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Is SC Going Into or Coming Out of a Housing Recession?

By
Real Estate Agent with Re/Max Purpose Driven

Let's be honest.  We're all wondering the same thing:  is South Carolina going into or coming out of a housing recession?

In my experience, of which I now have 6 years, I have never seen such a slow market.  Yes, there are some homes selling, and I am always excited about that.  Don't misunderstand me, the market has not come to a screeching halt in Columbia, SC.  But, as I reviewed the activity of a beautiful Lake Murray neighborhood today, I noticed something.  Nothing is selling there.  I cannot understand why.  The neighborhood is stunning:  set on pristine Lake Murray, embedded in a luxurious golf course with all of the amenities, studded with what most folks in our neck of the woods would consider "Million Dollar Homes," which can certainly claim Million Dollar Views.  The background of my blog site here is a photo from one of my previous clients who purchased a home in this particular neighborhood.  He took the photo with his iPhone from his porch one morning.  Breathtaking.  Can you imagine waking up to such beauty every morning?  Every homebuyer within a 25 mile radius of Columbia wants to live there.  Or, so I thought.

This market has got to be the smallest pool of buyers I have ever seen.  Not only are buyers less able to obtain financing than ever before, but they are scared.  Scared for their jobs, scared for the economy, scared about the uncertainty of the housing market, you name it.  There are tons of reasons why people are not buying homes.

Certain life events demand that we move, though.  Got a baby?  Got married?  Got divorced?  Got a new job?  Got another baby?  Got a sick family member?  Life happens, and we have to move with it.

So...here are some of the top reasons why you SHOULD buy a house right now.  In no particular order.

1.  There are so many great deals on real estate.  While South Carolina isn't at the top of the foreclosure list, thankfully, there are many foreclosures and short sales available to you if you are cautious and patient enough (and have an experienced Realtor to assist you.)  Life happens -- people have to move.  And they want to unload those houses, too.  Foreclosures and short sales have brought down home prices in many neighborhoods, making them even more affordable.

2.  There is a huge selection of homes!  When homes start running longer than 60 to 90 days on the market, and homes are not selling at the rate they used to, the market builds up a backlog.  Longer times on the market = lots more homes to choose from.  What a selection!

3.  There is no rush to make a decision.  There aren't 10 other buyers lined up behind you, waiting to snatch "The Crystal Palace" away from you, amidst a sea of lean-to shanty's next to the landfill.  On any given day, there probably are not 10 other homebuyers to be found in Columbia at all.  But, I'll betcha there are 10 Crystal Palaces.  Take a deep breath.  Sleep on it.  If you don't get this one, you can try for the one next door tomorrow.

4.  Realtors and lenders alike are starving for business and will jump through flaming hoops to present you with a ratified contract and loan approval.  Ask me how I know.

 

__Nicole Donaghy is an experienced SC Realtor, helping people sell houses and buy homes from Lexington to Lake Murray, and all over the Greater Columbia Area

 

Posted by

Nicole S. Donaghy, Realtor

ERA Wilder Realty

5078 Sunset Blvd.

Lexington, SC 29072

803-917-9900 cell

www.NicoleDonaghy.com

Comments (2)

Mark Brian
Silver Star Real Estate LLC - Anderson, SC
Anderson SC Realtor

I am glad to see I am not the only real estate professional in South Carolina that realizes we are in the midst of a very confusing market. I see positive news and then I look at our local market and wonder why more people are not taking advantage of the great deals.

There has never been a time that the use of an experienced and knowledgeable real estate professional was more needed for buyers and sellers. 

Jan 27, 2011 02:16 AM
Nicole Donaghy
Re/Max Purpose Driven - Lexington, SC
Helping Families Home in Lexington and Columbia

You're right!  It is confusing, especially for my sellers.  They see good news about the housing market on television, but it isn't translating into traffic or offers.  Such a difficult spot.  Thanks so much for stopping by, and let me know if you ever need a referral partner in the Columbia/Lexington/Lake Murray area!

Jan 27, 2011 06:12 AM