Homes in the Myrtle Beach, SC area are selling at a rapid pace. Compared to just a few years ago, property values are escalating at a very rapid rate. What a hot market! Inventory is low, interest rates are still low and buyers are relocating to the area which is driving prices up.
Builders are developing and building at record paces and in turn buyers are waiting in line. Demand for new construction is strong which in turn helps with job growth and the economy.
Although interest rates have been steadily rising, the current economic indicators are indicating that values will steadily rise and inventory will remain low. The low inventory is particularly difficult for first time home buyers as they try to gain a foot hold in the real estate market.
While we did, at the last economic downturn, see many loan programs go away, we have steadily seen new and old programs come back. USDA financing offers buyers 100% financing. We have even seen the lower down payment programs come back.