Shrinking home inventory ~ Is it a good sign for area home prices?

Murrells Inlet and Grand Strand area home listing inventory appears to be shrinking and with the lack of homes on the market home price recovery could be in order.  The problem with the lack of inventory is more likely a sign of underwater homeowners who might otherwise be listing their homes for sale.

With the tremendous growth in the housing market we experienced in our area in the boom when houses were selling at a premium it is difficult for many would be sellers to take lossess on their home values.  When home equity is lost homeowners stay put rather than sell and it could deter buyers from making a purchase.  On the flip side in a need to sell situation short sales will see more gains in the coming months and with interest rates at record lows buyers in the market should consider a puchase that makes sense for them.

Short sales require patience for the buyer and seller as there can and will be delays during the process.  With more programs being announced by lenders and streamlining the processes a short sale is a win win situation in many instances as unlike foreclosures the homes are being maintained and cared for by the owners until the day of closing.  Copyright 2012 B&P, Inc., Sandra Bundy – Broker-in-Charge.

For more information on Murrells Inlet Short Sales contact us or view these resources to see if a short sale is right for you.