Myrtle Beach leads the Grand Strand in Short Sale Listings

Short Sales

While Horry County ranks third highest for foreclosures in South Carolina a positive sign in the real estate market can be attributed to the increase in short sale listings along the Grand Strand.  Short sales are far better than foreclosures for struggling homeowners and neighboring property owners.  Currently Myrtle Beach leads the Grand Strand in Short Sale listings with 191 single family homes offer as short sales versus 94 bank owned properties.

Murrells Inlet has 37 short sale listings and 22 REO of 526 single family listings while Pawleys Island only has 3 REO listings and 16 short sales.  Georgetown has 20 REO listings and 17 short sales of 253 listings.  Currently there are 279 REO listings in the CCAR MLS while there are 461 Short Sale listings and buyers also understand that short sales are a good alternative to foreclosed homes as they are often in much better condition.

The short sale trend is likely to continue as homeowners become more educated about the benefits of working with their bank to sell their homes instead of letting the home go to foreclosure.  A short sale has much less negative impacts on credit scores than in the past and homeowners are also coming to realize that foreclosures can hurt them tremendously especially where employment is concerned since employers are turning to credit scores when making hiring and promotion decisions.

Short sale processes have been streamlined by banks and the real estate community is more educated in how to serve their clients that need to sell their home when they owe more than it is worth.  If you or someone you know is having difficulty making mortgage payments and need to sale your home contact us for more information on how a short sale might be of benefit.

Copyright©2012 Sandra Bundy, Broker-in-Charge, B&P, Inc.  Serving the Pee Dee and Grand Strand of South Carolina.

Related posts:

  1. Grand Strand Area Short Sales to Rise in 2012
  2. Short Sale options for Murrells Inlet Homeowners
  3. MARS rules relaxed for short sales
  4. A Short Sale Success Story
  5. Grand Strand Home Sales 2011 Review