Archive for June, 2009
Owners of Murrells Inlet real estate priced over $500,000 are seeing some of the largest price declines in the market. The most recent example turns out to be a New Construction located in a Gated Community with all the bells and whistles including a dock on the water with access to the ICW. After coming on the market priced above $1,100,000 in April of 2008 and having several price adjustments to a final list in the low $900′s the property recently sold over $100k below the final asking price.
On average the properties selling in this price point since January 1, 2009 have been on the market 376 days and surely appear to have been chasing a down market. Of the homes sold the average sale prices are over $290k below list price with the largest being $568k and the lowest $115k.
Owners of all area Real Estate need to make sure their REALTOR® sets the original list price in line with actual sale prices in their neighborhood and has a plan for price reductions in place should the market continue to decline. Using real time data to educate you about your homes current value based on current market conditions should be part of every discussion when selling your home in order to avoid chasing the market down to effect a sale. Copyright 2009, Sandra Bundy, Broker-in-Charge, B&P, Inc.
Murrells Inlet and the surrounding communites have seen tremendous growth in new housing for several years prior to the current slow down in new home building in the area. The lure of the new home can be strong especially for buyers who need more space and have outgrown their current property. It is important for these buyers to give strong consideration to what they are leaving behind prior to making such a move to avoid regret after their next home purchase.
Prior to the housing boom in Murrells Inlet, many of the homes were built on good sized lots in neighborhoods without HOA restrictions. As new housing options came onto the market and demand skyrocketed, builders took great advantage of building larger homes on smaller lots.
A friend recently related to me that the big new home purchase of a co-worker turns out to be one of regret. It seems the spacious new home with all the trimmings got her hooked but after living in the new neighborhood on the tiny lot in hindsight was not the best move. Walking outside in her small yard and being able to touch her neighbor was more than she bargined for when breathing room would have suited her better.
Not all home buyers need breathing room and large homes on small lots with little maintenance is the draw but if you are a buyer in the market for a new home, make sure your REALTOR® is looking out for your interest in your next home purchase. Pointing out what you are giving up for the new and advising you of the potential in your current property are good places to start. Copyright 2009, Sandra Bundy, Broker-in-Charge, B&P, Inc.