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Myrtle Beach Foreclosure Trends vs. National

Myrtle Beach Foreclosure Trends vs. National

Nationally, the market for existing-home sales seems to be on the rise. Estimates are that sales have risen 1-3 percent this year, and that home foreclosures have dropped approximately 19 percent for the period of June 2015-June 2016. However, according to RealtyTrac, South Carolina ranks seventh in the nation for home foreclosures in 2016, and foreclosures were up 6.08 percent from May 2015. What does it all mean?

Myrtle Beach Foreclosure Trends: What Is Happening Along The Grand Strand?

How does South Carolina’s overall picture look for the Grand Strand? Although the number of foreclosures seems to be down a few percentage points from the previous year, estimates are still that approximately one in every 1,461 home in Horry County goes into foreclosure. When you break that number down by zip code, you can see how certain areas are more affected than others.

Zip Codes in Myrtle Beach and North Myrtle Beach
-29579 – 1 in every 888 homes goes into foreclosure.
-29572 – 1 in every 992 homes goes into foreclosure.
-29588 – 1 in every 1180 homes goes into foreclosure.
-29582 – 1 in every 1877 homes goes into foreclosure.
-29575 – 1 in every 3181 homes goes into foreclosure.
-29577 – 1 in every 3452 homes goes into foreclosure.

A variety of influences contribute to these number, with the most common reason being unemployment levels, which were estimated by the Department of Numbers to be around 6 percent in May of 2016. That’s slightly higher than the South Carolina average of 5.6 percent and 4.7 percent nationally during the same time period.

Cashing in on Foreclosures

If you’re looking to purchase a foreclosed home, there are still plenty out there. However, you should be prepared to move quickly once a foreclosed home comes on the market, as they’re often purchased quickly, especially if they’re in good condition and in a good area. Some of the ways you can prepare for purchasing a foreclosure include:

-Getting prequalified for a mortgage
-Finding a great real estate agent that’s familiar with the foreclosure market
-Do you research on homes moving into foreclosure. Checks for repairs needed, liens that could affect you after the sale, and any other potential surprises that might end up costing more in the long run

It’s also wise to move quickly once a foreclosure comes onto the market. If you’re looking at a foreclosed home that’s been on the market for a while, use caution and be thorough in investigating the condition of the home. Often, foreclosed homes that don’t sell quickly need major repairs or other issues that could be costly after the sale.

Although current Myrtle Beach foreclosure trends  (and foreclosures in South Carolina in general) is still higher than in other areas of the nation, the increase in existing home sales could mean that foreclosures will be harder to purchase in the near future. If you’re interested in a foreclosed home, prepare yourself to move quickly and give Century 21 Broadhurst a call. We can help you find the home you’ve been waiting for!

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