Waiting To Buy Myrtle Beach Real Estate

Prices for Myrtle Beach real estate have dropped over 34 percent since the peak of the boom in 2006. However, prices have only dropped 1 percent since 2009 which mean things are turning.

Here is another example of why waiting to purchase Myrtle Beach real estate may not be to your advantage:

If you have 20 percent to put down on a house that is selling for $300,000 and you get a mortgage at 4.5 percent, the monthly payment would be $1,216. If you wait until the seller drops the price to $285,000 but the mortgage interest rate has gone up to 5.5 percent the monthly payment would be $1,295. That is $79 more per month and $28,440 additional over the life of the loan.