Three in Ten Potential Home Buyers Will Commit
Chase Mortgage did a national survey that shows that three in ten ‘potential buyers’ are planning to buy real estate within the next 18 months. 32 percent of those that took the survey cited low interest rates and 20 percent because rents are rising in their area making buying a better and more affordable option. Approximately ¾ of those that responded are afraid that rising prices are going to keep them from buying. However, in our area, as reported to the local MLS (Coastal Carolina Association of REALTORS®), there has only been a one percent increase in the average purchase price January thru April this year over last year for a single family home or condo/townhouse.
Myrtle Beach is still an affordable place to buy real estate, pricing is steady and rentals are becoming more difficult to find so rents are increasing. Talk to a lender to see what options are available locally that you might qualify for and talk to your Beach Realty Group agent. For more on the survey click here.