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Winter 2012 Market Update
If you can qualify, now is an exceptional time to buy a home in Garden City. Low rates with falling home prices makes a home purchase a great value! Call now for more information at 803-804-1008
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| Average Home Price | $325,000 - View Graph Trend |
| Average Price Compared to Last Year | Down 0-5% |
| Average Time on Market | More than 120 days |
| Best Selling Price Range | $200,000 - $249,000 |
| Worst Selling Price Range | $1,000,000+ |
| Prices As % of Asking Price | 95-100% |
| Existing Home Prices for the past 90 days are? | No Change |
| Market Trend | Decreasing |
| Buyers’ or Sellers’ Market | More sellers than buyers |
| Buyer Activity for the past 90 days in Garden City is | Increasing |
| Seller Activity for the past 90 days in Garden City is? | Increasing |
| Multiple Offers? | Yes |
| Multiple Offers Commentary | Bank owned properties and short sales are getting multiple offers but your conventional sellers are motivated by the REO and short sale market. |
| What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? | 15-20% |
| Is Financing Available For Qualified Buyers? | Yes |
| Housing Inventory | Good supply - Some Prices |
| Inventory Comments | We recently had an Oceanfront Home hit the market for $850,000. This home is slated to gross 86,000 in gross rental income this year. Please email or call me for more details. |
| Greatest Activity | Investors |
| Reason to Buy/Sell | Lower prices with good selection and competitive interest rates creates a perfect time to buy in Garden City! In many cases prices are 50% less than 2 - 3 years ago. It is a coastal town located south of Myrtle Beach and promotes itself as a family beach. Sales for condos and residential housing is much greater than this time last year. |
| Nearest Metro Area | Myrtle Beach |
| Housing Hot Spots | All of Horry County is a housing hotspot due to national economic conditions. The Grande Dunes has gotten the attention of many new retirees in this area. It is a very upscale developement with a marina as well as oceanfront properties. |
| Average Sold Price | $325,000 - View Graph Trend |
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Sylvia Simpson
Watermark Real Estate Group
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