the last 30 years to purchase. With more homes on the Myrtle Beach market than ever, buyers have the luxury of shopping the millions of listings without having to feel the pressure of having to buy immediately or face an all-out bidding war.
Thanks to the recent extension $8000 federal tax credit for first-time homebuyers, 2010 is looking quite strong within the housing market. Keeping foreclosures to a minimum is a trickle effect seen from such stimulus incentives. The National Association of Realtors, for example, estimates 350,000 homes nationwide were sold to first-time buyers who probably wouldn't have bought a home if not for the credit. The group also reports that about 47 percent of all home sales in 2009 will be to first-time homebuyers, up from 41 percent in 2008.
The credit encouraged thousands of on-the-fence buyers to finally purchase their first homes. The combination of relatively low mortgage rates and the incoming homes not yet listed have the potential for making 2010 the most opportunistic time to purchase a home. The Commerce Department had reported that new home sales, had surged 27% from February to March, and are up 23% from the year previous. Home sales in March alone rose 5.3 percent, beating expectations from analysts. Lawerence Yun, chief economist of the National Association of Realtors, projects home sales to be up 4.3 percent in 2010 and a whopping 5.1 percent in 2011.
This year alone, with early signs of recovery expected, more homes are on the market. With the existing economy being what it is, mortgage interest rates continue to be near all-time low, allowing buyers to capitalize on these factors.
According to an article in the Sun News today, (Myrtle Beach's leading newspaper) Myrtle Beach home sales increased 25 percent in May compared to the same month last year, plus condo sales rose 11 percent in May as well. Also according to the article, sources said about 45 percent of buyers paid cash, the other 46 percent used conventional financing methods. The rest got loans though Federal Housing Administration or Veterans Affairs.
When To Buy Real Estate
Real estate—March through August are very active months for buying and selling, so a buyer looking for a deal will have better luck negotiating on an offer in autumn and winter.
Due to the Myrtle Beach climate as well, summer lends itself to more vacationers that are "on the fence" type of buyers. They visit with their family, like the area, pick up one of the hundreds of Myrtle Beach real estate books laying around at gas stations and whatnot and contact an agent.
(And plus, properties show better in the summer. Especially when there is air conditioning, and the grass is green.)
The learn more about Myrtle Beach Real Estate, visit myrtlebeachrealestate.com.
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