Housing market (Murrells Inlet: for sale, real estate, 2014)

[campfairy]

We are considering buying a home in Murrells Inlet area, preferably a ranch in a community. How is the market in the area…really. The only info I have looked into so far is the general real estate websites. We are a very active retired couple.
Thanks

[CTyankee54]

Not sure exactly what you're asking about the market in the MI area. As far as sales go, the market has been red hot but with interest rates rising, it is starting to stabilize...which is to say instead of 10 offers on a house, there might be 3 instead. Is that what you're question is driving at or are you asking something different?

[campfairy]

Thanks, sorry if I wasn’t clear. You answered my question. I was wondering about pricing and inventory. So maybe there is less inventory from what you said about multiple offers. We would be cash buyers. Looking in the 450 to 500 range. Also wanting a community with amenities. Definitely not a condo though. We are bikers, kayakers, walkers and golfers. Any idea how much over asking price people are paying. We’ve never been in a bidding situation

[CTyankee54]

Last year people were paying 10-30k (sometimes more) over asking but this year seems to be slowing down. I'm seeing more houses selling at or slightly above asking....sometimes below if the seller has gotten too aggressive with the asking price.



I was listening to a local realtor radio show today and he said that inventory is up 25% from last year but is still below the historical average for this area. So, there are more houses for sale which helps stabilize prices but still limited inventory.

Have you determined which part of MI you'd like to live in and whether you want new construction or existing? New construction usually clear cuts the land so there are no older trees...just what the builder plants. If a house is in an older but nice neighborhood, there are more mature plantings. There are multiple SFH neighborhoods with amenities that would be in your price range. When are you planning to relocate?

[fishfactor]

In that range there is more inventory and prices are dropping. In surfside, I've seen houses dropping prices after sitting on Zillow for 6 weeks, some recent closed sales have been 50 k under asking. The market has skidded since early may. For instance a guy stopped me in my driveway the other day, said he bought a house up the street, 1900sf, 2 years old, price started at 530k and he got it for 470.

[campfairy]

Thanks for the info. We definitely want more mature trees etc. We aren't sure, most likely next Spring. We have a condo in Florida-west coast (direct Bay Front) that will be very easy to sell basically overnight.

[Hamiltonjoe1950]

Prices are all over the map depending on what part of Murrells Inlet...stick built versus manufactured, etc. For example we built our house in 2014 for $215-220,000 and the most recent appraisal when we refinanced a year ago was $340,000...today our bank says it could go for $384,000.

A development near us has housed going for $375,000 and some are asking more (one in the same development is asking $5.7M like 10,000SF, private pool, tennis court...(

My wife and I looked in an area lest than five miles from us (her sister is wanting to move here next year) and prices varied from $259-399,000 for 3 bedrooms, two baths and nothing larger than 2,000SF)