THE COLUMBIA HOUSING MARKET IS DIFFERENT: but since when is different bad? I have had so many sellers and would-be sellers lament about the market being slow and housing prices going down. NOT SO in the Columbia, SC market!!! First of all, in the past two years, we did not inflate our pricing like other areas of the country. We did not have massive "bidding wars" on houses. Yes. We did have somewhat of a seller's market in the 2005 housing boom, and even in to 2006 and early 2007. The sellers that had a really sharp property, and an attractive price, were very likely to have more than one buyer. Thus, they got very close to their asking price, if not THE asking price.
Builders were especially spoiled during this time. They were in a position of luxury where they could afford to say, "If you don't pay the price, then someone else will." They had to work extra hard to keep inventory available, and the only reason they did not sell more was because they could not build them fast enough.
SO WHAT ABOUT NOW??? Builders have had a reality check. In the Columbia area, builders are having to negotiate their asking price. They are offering incentives to attract more buyers, and inventory is decent. Homeowners have to be kinder to buyers once they express interest in their home. They need to bend a little more, and be careful to sweeten the pot. And the average time on the market is a little longer in many cases. But there are some distinct positives to this situation for both buyers and sellers.
FOR THE SELLERS - The fact that builders are no longer in control of the market has made a desirable impact on the resale market. Buyers are looking closer at the perks of a previously owned home. This is affecting our move-up market in a very positive manner. Furthermore, development overall has slowed...so re-sales have less competition than before. And the same adage holds true: If you have a sharp property with an attractive price, you may still get multiple buyers, which gets you a better price and terms.
FOR THE BUYERS - Don't need to state the obvious here. Buyers have more control over what they choose, and greater inventory to choose from than in the past 5 years in both new and resale housing. Interest rates are still attractive, and there are some very fine income driven and credit driven loan programs for those that qualify.
ALL IN ALL, the REAL truth about our local market is that it is DIFFERENT. But the situation is a much better norm than in the past. It is a more reasonable market. And sellers and buyers need to focus on the local statistics rather than the national reports. These are the straight facts in Columbia, SC!!
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