If the answer after 10 minutes of soul-searching is “No” – not planning to sell in the next year – it was still a wise use of a few minutes (and you should do it every year - I’ll remind you). As previously mentioned, if you are not sure whether you want to sell or not and (or if you want to trade up or buy an additional property) please contact me and we can go over the market conditions and cash flow for your property and any other details you want to discuss. If you do decide to sell, we make it quick and easy to list – a couple of phone calls and a few emails and we do all the rest.
This is not to say that buyers should wait. New buyers typically own for quite a while so the seasonal ups and downs even out over time. Finding the best property for you and your family is the most important thing, regardless of the season.
Last month I focused on the incredibly low interest rates and the fact that we’re able to get conventional financing for more oceanfront and resort condos now. I should’ve also mentioned that the condotel rates are also lower than they have been in recent memory. Most dropped another half percent in the past few weeks. For our updated lender list, click below or on our website.
Now for the Covid update. By the beginning of June, most businesses had reopened. Tourists started flooding in. The area was packed. Inevitably, Covid cases increased dramatically, climbing to over 200 new cases per day in Horry County. Also, there were reports in several states about people traveling to Myrtle Beach and coming back with Covid. You may have read some of these. Most involved groups of young people.
I don’t think the criticism of our area was fair. One widely publicized incident involved 40 young people staying in a private house. They had a party attended by over 100 people, none of whom were wearing masks or practicing social distancing. This large group of young people then rode home together on a bus. Not surprisingly, a large number tested positive for Covid upon returning home. The governor of this particular state was very critical of Myrtle Beach and wondered why we did not put a stop to this. I guess we were supposed to arrest their kids at a private party for endangering themselves by not following local common sense rules? Anyway, several governors from states that send large numbers of tourists our way advised people against coming here and instituted 14 day quarantines for those who chose to visit.
Needless to say, this has had a big impact on tourism in recent weeks. I haven’t seen any figures but I’m sure that rental incomes for the remainder of this season will be much lower than normal, despite the strong June we experienced. What we all need to remember is that this will be over, hopefully in plenty of time for next season. If so, I think next year’s rental season will be huge.
There is good news on the local Covid front. In response to the increase in local cases, a mandatory mask policy was adopted several weeks ago. Basically, everyone must wear a mask in any indoor business of any type although, of course, diners in restaurants can take them off to eat or drink. Even guests inside resorts are required to wear them (except when outside or in the pools). Compliance, for locals at least, has been good. This, in combination with the lower number of tourists, seems to have made a difference. The number of new cases per day has now dropped into the 100 to 150 range in the past week or so and a couple of days there were less than 100.
The other good news, as earlier reported, is that, in spite of the current (temporary) dip in rental guests, real estate sales remain strong. Buyers seem to be taking the long view and moving forward regardless.
Even though the focus of this month’s newsletter was oceanfront and resort condos, keep in mind that, in addition to being a great buyer’s agent for condos, Teressa is an expert on new home sales as well.
That’s all for now. Check out all our usual Grand Strand Market Reports, Sales and Listing Updates, and my Best Buys.
Stay safe and healthy and I’ll see you at the beach soon!