Real estate market evolving in 2010

Horry County, SC - By Mark Meredith - bio | email

HORRY COUNTY, SC (WMBF) - A new study by the South Carolina Association of Realtors suggests the housing market is beginning to recover.

Data comparing February 2010 to February 2009 shows an increase of 46.7 percent in the number of homes, condos and villas sold along in the Coastal Carolinas. The study also compares the average price of a home, which the association says has dropped. Data comparing the median home price shows a decrease of 3.8 percent from 2009.

For people who are trying to sell their house, the drop in price could make it harder to accept an offer.

"The housing market prices are dropping. We haven't dropped our price though," said Christine Snyder of Conway. "We're trying to get what we owe on the house."

Snyder is trying to move further inland in order to expand her home-office cleaning business.

The housing market across the country has been paralyzed following a foreclosure crisis throughout much of 2009.

"Traditional sellers cannot expect their homes value to increase until all the foreclosures are cleared," said realtor Tammy Winner with Myrtle Beach Realty. "As long as there is a foreclosure on your street, in your neighborhood,  your home's value is going to continue to decline."

The number of days a house stays on the market is also increasing. According to the same report by the Association of South Carolina Realtors, the number of days a house is expected to stay on the market in 2010 is 204. That's up 14 percent from the same time in 2009.

Winner also recommends speaking with a realtor if you do want to sell your house, as they are more likely to be familiar with the market in your neighborhood and what can be done to avoid selling too low.

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