Homes are selling at $132 per sq ft in the Myrtle Beach real estate market, but what is attracting investors to the Myrtle Beach property market? Is it the low prices, the scenic, beachfront properties, the low cost of living, or the low property taxes? However, the forecast is that the prices will increase at a rate of 3.8% in the next few years.
This might have you all charged up about your home in Myrtle Beach. But how do you know what your property is worth? These tips should help you.
Like any other city, Myrtle Beach is divided into the high-end, mid-range, and low-range properties. So, first, know in which of these segments is your property. Barefoot Resort’s Yacht Club to Grande Dunes and Litchfield Beach has some of the most high-priced properties in the city.
The North Ocean Boulevard, Wild Iris Drive, Little River Road, and Pridgen Road have some of the mid to low price range homes. So the location is a big factor in deciding the true worth of your home.
A Competitive Market Analysis
A Competitive Market Analysis is a comprehensive research on property prices based on the costs of recently sold homes in the location. This is where a real estate agent can help you. The information is collected and analyzed to find the prices of homes based on size, location, rooms, square footage, and add-ons. This analysis will provide a fair value for your property. Most agents in the Myrtle Beach real estate market will provide a CMA free of cost.
With most people wanting information immediately, you can use an online calculator to determine the real value of your Myrtle Beach property. You will have to enter information such as the location of the property, the size of the home, the number of rooms and bathrooms, and similar details. These calculators are based on the CMA and will provide you an instant estimate of your property’s value. Most real estate websites will have such calculators.
Get the Home Appraised
For those who are skeptical about the reliability of online tools, there is the option of getting the property appraised by a property appraiser. Instead of providing all the information, they will collect all the details themselves. They will measure the size of the property, the number of rooms, the additional features like a garage, backyard, etc. They will then compare the property rates in similar locations and give you the value of your property.
The advantage of hiring an appraiser is that you know exactly how much property tax you need to pay. If the city is asking for more, you can challenge them based on the appraiser’s report.
The property market fluctuates based on the time of the year, the price fluctuations in the overall State and Country real estate market, global events, etc. So, when you plan to get your property valued matters. If you plan to sell your property, then it is best to get it evaluated during peak season like summer. If it is for tax purposes, go for the low season like winter.
Now you know how to determine the real worth of your home in the Myrtle Beach real estate market. Regardless of the reason, it is a good idea to use one of these reliable methods to get the actual value of your home.