Prices for Myrtle Beach real estate have dropped over 34 percent since the peak of the boom in 2006. However, prices have only dropped 1 percent since 2009 which mean things are turning.
Here is another example of why waiting to purchase Myrtle Beach real estate may not be to your advantage:
If you have 20 percent to put down on a house that is selling for $300,000 and you get a mortgage at 4.5 percent, the monthly payment would be $1,216. If you wait until the seller drops the price to $285,000 but the mortgage interest rate has gone up to 5.5 percent the monthly payment would be $1,295. That is $79 more per month and $28,440 additional over the life of the loan.
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