Between the end of 2011 and 2012 in Columbia SC, a townhouse or a condos average price moved from $183,000 US dollars to $197,000 US dollars. Things have changed, according to recent trends in the South Carolina Real Estate Market. Prices have gone up as buyers and sellers negotiate a new understanding of property in this modern economic environment. We recommend checking out the Columbia SC Guide.
You were able get a single home whether in or out of the city at end of last year with an average price of $282,000 and right now sellers are asking an average price of $270,000. The foundation of the Real Estate Market is constituted by an approximation of 55% of market share for townhouses and single family homes.
The evidence indicates that buyers are expecting to get great value for their money as on the other hand sellers of townhouses and single family homes are hoping for the correct point price for South Carolina real estate. The average sale price of a single family home has been $162000 in the last five months, that is 42% below the average list price. The average sale price is $216,000 in the townhouse market, indicating that the number of high priced listings that are sold off late.
The South Carolina Real Estate Market has affected the related businesses in the recent years. This is according to an article written by Housing rebound trickles down for Midlands companies released on March 25, 2013.
We are now in 2014 and some agents in the Columbia SC real estate market came up with some predictions that will help buyers prepare for home-buying or selling activities in 2014:
The national association of realtors’ chief economist known by the name Lawrence Yun said the home price will go up (by 6%) which is about half the increase in home values experienced in 2013. An indication of this year’s reduced pace. Yes the price has gone up but by 3.5%
Lawrence Yun has another prediction on mortgage rates. He said the 30 year old fixed mortgage’s average rate will go up to 5.5% before the year ends. Right now a 30 year fixed mortgage has an overnight rate of 3.93% and last week was 4.00%.
The monitor of the foreclosure market at reality trac by the name Daren Blomquist said there will be little foreclosures on the horizon but until say early 2015 is when the foreclosure crisis line will be crossed.
The mortgage securing will be eased but the rates of interests is expected to go up with determination pointing to silver lining. This is according to the director of mortgages Erin Lantz. “Rising rates will mean lenders’ refinancing business will drop leading to a competition for buyers by possibly untying their lending standards” says Erin Lantz. “That is encouraging.”
The rental market will stay strong. This is because of the rising price and increase in mortgage rates and other factors like the decline in home ownership and Americans surge on the move.
The 2014 South Carolina Real Estate Market is still changing both the single family home prices or townhouse price and even the mortgage rates. Therefore is not easy to determine the real moving of the market and predict the next year’s market.