Foreclosed Homes for Sale in Columbia, SC
While I am well aware of how strange the title sounds, I have actually noticed one community in Columbia, SC that has actually seemed to benefit from the foreclosure market. This community has always carried a decent amount of foreclosed homes for sale, even when the market is hot. The current market has not really affected the amount of foreclosed homes that are available in this particular community, however, it has created a strange little paradox for the market.
I'm not by any stretch of the imagination saying that foreclosures are a good thing, but the fact of the matter is that they seem to have raised the property values in at least one community. The area in question never really resold all that well, despite being an established community in a great location that's close to shopping, dinning, and the interstate. However, with the words bank owned properties, permanently etched in the hearts and minds of home buyers, ever foreclosure that hits the market seems to get a lot of traffic. As a result, the decent foreclosed homes for sale typically get multiple offers. Then the home sales for higher than the list price and the next home is listed at the new value point.
So why is this community seeing such strange results from the foreclosure market.
1- The media of course. With all the talk about foreclosures and REO's being the best deals on the market, that's where the buyers are headed and that's what they are in search of.
2- Price point. The prices of these homes have always been more affordable than many of the communities in the area. Of course these days price has become more and more important.
3- First time home buyers. It's no secret that these days a lot of the buyers plunging into the market are first time home buyers. The community is in the right price range to take advantage of this.
4- The tax credit. The tax credit has brought quite a few first time home buyers off the fence looking to take advantage of the "free" money and this is good for any community in the right price range for a first time buyer.
5- Location. While it is one of the older communities in the area, it is located in an area of town that has seen a great deal of development. In fact, even in today's economy, the area has continued to grow by leap and bounds. And we all know that nothing attracts a crowd like a crowd.
While these are just some of the reasons I see being a driving force behind this odd phenomenon, it is happening now regardless of the reason. In the past year 35 homes have closed in the community, and that's more than in years past. There are currently ten more under contract. Six are active at present and there are usually more than that available on the market. Also there has been a decrease in the days on the market for the community. Just another strange circumstance in a very strange market.
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