Yes, it continues to be a sellers’ market post-pandemic in 2024. Which means the housing inventory is still low to meet buyer demand even though buyer activity has slowed.
According to the latest report from the National Association of REALTORS®, there is only a 2.6-month supply of available houses. A six-month supply is usually needed as a baseline for a healthy housing market in to satisfy buyer demand. With these limited options, it still brings challenges to the homebuying process – unless you have the right agent (like me).
There are forecasts, however, that give a glimmer of hope and predict a rise in housing inventory. Until then, here are 7 tips I want to offer you all for finding a home in Myrtle Beach when inventory continues to run low.
First thing’s first: Get ahead with finances
It’s not an option in today’s seller market to get pre-approved early before you embark on your house hunt. A pre-approval not only helps in letting you know what you can afford in a house, but also can help to make your offer more attractive to the seller by indicating that you’re ready to close. Another element that can help with your finances looking more favorable to the seller is putting down a large down payment.
Have a flexible, open mind in your home search
You may have started with one home search plan, but it is helpful to be willing to shift that plan and pivot to another if you’re really ready to become a homeowner, by keeping alternatives like these in mind:
- Because of the higher mortgage rates, consider a starter home now to build equity to trade up later, when it makes more financial sense for you.
- Your first choice may be a single-family home, but a condo or townhome may fit your needs now, there may be more townhome listings in the market’s inventory, and they may provide the kind of low-maintenance living you’re looking for.
- Go in a different direction than buyers competing with multiple offers on one home by considering a home that may need some TLC and repairs. There may even be a loan available to fund your fixer-upper.
Expand your location search
Because of the lack of listings in your area of choice, you may want to ask your real estate agent to expand or widen your home search radius. This doesn’t necessarily mean a complete relocation, but searching nearby suburban and rural areas. You can still zone in on preferable zip codes, neighborhoods, school districts, and more.
Don’t forget about going new
New builds are popping up everywhere in the Myrtle Beach area, but they are not always entered into the MLS, so have your agent keep these homes in your search possibilities – especially if you are a buyer who has more time to think about a buying decision. New construction allows you to customize features throughout your home, such as more energy-efficient elements. Also, your agent can look for land or lots for sale for your new, customized build.
Don’t forget about going old
A listing that is three to five weeks old may be old or stale to other buyers who are wary of why the home is still on the market, but the perfect fit for you. And, if it’s because the home is priced too high, that may be to your and your agent’s advantage when negotiating the final price. Just make sure you check thoroughly through the house with a professional there are no deal-breakers that turned away those other buyers.
Ask about withdrawn, expired, or coming soon listings
A diligent agent can do some digging on the MLS for listings that have either been withdrawn or expired as part of your home search. These listings may have just been priced too high and didn’t sell within a certain time period or the relationship between the seller and previous agent may have failed, which means the seller may be more eager to negotiate with you and your agent. Your agent can also jump ahead of competing buyers by hunting down “coming soon” listings that will be on the market within seven days.
Work with an expert real estate agent
Ultimately, homebuying success starts with finding an expert real estate agent. The right agent will have the experience and know-how on all of these tips and more to make your home search seamless – even in today’s challenging market. The agent will know how to thoroughly sift through new listings, old listings, and relistings, negotiate, and write a rock-solid offer for the win.
2024 marks Paige Bird’s 20th year working in the real estate industry. During her tenure, she assisted more than 2,200 families in their home-buying and selling journeys. Paige is renowned for her extensive experience and commitment to high ethical standards, which uniquely positions her as the go-to agent for those looking to achieve their 2024 real estate goals.
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