Myrtle Beach is one of the most affordable, family-oriented vacation destinations in Florida. It is a picturesque destination with a beautiful, 60 mile long, white sandy beach. The growth has increased enormously in recent years Myrtle Beach real estate, According to research, the current median house value in Myrtle Beach is $ 156,300, with the market forecast for property prices rising 3.8%.
This article covers some of the real estate trends in Grand Strand.
Home prices are slowly increasing
It is likely that property prices will continue to rise this year. However, the rise will not be as drastic as in 2019. Myrtle Beach's real estate market is reasonably priced compared to South Carolina's standards. The average home price for the state is around $ 170,000. Another favorable factor for real estate investments is that this is an excellent bargain for residents. It is one of the cheapest suburbs in the Myrtle Beach-Conway-North Myrtle Beach subway area.
Mortgage rates are expected to go down
Renowned economists predict that interest rates for a 15-year mortgage will decrease from 4% to almost 3.2% and for a 30-year mortgage from 3.7%. However, the Federal Reserve can gradually raise interest rates to offset unprecedented trade wars and tariff changes. Myrtle Beach has some of the more expensive neighborhoods like the Dunes, where mortgage rates are high. On the contrary, there are cheap areas like Island Green with affordable mortgage rates.
Millennials are potential buyers
Carolina Forest and The Market Common are two of the fastest growing communities in this region. The Market Common is an urban village community in commercial and residential areas that is best suited to a minimalist lifestyle. It offers a variety of housing alternatives, including single-family homes and townhouses. Such neighborhoods offer excellent investment opportunities for millennials who may be home buyers for the first time.
Equity should not be reduced by 2020
Real estate in Myrtle Beach mainly includes low-cost neighborhoods, some of which are luxurious. Upscale communities like Grand Dunes and Prince Creek offer some of the exceptional amenities like clubhouses, pools, and leisure facilities. In addition, these locations offer lush golf courses nicknamed the "Golf Capital of the World" for this area.
These factors, together with the high maintenance of your home, help to increase the equity margin of your property. According to real estate analysts, there are no signs that equity will soon decline. Therefore, those who have homes in such posh areas can expect highly profitable returns if they plan to sell them.
Real estate market is unlikely to crash
Some of the best neighborhoods in Myrtle Beach are Plantation Point, Ocean Forest, Myrtle Ridge and Owens. In these posh areas you will find most of the houses for sale and rent.
In the recent past, even in such posh communities, the housing market has been predominantly a buyer's market. Despite lower sales, prices did not drop drastically. Such trends have convinced real estate experts that the real estate market is nowhere near to collapse.
In summary, the prospects for the real estate market in Myrtle Beach for 2020 are excellent. Potential home buyers and sellers need to carefully review their options to make high profits, and you can expect these trends to take shape this year.
