Columbia SC Home Buying: Looking Ahead
Columbia SC home buying has never been more affordable than it is right now. However, there are factors looming that could change the face of home ownership in this country forever.
The Joint Center for Housing Studies of Harvard University recently released their report, “The State of the Nation’s Housing 2012.” In that report, they forecast that over the next few years, home ownership rates among younger households will remain under pressure. Members of the large echo-boom generation are just beginning to enter the housing market, but primarily as renters. In addition, greater numbers of middle-aged households are delaying home ownership or returning to rental housing.
As millions of distressed homeowners lose their homes to foreclosure, they will require years to repair their tarnished credit records before buying again. As a result, increases in the number of renters will continue to outpace any growth in homeowners. If not for older households, who have high home ownership rates and account for an increasing share of the population, the decline in the national home ownership rate would be much greater.
Columbia SC Home Buying – Rarely More Affordable Than Now
A strong, sustained economic expansion could, however, produce a quick turnaround—particularly in markets that did not experience the worst of the foreclosure crisis. Columbia SC home buying has rarely been more affordable, and a more robust economy would provide the income and confidence that would enable many potential buyers to make the long-term commitment of owning. Indeed, home ownership continues to have strong appeal. In the fourth quarter of 2011, the Fannie Mae survey found that seven out of ten renters—as well as more than eight out of ten homeowners who are underwater on their mortgages—think that owning makes more financial sense than renting.
According to the Harvard University report, young first-time buyers, including an increasing share of minority households, will drive future growth in home ownership. The question going forward is therefore whether the troubled mortgage market will provide access to affordable mortgage credit for borrowers with limited savings and anything but the highest credit ratings.
Columbia SC home buying can be tricky. Contact us today to learn more about how we can help you all throughout your Columbia SC home buying experience.