Columbia SC Housing: Crisis Over, or Not?

Columbia SC housing has been a tricky thing to predict over the past couple of years, with signs of improvement and then signs of economic retreat, followed by signs of improvement again. The big question is, is the crisis finally over, or are we on the verge of another bubble?

Columbia SC home sales are up, inventory is tight, mortgage rates are still low, Columbia SC housing starts and permits are up, and various indicators imply that Columbia SC housing is improving as the crisis has come to an end and everyone is trying to catch their breath before we begin running at full steam ahead again.

Even though signs point to the Columbia SC housing crisis being over, 58 percent of Americans believe we are still in the middle of a crisis, and roughly one in five people believe the worst is yet to come. These statistics come from the MacArthur Foundation. Their "How Housing Matters" research initiative involved a telephone survey of 1,433 adults, conducted between Feb. 27 and March 10.

With families and communities still reeling from the boom-and-bust cycle of the past decade, the public is recognizing that owning is not the only acceptable option anymore. 45 percent of current homeowners said they can see themselves renting in the future – not exactly a ringing endorsement for the housing sector. Fully 59 percent of homeowners and 67 percent of renters think "renters can be just as successful as owners at achieving the American Dream." Three in five said "the focus of our housing policy should be fairly equally split on rental housing and housing for people to own."

Is Another Columbia SC Housing Bubble On The Way?

Researchers at Redfin say the most common question their agents in the field are being asked is, "Is this another bubble?"

The company says that for now, it is not, but there are "mini bubbles" brewing in various parts of the country.

"Overall, the Columbia SC housing market this spring is hot, way hotter than any normal spring," Redfin reports. "For the most part, this is just the natural result of supply that is at record lows thanks to the price declines of the last few years."

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