How long will it take for my Myrtle Beach home to sell?

Myrtle Beach is a buyer’s market right now… and it’s a tough environment for sellers. The real estate market is out of balance, i.e. the number of properties for sale far outweigh the number of actual buyers. Many properties languish on the market for months.

Today’s Q & A in this series – Answers to the Ten Most Common Questions Home Sellers Ask – speaks directly to this issue.

Question #4 – “How long will it take for my Myrtle Beach home to sell?”

Local real estate boards keep track of the average length of time properties stay on the market in the area. In Myrtle Beach, for property actually sold over the last 30 days, the average number of Days On Market (DOM) was 182 for sold homes and 286 for sold condos. Many of the unsold properties have been on the market far longer.

Why is it taking so long to sell property in Myrtle Beach? The primary reason is overpricing - sellers are having a hard time coming to terms with sales prices in a declining market. They price their property above the current market and discover too late that buyers aren’t interested. There are too many other choices. And when sellers do lower their prices, they lower them too little, too late.

Prospective sellers should pay close attention to the time frames established in their listing agreement before they sign with an agent. In a declining market, time is money, i.e. the longer the DOM, the lower the sales price. A key question for sellers to consider is: “What will happen if my home doesn’t sell within the prescribed time?”

Next Week: “Can I save money by selling my home myself?”

All ten answers to these common questions are available on request. Just call my 24/7 hotline, toll-free, at 1-888-494-8654, Ext 225 and follow the recorded directions. I’ll get them in the mail to you within 48 hours.

For all the current listings on the Grand Strand – updated daily – check out the MLS Search page on my website.