Obviously in the past few years the real estate market has experienced a major downturn which resulted in tumbling market prices. The beach properties were hit the hardest as there were many major bailouts by short term investors who realized that their investment properties, and the money owed on same, were not only substantially above the current market prices but also that the market values would take many years to equal the balances owed. Hence we, as realtors, saw an enormous amount of foreclosures and "short sales". These foreclosure and "short sales" were one of many major factors in causing the market values to decline. Foreclosures and "short sales" will continue to be in the picture for 2012 and probably into 2013 although diminishing in numbers as the months roll by. Other major factors causing the decline in market values were the nation's general economic struggles combined with the lending institutions failures and reluctance to finance 2nd homes and investment properties.
As I look into the my murky Crystal Ball for 2012 I do see a slight recovery in both the residential and ocean property markets. I believe prices have bottomed out and we will start to see a slight increase in property values. There may be some erratic moments but nothing major to drop the market prices any lower. The ocean properties will recover a little slower as financing will continue to be difficult to obtain on many properties, commonly called "Condotels" by lenders and the "Fannie Team" (Fannie Mae and Freddie Mac). Although the market for 2012 will still remain a buyer's market it may also start swaying towards a neutral market depending on the location of the property being sold and whether it is considered financeable by lenders.
That being said, smart Buyers should recognize that the current market creates an excellent time to purchase a property. The Buyers who choose to wait much longer will be purchasing properties while they are on the upward trend as I feel that we will not see a decline in market values like we experienced in the last few years. Sellers, on the other hand, must price their properties at the current market value and make any adjustments from that point following the market values as they change. This could lead to increasing their prices as the market values increase instead of reducing their prices as they had to do in the past. Please feel free to view the entire Grand Strand market of available properties by visiting my website at http://www.SpringHomes.com. If you are ready to sell or purchase a property please consider my services. Thanks. Jim Spring Real Estate Professional (540) 409-7470 Jim@SpringHomes.com
ZIP Code: 29576 Approximate Location Boundaries: 65 miles of ocean and beach
Location Characteristics: 65 miles of Ocean and Beach beginning on the south end at Pawleys Island, SC and extending to the north end at Cherry Grove, SC
About Jim Spring:
Whether you are new to the market, thinking of moving up, or you’re an experienced investor, I have the expertise, proven track record, and resources to help you buy or sell your next home. Enthusiasm, knowledge of the area and personal concern for the client’s interests combine to make me an outstanding resource for your real estate transaction. I work extensively to help Buyers and Sellers meet their real estate goals.
When you need the services of a Realtor, why not hire someone that will make you and your real estate goals #1?
Home buyers are using the Internet in increasing numbers each day to research information on properties. Reports state that approximately 80% do their initial home search on the web. The Internet now outpaces classified advertising for attracting Buyers to properties.
My website provides invaluable information on the Buying and Selling process and is intended to be easy to use and consumer friendly. The site makes it convenient for you to preview available properties and narrow your search before feeling pressured to contact a Realtor. Of course, when you are ready to discuss your real estate needs and goals, or if you have any questions, I am always available to help.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
