MYRTLE BEACH, SC (WBTW) – Real estate experts along the Grand Strand have recently followed a change in the booming housing market.
Real estate group Sloan said it was starting to see a change in trends after the August figures were released. The real estate group has recorded two consecutive months of decline in sales of single-family homes and three months of decline in condo sales. That’s when the inventory of single families has increased over the past two months, according to Sloan.
Sloan Realty said prices have yet to be hit, but they are watching the trend closely. This means that it might be time to sell if you wait for the market to peak. Buyers may soon find a more favorable market.
âA lot of buyers are waiting behind the scenes for prices to correct or for the market to ease up a bit, or maybe even for the competition to drop,â said Alex Prout, Sales Director of Sloan Realty Group. âSo you are not competing with so many multiple offers. It’s usually early October that you’re going to see this start and given the numbers we’ve seen it looks like it’s going to support it as well. “
Prout said the change in seasons and interest rates could be factors behind the change.
âWe are looking at a sharp hike in interest rates for loans, which will drain the pool of buyers and also impact affordability,â Prout said.