Columbia SC 2009 Mid Year Home Market Report
In 2009 home sellers are battling shrinking home values and a smaller pool of available buyers. Buyers are sensing opportunities on home prices and home mortgages -- if they have the credit, job security and ready cash to qualify.
Those in the best shape are homeowners who don't have to sell and homebuyers with good credit and a stash of cash.
You don't have to be a buyer or seller to realize that homes are sitting on the market longer. This spring the inventory of unsold Columbia area homes would have taken 8 months to clear at the current sales rate, also known as the absorption rate.
Some Homes Are Selling
It's not all doom and gloom. I recently listed and sold a graduate student's home in under 4 weeks. While she got $5,000 less than she'd hoped from the sale of her 2 bedroom house, she came out ahead when she bought another home.
Her new purchase was originally marketed at $169,000 and she only paid $150,000 for a completely remodeled home.
Opportunities for First-Time Buyers
While the total number of buyers is down, there is a larger slice of buyers who are shopping for homes for the first time.
Credit low interest rates, lowered home prices and an $8,000 tax credit for first-time buyers who become homeowners before the end of this year.
Buyers Can Be Choosy
Buyers have a lot of selection. Consequently, they can be choosier. A lot of people are interested in foreclosed properties until they actually see the condition of some of these homes. Repairing and cleaning them would take weeks and often a move-in condition home can be found for the same price.
Terry Edwards www.FeaturedColumbiaHomes.com
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