Thursday, October 17, 2013

Myrtle Beach Real Estate - Are Short Sales Back?

It is hard to have discussions about short sales in Myrtle Beach when we have had such an active selling summer. As  a local real estate agent, I have been getting a lot of phone calls from people that are giving up on their mortgages and getting rid of their unwanted real estate. Most of us thought the recent real estate activity across the country was a sign that recovery was here and short sales and foreclosures were gone. Many real estate markets have experienced a decline in inventory as well as slight increases in selling prices. Again, all signs that we are on the way up again.

Whenever I get a lot of owners asking similar questions, I do more research. I was looking at the Notice of Default figures and they appear to be rising again. Myrtle Beach Notice of Defaults (NOD) is the official notice that an owner is given when the bank is looking to foreclose. An owner usually has a lot of time between receiving a NOD and actually being foreclosed on.

Now that consumers are educated on the option of short selling, more owners are going this route as soon as they get notice that the bank is going to foreclose on them. This may seem obvious but in the past, many owners would get a NOD and do nothing to find out that they were out of time and selling via short sale was not longer an option.

If you are keeping your eyes on the real estate market along the Grand Strand then you may want to research this a bit more. It is likely that we are going to see an increase in distressed listings and an increase in inventory altogether.

I am not one to focus on politics yet the uncertainty in our government is also hurting consumer confidence. I have talked to some people that have stopped making payments because they have lost hope that the economy will recover anytime soon.

There is not enough data to support the fact that a new trend has formed but there is enough information out there that says we need to be on the look out.

If you want to discuss the real estate market in Myrtle Beach, then please contact me via email or phone. I am committed to keeping our clients updated on the changes that take place, and how those changes will impact your investment.

~Greg Harrelson

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