Friday, November 17, 2017
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Pawleys Island Real Estate Homes
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Pawleys Island Real Estate Buyers

Real Estate Market going ..... up!

Attention Buyers!!!!!  A lot of people looking to purchase Pawleys Island Real Estate with financing are finally pulling the trigger.  They want to take advantage of low-interest rates. “They feel like interest rates will go up next year, and want to act before this fall’s presidential election potentially alters the economic landscape.

It’s amazing that new construction jumped 6.9% in June to a 3 ½-year high, underscoring the residential real estate’s slow recovery as a bright spot in a sputtering economy. “Construction of homes and apartments rose to a seasonally adjusted annual rate of 760,000 in June, the Commerce Department said Wednesday. That exceeded analysts’ estimates and was the highest level since October 2008. Single-family home starts increased 4.7% to 539,000, highest since March 2010, though activity that year was inflated by a federal tax credit for home buyers.

Building-permit applications, a barometer of future construction, fell 3.7% to a seasonally adjusted pace of 755,000, but the decline was driven by a 10.9% drop in multifamily permits, which can be volatile.”

After hitting all-time lows in the recession, finally single-family homes starts began to pick up the second half of last year and kicked into higher gear the past six months. Multifamily construction began to turn up about 18 months ago as Americans who lost their houses to foreclosure, among others, turned to renting.  Last year the only phone calls that I had received for rentals only.  There were a few smaller sales but nothing to speak of.  In todays market, I have been working with buyers on a weekly basis and have been closing on several deals.  There definitely has been more activity than ever in the past.

I was happy to read  “We’re finally starting to get some traction and move up in a credible way,” said Robert Denk, senior economist for the National Association of

Homebuilders.  Housing starts rose 36.9% in the West, 22.2% in the

Northeast and 4.2% in the South, while falling 7.3% in the Midwest.

Looking good!  The trends are in our favor and and now is the time to purchase a home for sale in Pawleys Island!  The inventory is getting fewer and fewer I have been noticing.  Last month, I couldn’t even find a home for a buyer because the market here in Pawleys Island is so limited.  If you are a buyer that has been “sitting on the fence”, now just might be the time to JUMP!

Melissa Dunn

Pawleys Island Realtor

843-344-8181

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Pawleys Island Real Estate Homes