MYRTLE BEACH, S.C. (WBTW) — The Myrtle Beach real estate market continues to boom during the pandemic pressuring home buyers to make quick decisions.
Monica Callahan and her family are among the several buyers moving to the Myrtle Beach area from the north.
The Ohio couple made an offer on a home right after the first showing, which seems to be a trend and what many buyers seem forced to do.
“They had ended up getting a couple of offers that day, so it went on the market that morning, and by the end of the day, it had a couple of offers,” Monica Callahan, a new Myrtle Beach home buyer, said.
Myrtle Beach’s real estate market is off to a hot start already in 2021.
According to data from local real estate expert Blake Sloan, prices for single-family homes are up 19% since this time last year.
Sloan said nearly 800 homes have gone under contract over the last week accounting for over $200M in the Myrtle Beach area.
“We thought we’d seen a huge impact initially when COVID first started, but it’s had the opposite effect. We almost had that perfect storm where super-low interest rates and all-time low-interest rates come out of people being frustrated with lockdowns, being up north in metropolitan areas moving down to Myrtle Beach,” Sloan said.
But there’s also less inventory. The number of homes on the market is 65% less compared to last year.
That’s why families like The Callahan’s have to make quick decisions, frequently on the same day of their first showing, before their potential-future home is gone.
“Our realtor said they don’t have a lot on the market, and things go fast. We did end up offering a little bit over the house what they had listed it to hopefully make sure it happened. She had me write a letter and send them a picture too,” Callahan said.
Relators say many of their properties will have multiple offers within a few hours.
“We just had one last night over $13,000 over asking price, and it was a record price for the neighborhood,” Sloan said.
Most of Sloan’s clients are relocating from up north. Many are from areas where lockdowns have been strict, and now they want to move to a more spread-out area.
“Our biggest clientele is from up north — New York, New Jersey, Pennsylvania, Connecticut, Ohio, who are all coming down here for the low cost of living, and really to escape the metropolitan areas with a higher density population,” Sloan said.
Real estate experts turned to technology and virtual showings to help the housing market stay afloat.
New technology such as 360 cameras and drones were brought in homes on the market, allowing potential buyers to get almost the same experience during a showing without being physically present.
According to Sloan, many buyers have decided to retire early or have jumped to buy a second home early during the pandemic.
Real estate experts predict the price of homes will continue to rise throughout 2021 and recommend if you’re looking to buy to take advantage of the prices they are now, as well as low-interest rates.