I am asked many times when is a good time to buy ocean front property in Myrtle Beach. Since I can't predict the future, I always rely on the past to give me some insight.
Our ocean front market is busiest in the early to late Spring. In fact, prices typically go up at that time due to multiple bids on the choicest properties. We start to see a slow down during the months of July and August as investors realize that they will not be able to close in time to take advantage of the heaviest rental income months, namely June, July and August.
Also in the past, price was more negotiable in the Fall and Winter months as sellers realized that buyers wouldn't make the maximum rental income.
My advice is to make your ocean front condo purchase anytime during the months of September to February. If you wait too late, you will probably end up paying more for the property. So, even if you do buy in September or October, you will still be getting some rental income and you could buy at a lower price. Bidding wars can be avoided by buying in this off season.
If I was going to buy a single family home then anytime is a good time to buy. Since the single family home is not rented for income, the prices are not as volatile.
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