A Columbia SC real estate scam is making the rounds. Scammers are approaching new home owners and trying to trick them into paying $83 for unnecessary property records — including deeds that are available for a few bucks at county government offices or are already supplied at the end of a Columbia SC real estate transaction.
Fake companies reportedly are soliciting customers with a formal-looking letter that resembles a government bill. The companies are using multiple names for their business, such as Record Transfer Services, Property Transfer Services, Conveyance Transfer Services, Record Retrieval Department, and National Deed Service. They often use a similar phone number: 888-874-4669.
In a recent case in Wisconsin, new home owners were asked for an $83 "document fee" for a deed and "real property records" by a certain deadline.
Some people don't even call and ask any questions. They just automatically send the money. They're just excited they get their house and don't know enough to even question the request.
A real estate broker with a firm in Milwaukee first alerted the Milwaukee Sentinel Journal about the scam after two of his clients approached him separately within two months of purchasing a house to ask why they had received another bill. At the bottom of the letter was a disclaimer: "The company Record Transfer Services is not affiliated with the State of WI or the County Recorder. This offer serves as a solicitation for services and [is] not to be interpreted as a bill due."
Recently Purchase Columbia SC Real Estate?
For people who don't understand the Columbia SC real estate process or that a deed exists, they think they have to pay this added fee. Don't be scammed. If you've recently purchased Columbia SC real estate and receive such a notice, don't pay it. Call your county tax office for confirmation that your notice is a scam.
For more information on Columbia SC real estate news and updated information that affects Columbia SC real estate directly, visit our Columbia SC Real Estate News link under our Columbia SC Real Estate Categories to the right.
Columbia SC home values are expected to continue increasing for the next four years. The majority of more than 100 forecasters says they expect large-scale investors to sell off the bulk of homes in their portfolios during that time frame, boosting inventory and potentially contributing to a smoother market ahead. According to panelists in the latest Zillow® Home Price Expectations Survey, a nationwide home value appreciation of 4.5 percent is expected this year, with a steady slowdown in appreciation rates each year through 2018.
Throughout the recovery, large-scale investors have purchased thousands of homes nationwide, particularly lower-priced vacant and foreclosed homes, fixing them up and keeping them in their portfolios as rental properties. This investor activity helped put a floor under sales volumes during the depth of the housing recession, but also created competition for many would-be buyers and contributed to rapid Columbia SC home values in some areas.
Panelists were asked to assess the impact on Columbia SC home values if these institutional investors were to curtail their activity this year. Among those expressing an opinion, 79 percent says the impact would be significant or somewhat significant. Panelists were also asked when they thought these investors will have sold the majority of homes in their portfolios. Among those with an opinion, 57 percent says they expected this to occur in the next three to five years.
There is a growing sentiment that a decline in investor activity now isn't necessarily a bad thing for Columbia SC home values, and could also have real benefits for buyers. Buyers entering the market in the next few months will not be competing with cash-rich investors like they were last year which should be some small solace given the higher prices and mortgage rates they will be facing. The gradual decline of investor activity should be viewed as another sign of the market slowly returning to normal.
Panelists were also asked when the Federal Reserve should end its ongoing stimulus efforts, known as "quantitative easing." Since September 2012, the Fed has been purchasing tens of billions of dollars worth of Treasury bonds and mortgage securities each month, which has helped keep mortgage interest rates low and stimulate demand. The program is now being wound down. More than 70 percent of the experts want to see the monetary stimulus reduced to zero before the end of this year, and the current pace of tapering will get us there.
Columbia SC Home Values Expected to Normalize through 2018
On average, panelists says they expect Columbia SC home values to appreciate at around 4.5 percent through the end of this year, a pace that exceeds historically normal annual appreciation rates of around 3 percent. This appreciation is expected to slow to roughly 3.8 percent in 2015 and 3.3 percent by 2018, rates much more in line with historic norms.
The most optimistic group of panelists predicted a 5.6 percent annual increase in Columbia SC home values this year, on average, while the most pessimistic group predicted an average increase of 3.4 percent. The most optimistic panelists predicted Columbia SC home values would rise roughly 10.6 percent above their 2007 peaks by the end of 2018, on average, while the most pessimistic says they expected Columbia SC home values to remain about 4.5 percent below 2007 peaks.
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If you didn't buy a Columbia SC home in 2013, you may be kicking yourself about now. Home prices for the year climbed an average of 13.6 percent.
Why 2014 Will Be a Good Year to Buy a Columbia SC Home
Market forecasters predict that 2014 will be another year of gains for the real estate market, even though the rapid pace of sales in 2013 cooled off a bit at the end of the year. On Dec. 30, The National Association of Realtors said its pending home sales index, based on contracts signed last month, rose 0.2 percent in November, below the 1 percent rise forecast.
Columbia SC home prices are expected to rise about 5 percent this year. Higher mortgage rates are expected to dampen the pace of both sales and price gains, but not bring them to a halt. The average rate on a 30-year fixed mortgage is expected to rise from 4.5 percent to 5 percent this year.
Even aside from expected price gains, to buy a Columbia SC home is almost always a good investment in the long run. Tax benefits are not to be overlooked.
When one rents, at the end of the year he or she has a pile of 12 cancelled rent checks. However, the homeowner has a pile of 12 cancelled mortgage checks that are nearly fully tax deductible in most cases.
Time will tell. Stick with us here and we'll keep you updated on the news that affects those wanting to buy a Columbia SC home in 2014.
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A lot of Columbia SC real estate experts are starting to whisper that dreaded word again with the Spring selling season just around the corner. Some are saying we are looking at real estate bubble 2.0 with the continuing dwindling supply of homes and more buyers trying to get into the market.
To call the Columbia SC real estate market one that is headed for another bubble may be jumping the gun a bit, but certainly we'll keep a sharp eye on the market for you and keep you posted on anything we see that could signal another Columbia SC real estate bubble in 2014.
To stay on top of market changes and conditions that may affect Columbia SC real estate this year, check out our other latest news articles by clicking on the Columbia SC Real Estate News link to your right under Columbia SC Real Estate Categories.
Key indicators show Columbia SC housing moving in a positive direction, paving the way for an ongoing recovery, the latest Freddie Mac Economic and Housing Market Outlook shows.
"As we start 2014, the housing recovery continues its steady pace. House-price gains will likely moderate from last year's pace but rise about 5 percent in national indexes," said Frank Nothaft, Freddie Mac's vice president and chief economist.
"Home sales, as well as other key indicators, continue to trend in the right direction, although in some markets we are seeing the sales recovery strengthen while many others remain weak," Nothaft added.
Pivotal Columbia SC Housing Indicators
Pivotal Columbia SC housing indicators include December's unemployment rate of 6.7%, which remains stubbornly high.
The report indicated that it may take another two years until the labor market gets back to full employment.
Additionally, the report said that mortgage delinquency rates at 5.88% have been nearly cut in half from their peak, but they are still very high from their long term normal average of approximately 2%.
There is still room for improvement in payment-to-income ratios, which are only at 60% of the level seen in 1999 suggesting room for continued home price growth.
From 1999-2006, mortgage payments on a hypothetical 30-year, fixed-rate mortgage would have increased by 50% more than income growth.
And when measured against the single-family housing stock, home sales have historically averaged about 6% of the stock at an annual rate. With home sales at a 5.8 million pace nationwide in 2014, this rate should rise up to 5.7% for 2014.
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To stay abreast of news as it affects Columbia SC housing, as well as news affecting Columbia SC home sales, stay plugged in with us here.