Columbia SC Not only have the prices of existing homes dropped in the last three years but falling real estate values have also affected new homes. The local builders are building smaller, less embellished homes. Young buyers are looking for more kitchen cabinets and larger closets vs. granite countertops and Jacuzzis.
The Upside of the Housing Bust
First time home buyers are entering today's housing market at bargain prices. The National Association of Realtors publishes the housing affordability index and the latest numbers show existing homes for sale are the most affordable since NAR began publishing the report in 1970. The index is based roughly on home prices and mortgage rates.
Just this week one of the local lenders began offering a 30 year fixed rate FHA mortgage for 3.99% through June 30th, and another mortgage company is considering loosening the credit reins by lowering their minimum credit score from 620 to 580.
Terry Edwards New & Existing Home Sales
tedwards@sc.rr.com www.FeaturedColumbiaHomes.com
Young Home Buyers Realizing Opportunities of Housing Bust
Columbia SC Real Estate & Business Report
Comments(3)