Expected rise for Grand Strand housing market in 2017, questions to ask before you buy

Housing Market Challenges Ahead

 

MYRTLE BEACH, SC (WBTW) – Real estate agents say they saw an increase in people moving to the Grand Strand this year and expect that to continue in 2017.

With two strong weather events in our area in back-to back years, there are questions you need to ask before you buy.

Radha Herring with Watermark Real Estate Group says they’re getting more questions from buyers than ever before.

“Am I in a flood zone, am I in the new flood zone that requires flood insurance. So, we are staying on top of what’s going on with flood insurance as well as just learning more about insurance in general so we can advise clients properly,” said Herring.

Herring says the answers to those questions could determine the market in 2017 because people are factoring those numbers into the total cost of owning a home in the Grand Strand.

“One of the things we do expect in 2017 is interest rates to go up. We tell people don’t worry about that. That’s not a bad thing. That’s usually a good thing. When interest rates go up, it means there’s a strong demand for money which means the economy is strong,” said Herring.

Regardless of the higher interest rates, they expect more people to buy in 2017, especially in neighborhoods like Carolina Forest, which Herring says is one of the fastest growing areas in the US.

“We’re still considered the second fastest metro-market in the United States, and that captures a lot of attention by retailers, by retirees and as long as we continue to receive accolades across the nation for being one of the top retirement destinations, we don’t see that retirement population slowing down anytime soon,” said Herring.

If you are looking to buy, and want more information on FEMA flood maps, click here.