Myrtle Beach Real Estate Update: Insurance Premium Sticker Shock

Here is the latest market data:

The real estate market in Myrtle Beach is bustling, showing a recent uptick in sales activity. Despite some fluctuations, the market remains active, with new listings increasing by 14% in the last month alone. The average list to sales price is holding steady at 97.3%, indicating a healthy market balance. Pending sales are up by 6%, suggesting continued growth in the coming months. While sales have dipped by 14% over the last year, recent trends indicate a positive shift.

Insurance Premiums are OUT of Control

As the market evolves, so do the challenges facing buyers and homeowners. One significant concern is the rising cost of insurance premiums in the Horry County area. This surge in insurance prices is impacting the purchasing power of individuals looking to relocate to the region. Factors contributing to this increase include rising real estate prices, escalating construction costs for repairs and replacements, unwarranted lawsuits targeting insurance funds, inflated material costs, losses due to natural disasters nationwide, and insurance companies rebalancing their portfolios to mitigate risks in coastal markets.

What Is Driving Up the Costs

-         Rising real estate prices
-         Cost of construction for repairs and replacement
-         Unwarranted Lawsuits going after insurance money
-         Inflated costs of materials
-         Losses across the country because of natural disasters
-         Re-balancing their portfolio to lessen their risk in coastal markets

What Can You Do to Drive Costs Down

To mitigate these rising insurance costs, there are proactive steps homeowners can take. These include increasing deductibles, exploring available discounts, obtaining quotes from competing insurance companies, enhancing home security, reconsidering small claims, and bundling auto and home insurance policies. For those seeking competitive insurance quotes to lower their premiums, Integrated Insurance Solutions, our trusted partner office, offers comprehensive services. Many homeowners have found significant savings through their services.

Navigating the complexities of the Myrtle Beach real estate market and insurance landscape can be daunting. As a seasoned real estate agent with years of experience in Myrtle Beach, I am committed to providing valuable insights and guidance to help you make informed decisions. Whether you are buying or selling, I am here to assist you every step of the way.

Contact me today to explore your options and secure your future in Myrtle Beach.

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