Columbia SC housing, 
as well as a forecast for the nation’s housing and economic outlook was presented recently by the National Association of Realtors (NAR) during their 2012 Realtors Conference and Expo.
NAR chief economist Lawrence Yun says he expects the market share of distressed sales to fall from about 25 percent in 2012 to 8 percent in 2014.
Mark Vitner, managing director and senior economist at Wells Fargo, one of the speakers at the NAR conference, compared distressed homes to an after-Christmas sale. Vitner stated, “most of the best stuff has been picked over, but make no mistake they’ll be with us for a while.”
Columbia SC Housing Recovery Expected to Continue
The Columbia SC housing recovery is expected to continue so long as credit does not further tighten and a fiscal cliff is avoided.
The rise in home prices should also stay. Yun predicted a 6 percent rise in the median existing-home price in 2012, with another 5.1 percent increase next year and comparable gains in 2014.
Existing-home sales are projected to move higher year-after-year: a 9 percent increase this year to 4.64 million, 5.05 million in 2013, and 5.3 million in 2014.
Mortgage interest rates are expected to eventually increase to an average of 4 percent next year, and inflationary pressure should cause rates to go up to 4.6 percent in 2014, according to the NAR forecast.
Yun added, “While we’re hopeful that something can be accomplished, the alternative would be a likely recession, so automatic spending cuts and tax increases need to be addressed quickly.”
The state of the housing market continues to improve though recovery remains “fragile,” according to the October Housing Scorecard released by the Obama administration. Signs of improvement include rising home prices, rising home sales, and ongoing efforts through the Making Home Affordable Program.
Bookmark our site and we’ll keep you up to date on all the trends affecting Columbia SC housing going forward into 2013 and 2014. Good or bad, we’ll bring it to you here.
September Columbia SC housing starts as well as U.S. overall housing starts blew past consensus estimates to nearly 900,000 units nationwide — a four-year high.
Though levels are still well below the 1.5 million historical average, this report adds to other upbeat news and confirms our belief that after seven years of painful contraction, the Columbia SC housing market is on the mend.
While some areas are improving more than others, overall, most economic indicators point to a confirmed increase in the Columbia SC housing market.
When is the best time to buy or sell a Columbia SC house? That’s an age-old question that many buyers and sellers have been seeking an answer to for years. 
As more and more people are thinking about wading back into the real estate market, both buyers and sellers, are again asking the question, when is the best time?
Best Time to Buy a Columbia SC House
The best month to make an offer on a home is January. Fewer buyers are willing to house-hunt during cold, nasty weather, so there’s less competition and few, if any, bidding wars. Sellers also tend to be more motivated than they will be in the spring, when there are more buyers. Why? They may have just received their credit card bills that reflect Christmas spending and may be feeling financially strapped. And their decision to try to sell their houses in the winter means they’re willing to risk listing during a time of the year when properties tend not show particularly well.
Best Time to Sell a Columbia SC House
The best time to be selling a Columbia SC house is in the Spring. Buyers come out of the woodwork during the spring, and with tax refund checks in the bank or in the mail, spring buyers more often pay full price. In fact, sales peak in the spring, helping to explain why about 60% of those who move do so in the summer.
Best Time to Buy Instead of Rent
The best time to stop renting and buy a house is when it costs less to buy than to rent. But how do you figure that out?
Find two similar houses – one for sale and one for rent – and divide the asking price by the annual rent. The difference is called the rent ratio. During the 1970s, 1980s and 1990s, the nationwide rent ratio stayed between 10 and 14, then rose to nearly 19 in 2006, when the housing market topped out. A rent ratio of 20 or more usually means that it costs considerably more to own than rent after you factor in the mortgage, taxes, insurance, repairs and other expenses. It makes financial sense to buy when the rent ratio is a lot closer to 10 than to 20.
If you need help trying to figure out the best time to be buying or selling a Columbia SC house, give us a call. We’ll be happy to sit down with you for a no-obligation consultation, based on your particular needs. As with buying shoes, buying a Columbia SC house is not a “one size fits all” thing. Everyone’s circumstances are different, and so might the timing for you be different. We’ll be happy to help you decide the best time of the year for you, whether you’re buying or selling.
Columbia SC home sales are typically strong during the spring and summer, mainly because a lot families are trying to relocate between school years. But fall is a great time to buy a Columbia SC home as vacations have wound down, and most potential home buyers want to be in their new home in time for the holidays.
Why Buyers Want a Columbia SC Home in the Fall
40 percent of survey respondents like fall for homebuying because of the “back to school” and starting fresh mentality that hits when September and October come around. Twenty percent cite wanting to be in their new home in time for the holidays. And 10 percent want to take advantage of the tax benefit of buying and owning a home before the end of the year.
For the same reason sellers want to sell and close on their home sale before the end of the year, buyers can often times find better deals during the fall due to those sellers being more anxious to sell by year-end.
How the findings will affect what happens this fall remains to be seen.
The National Association of Realtors reports pending home sales in August 2012 declined after reaching a two-year peak. But the August figures are higher than August 2011.
Lawrence Yun , NAR chief economist, said some volatility can be expected in the monthly readings. “The performance in month-to-month contract signings has been uneven with ongoing shortages of lower priced inventory in much of the country, and across most price ranges in the West, but activity has remained at notably higher levels this year,” Yun said.
If you’d like to take advantage of the great fall home market in the Columbia SC area, give us a call or contact us through our site. We’d be happy to help you find a new Columbia SC home in time for the holidays.
Tight lending standards are stunting Columbia SC home sales and holding back job creation. This conclusion was reached by The National Association of Realtors in a survey they conducted with real estate agents.
According to NAR chief economist Lawrence Yun, “Sensible lending standards would permit 500,000 to 700,000 additional home sales in the coming year.” He also said, “The economic activity created through these additional home sales would add 250,000 to 350,000 jobs in related trades and services almost immediately, and without a cost impact.”
The findings? Lenders take too long with applications, requiring excessive information and preferring only interested homebuyers with high credit scores.
Survey respondents reported that 53 percent of loans went to borrowers with credit scores above 740 in August, a sharp contrast when compared with the fact that 41 percent of homeowners with the same credit held these mortgages from 2001 to 2004.
According to NAR, about three-fourths of loans bought by Fannie Mae and Freddie Mac went to borrowers with credit scores of 740 or above.
The trade group observed that loan applications backed by the Federal Housing Administration showed an average FICO score of 669 in May, significantly higher than 656 for loans originated in 2001.
While looser lending standards can threaten default rates, NAR brought attention to improving loan performance has been improving in recent years.
Yun pointed out that since 2009, the 12-month default rates have been abnormally low, with Fannie Mae default rates averaging 0.2 percent and Freddie Mac rates averaging 0.1 percent. NAR stated this is notable considering higher unemployment in the timeframe.
In 2007, the twelve-month default rates peaked to 3.0 percent for Fannie Mae loans and 2.5 percent for Freddie Mac loans, according to NAR.
Home sales this year are projected to rise 8 to 10 percent. Although welcoming, this still represents a sub-par performance of about 4.6 million sales.