“Cash is King” in Myrtle Beach Real Estate

MORE HOME BUYERS ARE PAYING CASH for property in Myrtle Beach. In the first half of 2008, 22% of the buyers paid cash, compared to 16% in 2007 – an increase of 37% year over year.

Who’s paying cash?

 Second-home buyers of vacation / investment property… older buyers looking to diversify their investments.
 Baby-boomers looking ahead to retirement in Myrtle Beach… some have inherited the money, or taken it out of another real estate market.
 Foreign nationals taking advantage of the weak dollar.

Working the credit crunch.

The tightening of the credit market is working to the cash buyer’s advantage. It’s a lot tougher to get a mortgage these days, especially on investment property. The credit crunch has narrowed the pool of qualified buyers considerably.

Cash buyers have more negotiating power. Sellers love cash buyers because sales are not contingent on financing and they can close quicker.

Follow the money.

Is it true that people who can pay cash for vacation / investment property are better real estate investors? Not necessarily. But they do have sufficient financial resources to enable them to risk entering a real estate market a little early… before it shows definite signs of recovery. They can afford to buy low now… and wait out the market.

It’s a buyer’s market in Myrtle Beach. Right now there are some amazing deals, particularly along the oceanfront… and cash buyers are making the most of them.

Barbara Chartier - For more information on great buys, call my 24/7 hotline, toll-free, at 1-888-494-8654, Ext 1. I’ll return your call within 24 hours.

Resource: Jessica Foster, The Sun News in Myrtle Beach