Myrtle Beach and other parts of costal South Carolina have long been top destinations for vacationers and snowbirds alike. During the winter months, Northerners head south to avoid the cold and snow. During the summer, people from all over the country come to South Carolina to enjoy beaches, golf and many other attractions.

Now, Myrtle Beach is trying to get these visitors to stay. The local Chamber of Commerce has launched a campaign in an attempt to convince snowbirds and other frequent visitors to purchase residential real estate.

The push comes as part of an effort to help repair some of the damage the recession wreaked on Myrtle Beach's real estate market. As foreclosures soared, home prices dropped and the market was left with a glut of affordable homes for sale.

Tourism has long been one of the biggest economic drivers in the Myrtle Beach Area. The Chamber of Commerce is hoping to use this to their advantage. Already, some couples have purchased homes and are renting them out to vacationers until they are ready to retire.

Purchasing South Carolina Real Estate

Potential buyers would be wise to take advantage of the friendly market conditions. However, there are a few risks inherent in buying real estate when you are currently living in a different state.

For example, it can be hard to get a good grasp on the intricacies of the local real estate market. What is a fair price for a home? Are some neighborhoods better than others? Are some neighborhoods expected to change significantly in the next several years? You might not know the answers to these questions if you haven't spent a significant amount of time in the area.

Of course, this doesn't mean you shouldn't buy a home. It just means that you need to trust the team that is helping you. Make sure your real estate agent and attorneys are experienced in helping out-of-state buyers.

Source: SC Now, "Myrtle Beach Aims to Turn Vacationers Into Homebuyers," Brie Jackson, Feb. 1, 2012.