If you’ve ever been or lived in Myrtle Beach, it won’t be too hard to recognize the real estate potential in the area. Buying or selling a property is probably a venture that people would only delve into to make a sufficient amount of money. With that said, the question still remains. Is Myrtle Beach a good area to invest in real estate? This article will shed light on whether or not you should buy or sell properties in the area.
What you should expect when investing in Myrtle Beach real estate
Affordable real estate market
The housing market in South Carolina stands at a median price of $170,000. It stands as a very affordable place for people to invest in real estate. As for Myrtle Beach, the average price of a home is at around $156,000. Housing market data from 2019 shows that Myrtle Beach remains as one area in particular with reasonable and affordable housing prices.
The effect of geography on the housing market
If you look closely at Myrtle Beach on the map, you will notice that the area is particularly constrained. It is basically boxed in by state parks and the Atlantic Ocean. This prevents any further expansion of the area which also impacts the overall pricing of Myrtle Beach real estate.
Strong ROI on properties
While most of the people looking to purchase properties on Myrtle Beach are after a nice place to stay, others seek a means of ROI. Luckily, there’s a strong ROI in Myrtle Beach homes. According to recent data, rental income on properties could reach $22-40,000 per year. Of course, this would vary depending on how desirable the location and house is.
Slow but steady appreciation
In 2019, home prices in Myrtle Beach rose by 6.5%. This year, the estimated rise in home prices is around 4%. When you factor that in, the appreciation rate in Myrtle Beach is by no means the fastest but it grows steadily each year.
Low property tax
Out of the fifty states, South Carolina stands is the eighth state with the lowest property tax. When you consider the real estate prices and tax rates, it’s a win-win to invest in the area. Of course, you should hire yourself a reliable real estate agent for faster and easier transactions.
Cheap property insurance
Unlike other states, property insurance in Myrtle Beach is among the cheapest. Myrtle Beach rarely gets directly hit by hurricanes which make property insurance in the area at a rather low price point.
People have different reasons why they want to buy a home in Myrtle Beach. Among those reasons is the tourism industry. Myrtle Beach is home to some of the world’s best beaches, golf courses, resorts, and more. Investing in Myrtle Beach real estate basically opens up a whole world of possibility as Myrtle Beach saw a $22 billion revenue in tourism alone in 2018 and the figures aren’t falling any time soon.
Quality of life
If there’s one thing that really tops of the list of reasons why people want to settle in Myrtle Beach is the quality of life. A lot of retirees are considering Florida as their final destination. However, others are considering Myrtle Beach due to its low real estate costs and the welcoming environment for retirees alike. If you want to get the best real estate deal in Myrtle Beach, contact Full Potential Real Estate for the right real estate services.
Planning to retire, settle down, or simply invest in Myrtle Beach real estate market? Call Full Potential Real Estate for all your real estate needs. You may reach us at (843) 492-4537.
Full Potential Real Estate, LLC
Myrtle Beach, SC 29577