HORRY COUNTY, SC (WMBF) - Local real estate trends show that our housing market is building some steady growth, especially in certain areas in Horry County.
Local realtors and builders say that some hot areas for buying or selling include Forest Brook, Carolina Forest, Little River and Market Common, just to name a few. The key to the success of all these hot spots is convenience. They're all areas where there's a good balance of businesses moving in to attract new home owners, and more homeowners moving in to attract new businesses.
A representative of R.S. Parker Homes says that new neighborhoods, like North Village in Little River, are being built simply to keep up with the demand in a buyer's market. There's a lot of confidence in our current local market, because it's showing slow and steady growth. So sellers are willing to put their homes up on the market at good prices, and brand new homes that are being built in new neighborhoods are being priced competitively.
"It's a buyer's market right now," says Mark Lytle, a builder's representative with R.S. Parker Homes. "Everybody's very competitive. And you see where the interest rates are holding where they need to be, very low actually right now. And I guess you'll see that for a buyer's market, there's a lot to look at even when it comes to all the different builders," Lytle said.
More options in a buyer's market means the better chance you'll get a good deal buying a home. In the past year, we've been experiencing some strong growth in Horry County, giving both buyers and sellers alike confidence.
Real estate specialist Justin Thompson for Better Homes and Gardens Elliott Coastal Living says that local homes sales are up 4 percent this year. The median home price is also up 4 percent. And Thompson says what makes those numbers even better is that we've made a slow and steady climb – meaning those prices are reasonable and sustainable.
The Elliot Coastal Living realtor says that homes priced between $140,000 and $150,000 are hitting the golden price point and selling quickly. Homes in the mid-$200,000 range are also strong sellers as long as they're priced consistently.
"Right now it's a buyer's market," Thompson says. "There's a lot of inventory out there, there's a lot of homes for sale. Sellers are motivated. A lot of these sellers have been in this downturn waiting for their home values to bump up a little so they could make that call. And that's why you see a lot of people coming out of hibernation now and are ready to move and ready to sell their houses,"says Thompson.
Local realtors say as long as this trend continues at a steady, strong pace and in line with job growth, the current solid housing market should continue.