New Construction vs. Foreclosures and Short Sales
Filed under Miscellaneous, Myrtle Beach Real Estate Blog
Based on the current combination of extremely low lot and land pricing, low building costs, and low interest rates, I anticipate new construction will continue to be the hot trend in Myrtle Beach for the next several years. While foreclosure and short sale properties are receiving a lot of attention with high volumes and low list prices in this current market, there are definite drawbacks to both processes. When purchasing a foreclosure, you don’t know all the details and history of the property. It could have been mistreated or it could have title issues. When purchasing a short sale, there is prolonged uncertainty as to if it will ever close, and you don’t know if the bank will even accept the listing price the real estate agent put on the property. In this market, new construction costs are less than foreclosures or short sales in many instances. If you are considering relocating to the Myrtle Beach area you should seriously consider talking to a builder. With thousands of lots available in the area right now at dirt cheap prices new construction will be a trend that will be here to stay for a while.
As the RISMedia article titled “Single Family Housing Starts Rise in September 2010” shows this could be a trend nationwide.
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