It appears that 2011 will be a long awaited breakout year for Myrtle Beach real estate. We are starting to see a huge increase in web traffic, buyer calls, showing appointments and contracts written.Let me share with you why the buyers tell us they are going to buy this year.
1. The inventory of condos for sale is starting to decrease. The selection of quality properties is getting thin.
2. Developers are starting to build spec homes again in Myrtle Beach which means that they feel the residential market has finally found the bottom.
3. Land sales are starting to occur which has not happened for 5 years along the Grand Strand.
4. There is a fear of increased interest rates in the near future so they want to purchase their investments while the money is cheap.
5. Buyers are taking advantage of those banks that need to liquidate their real estate holdings through foreclosure. The banks are often letting these propeties go for really low prices. We have recently seen condos for sale in Myrtle Beach by banks selling for less than $70,000 on the ocean front.
We all know that this is the time to purchase real estate. Buy low, hold and sell high is the method for creating wealth in real estate.
Final Thought...
Go out and buy some real estate.
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