Columbia SC Real Estate News

Columbia SC home prices rose at almost unsustainable rates in 2013, but many analysts are predicting a slower pace when it comes to rising Columbia SC home prices in 2014. Gus Faucher, Senior Macro Economist with PNC looks ahead at what he sees for the economy as well as housing in the new year…

Obviously, a lot of things have to happen, in the right order, for the economy to continue to pull itself out of the recession and housing to continue to grow, and we'll stay on top of the Columbia SC housing market throughout this year and keep you up to date on things that affect our housing market.

Check out our other articles and tips pertaining to Columbia SC home prices and the Columbia SC real estate market in general by clicking on the Columbia SC Real Estate News link to your right under Columbia SC Real Estate Categories.

Home and Commercial Inspections in the Columbia SC area is our specialty! Every year we help hundreds of clients save tens of thousands of dollars, by responsibly finding and exposing conditions that threaten property, value and safety. To learn how we may be able to serve you, please click and read, or call 803-261-5810.

For those who don't understand the term "tapering", in plain English, here is how it could affect Columbia SC real estate and mortgages going forward.

Columbia SC real estate could be affected by the Fed reducing the amount of mortgage and treasury bonds it purchases each month.Tapering means that the Fed will reduce the amount of mortgage and treasury bonds it purchases each month. It was doing this in an effort to stimulate borrowing and economic activity by keeping interest rates low. Thankfully, the tapering will be done slowly vs. a quick stop. A fast stop would be terrible for Columbia SC real estate.

The Fed has a way of talking out of both sides of the proverbial mouth when it says things like, "The economy is growing and consumer/business spending is up, but the housing sector is starting to slow down slightly. Inflation is lower than the Fed would like to see, but its long-term analysis is healthy."

The usual "yeah, but…" applies just about every time the Fed speaks. With tapering, there's no exception.

Pointing to ongoing, stable improvements in economic activity and labor market conditions since the start of its latest quantitative easing program in September 2012, the committee agreed to scale back its purchases of agency mortgage-backed securities (MBS) to a pace of $35 billion per month; at the same time, purchases of Treasury securities will shrink to $40 billion per month. Together, the cuts represent an overall reduction of $10 billion in purchases each month.

Where Will Interest Rates Go For Buyers of Columbia SC Real Estate?

The decision brings to an end months of speculation over when the Fed might finally decide to pump the brakes on its stimulative strategy. Now, the ongoing debate will likely turn to the expected timeline for further cutbacks — probably with little input from the FOMC, which insisted that asset purchases "are not on a preset course."

Essentially, the Fed is now saying, even with the tapering announcement that came as no big surprise, that they are committed to keeping interest rates low for quite some time.

So again, "we're cutting back, but keeping rates low…"

How all of this will affect the Columbia SC real estate and mortgage markets is anyone's guess. We'll keep a sharp eye on things for you and pass along anything that may significantly affect mortgage rates and the overall Columbia SC real estate market.

Get more news on Columbia SC home prices, along with other Columbia SC real estate news and information by clicking the Columbia SC Real Estate News link to your right under Columbia SC Real Estate Categories.

Home and Commercial Inspections in the Columbia SC area is our specialty! Every year we help hundreds of clients save tens of thousands of dollars, by responsibly finding and exposing conditions that threaten property, value and safety. To learn how we may be able to serve you, please click and read, or call 803-261-5810.

Columbia SC home sales and list prices show increases in October.Traditionally, Columbia SC home sales tend to slow down heading into fall and winter, but that doesn't seem to be the case this year.

Instead of the usual seasonal slowdown, October data show the 2013 fall market moving at a fast pace, according to Errol Samuelson, president of Realtor.com.

"Inventory has returned to last year's levels, but prices continue to strengthen and homes are moving significantly faster compared to this time last year," Samuelson said.

Realtor.com's data shows the median list price in October was relatively untouched by the yearly seasonal drag falling just 0.25 percent month-over-month to $199,000—7.57 percent above its year-ago level.

Columbia SC Home Sales And List Prices Show Improvement

Eighty-five percent of the 146 markets covered in the report showed yearly improvements in median list price, and only 19 reported annual declines. Columbia SC home sales and list prices showed improvement.

Compared to September, national inventory was down to 1.9 million, a decline of 0.71 percent from September and 1.51 percent from October 2012.

While the country continues to struggle with inventory problems, local Columbia SC trends indicate growth in supply.

Perhaps the most promising statistic at this point, however, is median age of inventory: 94 days in October, a slight pickup from 93 days in September but an 11.32 percent decrease from the last year.

This trend suggests that properties continue to turn over quickly in contrast to the usual seasonal patterns, and despite increasing prices and stabilizing inventory.

Get more news on Columbia SC home sales and listing prices, along with other Columbia SC real estate news and information, by clicking the Columbia SC Real Estate News link to your right under Columbia SC Real Estate Categories.

Home and Commercial Inspections in the Columbia SC area is our specialty! Every year we help hundreds of clients save tens of thousands of dollars, by responsibly finding and exposing conditions that threaten property, value and safety. To learn how we may be able to serve you, please click and read, or call 803-261-5810.

Potential Columbia SC homebuyers are looking for a home this winter because they could not find a home during the past spring and summer homebuying seasonsProspective Columbia SC homebuyers hoping to buy a home during the winter months say the lack of inventory is their biggest challenge, but many believe winter is a good time to buy because sellers are motivated to sell and more willing to negotiate.

A survey recently conducted by realtor.com found that 45 percent of buyers in the market said there's not enough inventory in their price range. The survey also found that a surprising number of prospective Columbia SC homebuyers are planning to do all-cash deals.

Most of the Columbia SC homebuyers surveyed said they'll need a mortgage to finance their home purchase. Among that group, most did not have the 20 percent down payment that would allow them to qualify for a conventional loan backed by Fannie Mae or Freddie Mac without having to also purchase mortgage insurance.

Reasons Most Columbia SC Homebuyers Cite for Buying in Winter:

  • 26 percent said they believe that sellers are more motivated to sell and willing to negotiate.
  • 24 percent indicated they think home prices will be better.
  • 24 percent revealed they were unable to buy a house during spring or summer.
  • 20 percent shared that they think there will be less competition between buyers.

This past spring and summer Columbia SC homebuyers were particularly challenged, especially first-time homebuyers trying to compete with all-cash offers and bidding wars because of reduced inventory. A quarter of the winter Columbia SC homebuyers revealed they are in the market now because they were unable to find a home during this last homebuying season.

Although there continue to be "significant supply shortages," inventories are "stabilizing" compared to the dramatic year-over-year declines seen earlier this year.

Inventory shortages will continue into the spring buying season, which could keep a lid on sales. NAR is forecasting that when all the numbers are in, 2013 sales of existing homes will finish up 10 percent from last year, at 5.13 million. But similar gains aren't expected next year. NAR predicts existing-home sales will hold steady at 5.12 million in 2014.

If you're among the potential Columbia SC homebuyers looking for a bargain this winter, contact us for the latest inventory updates, and stay connected by bookmarking this site. For more tips and articles to help you when buying Columbia SC real estate, click on the Columbia SC Homebuying Tips link to your right under Columbia SC Real Estate Categories.

Home and Commercial Inspections in the Columbia SC area is our specialty! Every year we help hundreds of clients save tens of thousands of dollars, by responsibly finding and exposing conditions that threaten property, value and safety. To learn how we may be able to serve you, please click and read, or call 803-261-5810.

Columbia SC home prices, along with home prices across much of the country, are back to their mid-2004 levels. This news comes from the S&P/Case Shiller index as of September 2013.

Columbia SC home prices jumped again in September, marking their biggest annual gain in at least 7-1/2 years. Nationwide, the price index is up 13.3 percent year-over-year, the strongest increase since the boom peaked in 2006.

The S&P/Case Shiller composite index rose 0.7 percent month-over-month in September on a non-seasonally adjusted basis.

As of the third quarter of 2013, average Columbia SC home prices, as well as home prices across the United States, were back to their levels posted in the second quarter of 2004.

At the end of the third quarter of 2013, the national index was up 3.2 percent over the second quarter of 2013, and 11.2 above the third quarter of 2012.

"Housing continues to emerge from the financial crisis: the proportion of homes in foreclosure is declining and consumers' balance sheets are strengthening," according to David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. "The longer run question is whether household formation continues to recover and if home ownership will return to the peak levels seen in 2004."

Columbia SC Home Prices Up – Pending Home Sales Slip

While Columbia SC home prices continue to rise, the closely-watched index that measures pending home sales, or signed contracts but not closings, slipped again in October, falling to its lowest level in one year.

The reasons for the slump are mainly falling inventory and diminishing affordability, fueled by higher Columbia SC home prices and higher interest rates.

Pending home sales nationwide, not just in the Columbia SC market, marked the fifth consecutive monthly decline, according to the National Association of Realtors.

Columbia SC home prices are up, pending home sales slip

 

 

 

 

 

 

 

 

 

 

 

 

Get more news on Columbia SC home prices, along with other Columbia SC real estate news and information by clicking the Columbia SC Estate News link to your right under Columbia SC Real Estate Categories.

Home and Commercial Inspections in the Columbia SC area is our specialty! Every year we help hundreds of clients save tens of thousands of dollars, by responsibly finding and exposing conditions that threaten property, value and safety. To learn how we may be able to serve you, please click and read, or call 803-261-5810.