MYRTLE BEACH OCEANFRONT: Selling strategies in a slow market. (Part 3 of 3)

IT’S A TOUGH CALL FOR SELLERS. With the signs of Spring all around and the tourism season moving full speed ahead, it’s hard for sellers not to expect a repeat of last year’s “hot” condo market. But the facts on the ground just don’t bear that out.

THE INTERNAL MARKET DYNAMICS ARE FAVORING BUYERS. Inventories are high (and getting higher) and buyer interest is low. Momentum investors (“buy high and sell higher”) who drove the “hot” market last year are cashing out this year. And, they’re discounting their condo selling prices to avoid high negative cash flows. There are a lot of unsold units on the market. The market has definitely cooled off and shows few signs of warming in the near future.

SO HOW DO YOU SELL YOUR OCEANFRONT CONDO IN A SLOW MARKET?

THINK LIKE A BUYER! Ask yourself, “If I were a buyer, why would I want to buy my property at today’s prices?” Here are four things to consider:

1. Accept the market and make the most of it. Today’s buyers expect modest long-term appreciation and are looking for “best buys.” The market is “consolidating” the gains of the last couple of years. It had to slowdown sometime. Current listing prices, however, are generally inflated because many sellers are still hoping for a repeat of last year.

2. Don’t overprice it. Pricing is the first thing buyers consider. Remember - market value is determined by actual sales, not listing prices. Pricing based on actual selling prices brings some realism into today’s market. The key to good pricing is to position a unit as a “best buy”… given its unique location, view, furnishings, condition, etc.

3. Clean it, paint it, fix it… do what it takes to bring your property up to mint condition. Buyers will only pay top price for units in top condition. Whether they are looking for long-term investments or vacation properties, they still want a “best buy.” You can’t change the location or view of a unit, but you can make the most of what you have.

4. List it early in April. Buyers start looking for condos in the Spring to maximize rental income and/or to use them over the summer. Spring is the prime selling time in Myrtle Beach – on the front end of the tourism season. A “best buy” will have use and income possibilities before it gets too late in the season.

SELLERS WHO THINK LIKE BUYERS will create a win/win situation. They’ll sell their units this Spring… by offering the buyer a “best buy” and by accepting a fair market price in today’s cooling oceanfront market.
_________
Are you interested in selling your Myrtle Beach oceanfront condo?
Contact Barbara Chartier at 843-421-6680 or barbarachartier@century21.com.