Mortgage Rates Drop Impacting Myrtle Beach Real Estate Market!
In this month's market update, I discuss the major impact of the recent drop in mortgage rates on the Myrtle Beach real estate market. Mortgage rates have fallen from 8% to 6.11%, creating a surge of interest among buyers. Here's what you need to know:
Mortgage Rates: The national 30-year average is now 6.11%. FHA and VA loans are both below 6%.
Condo Market: Inventory is up to 6.8 months supply. Closed sales are down 21% for the month of August, and pending sales are down 24%.
Single-Family Homes: Inventory is growing slower at 4.4 months supply. Closed sales are up 1%, and pending sales are up 1.4% compared to last year.
Federal Reserve: The upcoming Fed meeting may bring a fed rate drop of 0.25%, which could further impact the market. But it does not always work that way...so watch the video.
Buyer activity is increasing as rates fall. If you’re interested in buying or selling, or just want to discuss, Call or text me directly at 843-360-2145.
Abe Safa Sales Team is one of the top real estate teams in the country and serve the Myrtle Beach and surrounding areas. We have helped hundreds of Home and condo Sellers navigate the process of selling or buying.
Call us for all your real estate needs or questions. (843) 360-2145
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