MYRTLE BEACH, SC (WMBF) - Looking for a home couldn't be better right now at the beach. Investors and people in real estate said now is the time to buy, and gave tips for people trying to sell.
"Right now, the value of the properties will never get lower than what they are now," said home flipper and investor Matt Fries.
He and Lawrence Cook, an investor and sales executive for Litchfield Realty, said interest rates and location are driving the home market for the Grand Strand this year.
Wednesday's interest rates were listed at a little less than 3.5 percent for a fifteen-year fixed rate, and 4.5 percent for 30 years. Cook said the market has steadily gone up the past 10 years and doesn't see the trend changing. The natural amenity of the ocean is what's appealing to almost all buyers, he explained, and said buying is the the right choice if you can.
"You want to make your money work for you. So, 'Hey, I want to buy a property because it's not going to depreciate, it's only going to go up.' So you're going to get a lot better bang for you buck as far as if you just had your money sitting in the bank," Cook said.
Fries and Cook both said there are more homes on the market in winter, and suggested summer may not give a buyer many options.
However, spring and summer months are also considered peak season when it comes to buying. Beware of premiums.
If you're looking to sell your home, Cook suggested to keep your home up-to-date in order to maximize the listing price. He said to make it more appealing, put on a fresh coat of paint, update that roof or work on interior fixtures and of course, curb appeal. Landscaping is a must to bring people into your home.
Fries explained a common Grand Strand problem he sees is owned homes and condos are rented so frequently for vacations, the owners don't block out time to renovate the home. Each highlighted the importance of an up-to-date home.
However, in the end, the beach is gold when it comes to pricing. Cook said it's slim pickings for buyers now, but looks forward to the fall and winter seasons.
"Inventory's a little low, but when the season calms down a little bit, the inventory's going to get a lot better. Buying a property down here though, you can't go wrong in any area that you pick," Cook said.