Real Estate in Myrtle Beach - Investors are Moving Again
The Myrtle Bech real estate market has always been a favorite for investors. There have been times when the market has been hot and times when the market has been down in the dumps. What many Myrtle Beach investors are doing now is taking advantage of the real estate bust by scooping up the quality properties while mortgages are tough to find.
The recent downturn in the local market has left a lot of people with losses while others are seizing the opportunity. Investors seem to be coming in with cash, making offers and closing on properties with the intention to hold them for the long run. A lot of the buyers we are working with tell us they plan to hold onto their investments for 5-10 years. Most experts in real estate investing would likely agree with this method as well as agree that real estate in Myrtle Beach is a good buy.
A few reasons why Myrtle Beach is a great market to invest:
1. Most properties are 50% - 60% off their original prices. In many cases, you can buy a property at 2001 prices. That was well before the real estate boom.
2. Inventories are shrinking telling us that recovery is around the corner.
3. Mortgages are still tight so competition amongst buyers is lower than it will be when mortgages start flowing again. When demand is low, opportunities are high.
In addition to the condos for sale in Myrtle Beach, homes for sale in Myrtle Beach are also a great investment. Many buyers are purchasing single family homes and renting them out long term making positive cash flow above their mortgage. One of my clients just purchased a single family home in Varolina Forest for $110,000. It included 3 bedrooms, 2.5 Bathrooms, a two car garage, Carolina room and fenced backyard. They will rent this home for $1100 per month with no problem.
If you are looking for an investment in the Myrtle Beach area then please give us a call. If you want to to receive access to a list of foreclosures and short sales on the market today, go to www.myrtlebeachrealestate.co and download the list instantly.