Murrells Inlet Real Estate Prices

November 9, 2008 in Murrells Inlet Home Buying, Murrells Inlet Home Selling, Murrells Inlet Real Estate, Real Estate Values
Tags: murells inlet home buying, Murrells Inlet Real Estate, murrells inlet real estate values

While Monitoring Murrells Inlet Real Estate Prices over the last 30 days there appears to be a downward trend in prices for homes and land.  Interesting that there were 110 new listings, 119 price reductions and 53 expired listings.   With price reductions leading the trend, these sellers appear to be chasing the market down in a big way. 

Of note is a short sale listing that was orginally priced at $549,000 and has a new list price of $300,000.  The amazing drop in list price on this like new home may help to get offers but will the bank really take $300,000?  This agent doubts it but the future may prove me wrong.

Of the 53 expired listings there were 16 lots and 21 detached single family homes with Georgetown County having 9 expired single family homes and Horry County posting 11 price reductions.  As I mentioned in a previous post about home prices, the Waccamaw Neck has not seen home price declines as much as other areas.  Of the 119 price reductions in Murrells Inlet area only 15 single family homes had price reductions in Georgetown County which tends to fair much better than Horry County for price stability.

Chasing the market down is not a good position for any seller and for those reduced listings now competing with new listings price reductions can help to get it sold.  What is important for sellers to remember in the current market is the fact that you should not wait 6 or 8 months before reducing your price. 

Eight of the reduced listings came on the market in August and some reductions are as much as $50,000 and includes property listed since March of this year.  If your listing agent does not talk about the possibility of price reductions after a few weeks of market exposure in the current market, you should seek out one that does especially if you need to sell quickly.  While seller motivation plays an important role in price, unrealistic expectations about price can be just as devastating when the listing agent informs you that you need to reduce the price in order to compete with the bigger, better and newer homes on the market.

If you are looking to buy or sell real estate anytime soon, you need to make sure your agent provides you with up to date market information in order to properly price for sale or make the offer on the home of your dreams.  For more information contact me.  Copyright©2008 Sandra Bundy, Broker-in-Charge, B&P, Inc. This work may not be copied or reproduced in any manner without the express written consent of the Author.