New data ranks Myrtle Beach 17th nationally for biggest increase in mortgage prices
MYRTLE BEACH, SC (WBTW) — The latest report from the Coastal Carolinas Association of Realtors (CCAR) shows the average price of a single-family home has risen more than 42% since 2020. The Inspection Support Network (ISN) has ranked Myrtle Beach 17th in the nation for the fastest rising mortgage prices.
In 2019, the average Guild Mortgage mortgage was around $190,000. In the SC Department of Consumer Affairs, the average mortgage was around $229,000. In 2022, the average Guild Mortgage loan is around $240,000. Max Neubauer, mortgage loan officer at Guild Mortgage, said it was because of an increase in home values.
A first-time home buyer, Danielle Flynn, has been following the process since August 2021. She has seen an interest rate increase of more than 2% since the process began.
“Instead of 3.3%, which was in August, it’s now 5.499%,” Flynn said.
Interest rates affect many factors for homebuyers.
“It obviously affects the down payment I have to put down on the house, it affects how much I have to pay over the life of the loan,” Flynn said.
In 2019, the average interest rate for a home in Myrtle Beach was 4.4%, according to Neubauer. In 2020, the SC Dept. of Consumer Affairs reports that interest rates were 3.3%. In 2022, Guild Mortgage reported that the average interest rate was almost 5.5%. Neubauer said rates have risen in recent years, but are still low relative to historical interest rates.
“We were spoiled. I mean we’ve been spoiled the last two years with rates in the twos and threes,” Neubauer said.
He said a major impact in an increase in demand is relocation. More people are moving to Myrtle Beach than before the pandemic.
“The biggest change in Myrtle Beach is just the desire to live somewhere you want to be,” Neubauer said.
“Even though prices have gone up, it’s just in line with the rest of the country in terms of values,” he said.
First-time home buyers should research and talk to as many mortgage lenders as possible to find the best price and rate.