If you have always wanted to own an oceanfront property either as an investment or a retirement home, Myrtle Beach real estate has a variety of wonderful properties you can invest in. Irrespective of your lifestyle and affordability, the real estate industry here is teemed with properties ranging from small one bedroom condos to large four bedroom units, thus giving you a wide range of choice as you search for your ideal home.
An Overview of the Myrtle Beach Real Estate Market
Over the past few years, the market for properties in Myrtle Beach has enjoyed a steady recovery thus putting the industry back on solid ground. Lower inventory in the cities is gradually pushing buyers to consider investing in properties in the suburbs. The building boom in the Grand Strand is expected to continue and the positive impact this has on Myrtle Beach real estate market is immense.
Potential homebuyers in the area will more likely enjoy a variety of financing options as mortgage lenders adjust their requirements in response to the rebounding economy and industry recovery. The buying wave will further be bolstered by first-time millennial homebuyers and formerly distressed homeowners whose homes were foreclosed and are looking to purchase again.
Buying Investment and Retirement Homes
If you are looking to buy investment properties, Myrtle Beach is an exceptional location which also doubles up as a vacation destination for lots of people frequenting the shorelines as they escape the harsher winters up north. This means renting out your condo will not be as difficult for you.
Are you looking for a retirement home? Well, Myrtle Beach has become a popular retirement destination. Compared to other areas especially along the eastern seaboard, the cost of living here is relatively low. The shopping malls attract both the locals as well as visitors who prefer more upscale boutiques. When you buy a home in Myrtle Beach, you will probably never get bored because regardless of your preferred lifestyle, you will easily fit in the community. You can also use your retirement property as a vacation home or open it up for rental.
Why Buy Real Estate in Myrtle Beach
As pointed out earlier, the niceties Myrtle Beach offers including the warm weather, endless activities for all age groups, spectacular natural surroundings, and a fun vacation atmosphere, are enough reasons to consider buying a property in this area.
Prices are much lower – Especially when considering buying oceanfront condos, the level of available inventory is relatively higher meaning the upward pressure on pricing is not as much. Statistics reveal that the cost of housing in Myrtle Beach compared to the national average is 6% lower.
Low cost of living – Thanks to affordable housing, healthcare services, utilities, and a robust transport system, the cost of living in this area is relatively lower compared to the national average.
In addition to the above, the beach, rivers, plantations, world class golf courses, inlets, national parks, and historical sites, make this area the ideal place to buy a home.