“Every time you think you’ve turned the corner, there’s another risk factor looming out there,” said Frank Hefner, director of the office of economic analysis at the College of Charleston.
Buyers cash in on Grand Strand real estate
A s the Grand Strand real estate market recovers from its collapse, what used to be the exception in real estate sales – a buyer paying cash – is becoming closer to the norm.
With low-priced properties available and challenges getting a loan, especially for investment properties, buyers with cash stashed away are coming forward and driving the market.
For buyers such as Peter Stack of Charlotte, N.C., it’s the only way to take advantage of the good deals available on the Grand Strand.
“There’s so much uncertainty – can I pay for my home, will I still have a job in six months?” Hefner said. “As long as those nagging, but not irrational, fears are out there, it’s going to be a drag on the local economy.”