Gains in Columbia SC Home Prices Bringing Out More Sellers

Soaring Columbia SC home prices are leaving fewer homeowners owing more money than their properties are worth, bringing them off the sidelines of the surging Columbia SC housing market and offering relief to buyers who are frustrated by bidding wars. As more homes are put up for sale, price increases are expected to moderate.

Increasing Columbia SC Home Prices Unlocking More Supply

Increasing Columbia SC home prices are bringing out more sellers.The fact that Columbia SC home prices have increased so dramatically has unlocked a lot of the pent-up supply that demand has been screaming for.

At the end of March, 19.8 percent of the nation's mortgaged homes were underwater, down from 23.7 percent a year earlier and 25 percent during the same period of 2011, according to CoreLogic. Gains spread across the country, though regions that rose high and crashed hard remained saddled with homeowners who bought near the peak.

Housing inventories are still unusually low around the Columbia SC area. There was a 5.2-month supply of existing, single-family homes for sale in May, compared to 6.4 months a year earlier, according to the National Association of Realtors. This is still well below the six months that is considered a balanced market.

Economists expect many Columbia SC homeowners will continue to resist selling because they think they can profit more by waiting.

Meanwhile, buyers who need to use conventional financing to be able to afford to buy now are finding it tough to compete with the all cash buyers. Some buyers are even writing personal letters to sellers when making an offer hoping to make a personal connection with the seller.

Columbia SC home prices are expected to continue to increase for the foreseeable future, and interest rates have already moved up from the record lows reached earlier this year. So waiting to buy a home could cost you a lot more. Call us today to discuss your options while Columbia SC home prices are still affordable.

Tags:

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.