Home / Buying A House / Foreclosure Sales Impact Myrtle Beach Real Estate Listings
Here at Coldwell Banker in Myrtle Beach, news reports of foreclosures and their effect on Myrtle Beach real estate listings seem to be part of the new normal. ?But, even more than politics, all real estate is local. And, what is true in one market does not necessarily apply in another. Myrtle Beach real estate listing and sale prices are most impacted by what is happening in the Myrtle Beach real estate market today. Whether foreclosures affect existing Myrtle Beach real estate listings, and how much, depends on several independent factors.
The number of Myrtle Beach real estate listings sold after foreclosure compared to the number of non-foreclosures sold is the most important factor affecting home prices. As the National Mortgage Professional Magazine notes, it?s all relative. Take as an example Florida, an area where many sales are foreclosures. The situation dictates that appraisers and agents use those foreclosures as fully weighted comparables in their appraisals and comparative market analyses. In contrast, the smaller number of Myrtle Beach foreclosures compared to non-foreclosures will?affect sales prices less. Those foreclosures appear more like aberrations than true representations of the whole market.
The actual sales prices of Myrtle Beach real estate listings sold as foreclosures are another important factor.? Throughout 2011, foreclosures frequently sold for something around 20% ? 30% less than non-foreclosures, according to many national studies.? The lower the selling price of the foreclosures, the more they draw down comparable estimates and the affected market.?
Proximity is an important factor, as anyone with a nearby foreclosure will agree. But ?spread? is important, too. If the foreclosures have occurred at every price point in every location and subdivision, prices are likely to be impacted more severely than if foreclosures are confined to a distinct area.? A clear example occurs when two subdivisions out of dozens contain the lion?s share of foreclosures. Of course, prices within the unlucky subdivisions will inevitably be more severely impacted than prices elsewhere.
If you are considering buying or selling your home and would like to know how Myrtle Beach listings sold as foreclosures have affected prices in your neighborhood, give me a call. I can help shortcut the process of finding your dream home or condo here in Myrtle Beach. It is critical in today?s market to buy the right place, in the right area at the right price. More than that, I can help with locating and organizing key information to can help compare otherwise dissimilar offerings. ?I will bring you local market know-how,?and?use my local expertise to help you find and buy the very best place for your money here at the beach. Deb Lewis, Coldwell Banker Myrtle Beach.
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