Grand Strand real estate market is on the up swing

By: Michelle Carolla | SCNow
Published: May 02, 2009

It's no secret the real estate market during the past two years. However, there are signs it's getting better along the Grand Strand. A big reason is buyers are jumping on great deals.
The good news is the deals we hear about really do exist. If you're in the position to buy, now’s the time to cash-in on some amazing prices. You can also look at it in the respect the market is settling back into realistic prices, not the overinflated prices that helped create the housing bust.
One new Grand Strand resident, Jack Mooningham reached his now or never point and decided to pack-up and retire to Myrtle Beach. He never expected to buy a luxury condo on the waterway, but the new real estate market opened the door to his dream home....and he's definitely not in Kansas anymore. "That was our object. To get a great deal in the best place we could at the best price,” said Mooningham. "I was lucky and able to sell my house in Overland Park, Kansas without ever listing it. So, that made it much easier."
Mooningham walked away from the closing table Thursday with 175-000 dollars in equity. The condos in the Grande Dunes, where he bought, peaked at a million dollars. Last year they were at half a million, but Mooningham jumped into his waterfront-view property for 279,000 dollars. Mooningham hopes the market allows him to double his investment in the next 5 years.
Wendy Hodges is a top-selling agent in Myrtle Beach. She and her partner Danny Baxley closed 8 sales in April. Their office, Century 21 Boling closed 40 sales in April.
They said Myrtle Beach is the 15th most stable area in the country for purchasing and buyers are jumping on the deals. “There is a lot of inventory, but daily there are foreclosures coming on the market and shot sales,” said Hodges. “The key is to follow-up and stick with that and follow through with the process so you can get exactly what you're looking for."
Financing can get tricky if your credit isn't excellent and you don't have 20% as a down payment. You'll need to work to find financing, but it is possible.
In April, 233 single family homes and 170 condos sold on the Grand Strand. Nationally, the median home price for existing homes dropped 14.9 percent from last year. Existing home sales dropped 7.2 from last year.
As of Friday, 6300 single family homes are on the market along the Grand Strand and more than 7000 condos are listed. It will take work, but persistence is paying off for a ton of buyers.