When selling a home, trying to figure out what Columbia SC home prices should be can only be determined by actually selling it. Because homes vary, estimates can and almost invariably do vary widely — they are essentially opinions, more or less qualified, and based more or less on fact. Additionally, most opinions of value will be expressed in a price range, rather than a particular number, because of the nature of the whole process.
Here are 3 Tips For Setting Columbia SC Home Prices
1 – Online Estimates and Appraisals – Online estimates can be a useful tool for a rough estimate, but they have a variety of issues. The computer simply cannot appreciate all the nuances of location, home style and home condition that a human being can, and they frequently fail to detect flat-out errors in the public record details about your home or the comparable properties it chooses to use. Some of the most popular automated estimate tools online actually carry a very, very high error rate.
On the other hand, an actual physical appraisal is simply one more form of opinion. And appraisers in today’s market are generally under pressure to be very, very conservative in their home estimates; one of the most common reasons home-sale transactions fall out of escrow today is because the appraiser’s opinion was lower than the price the buyer and seller agreed upon.
2 – Get Multiple CMA’s – To get a closer idea of what Columbia SC home prices might actually sell for is to ask multiple agents who are successfully selling homes in your neighborhood on today’s market. If you can get a relatively unanimous range or estimate of your home’s value from agents, it behooves you to take that number seriously.
Agents don’t make a commission on homes that don’t sell. Columbia SC home prices that are set too high simply don’t sell. What honest agents also know is that even to get a properly priced home to sell, it will take a fairly substantial investment of their own time, energy and money — these are resources they would rather not invest in a listing that will never sell because the seller is determined to ask too high of a list price. So agents these days have doubled-down on a strategy that is hard in the short term, but pulls in favor of success on the horizon: brutal honesty.
Most agents would rather not list a home that is destined to lag on the market because of its price, because (a) the unhappy seller will likely not say good things, and (b) they’d rather be able to show future prospective seller clients a portfolio of homes that have recently sold, quickly and for a price near the list price.
3 – Columbia SC Home Prices Are About Marketing – Keep in mind that the list price of your home is as much about marketing and competitively positioning it against other listings as it is about trying to approximate it’s true worth. Many agents start the list-price conversation at what you believe it’s worth, then take a tad bit off to entice buyers to come see and make offers on the home.
If you are priced right in line with other listings, that might make you feel like your price is the right price. In the same vein, if your home has been sitting on the market for longer than it takes the average home in the area to sell for the same price and hasn’t sold, you may need to do something different. And think of it this way: If you want to distinguish yourself from those other listings and beat them at the competitive endeavor of luring a buyer in, you might need to be priced better than them.
Columbia SC home prices are determined by a lot of factors, but these three tips should help you in determining where you list your property when the time comes.
Columbia SC home prices were up in September, while prices nationwide were up 5 percent year-over-year and home sales posted a 4 percent annual increase.
According to Redfin’s analysis of activity across many major U.S. markets, these increases come even as housing metrics began their typical seasonal declines.
Redfin CEO Gelnn Kelman points out that “September is usually the month that real estate goes on sale, like Christmas toys in January. Whatever didn’t sell in the summer gets marked down for a September closing. This September however, we saw only a modest decline in prices, with inventory still dropping and demand fairly steady.”
Homes on the market continue to sell quickly, according to Redfin. The company’s study shows the percentage of listings that sold within 14 days of their debut held at 27 percent in September.
Redfin says price declines in some areas have been as low as 0.8 percent, a smaller decline than is customary at this time of year. Over the same period, home sales dropped in some areas by around 17 percent — a figure the company says represents “a typical seasonal decline.”
Redfin’s real-time tracker provides monthly data on home prices, sales, and inventory, based on the local databases used directly by real estate agents to list properties and record sales. Redfin has access to dozens of Multiple Listing Services (MLSs) used by agents, which means the company gets its data within minutes of a sale, pending sale, or listing activation.
To get the very latest on Columbia SC home prices, search for homes on our website, or give us a call if you need a custom search performed for your particular needs and situation.
Columbia SC home prices continue to show signs of improvement, but the road to recovery remains a long one.
Home Prices Up
According to the S&P/Case-Shiller home price index, average home prices increased 1.6 percent in July compared to the previous month, marking the third consecutive month that all 20 major markets studied in the index have improved, with a general uptick continuing. Home prices are now 1.2 percent above July of last year.
The index covers over 80 percent of the housing market, with a 10-city composite index, and a 20-city composite index, all of which showed small signs of improvement in July, its most recent reading. While improving values is one of many potential signs of health, housing has a long way to go before all vital statistics are back to “normal,” particularly with the high default rates compared to before the boom and bust, tight lending not only for consumers but for builders, to name a few factors.
David Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices said, “The news on home prices in this report confirm recent good news about housing. Single-family housing starts are well ahead of last year’s pace, existing home sales are up, the inventory of homes for sale is down and foreclosure activity is slowing.”
Inventory levels remain extremely tight, which combined with historically low interest rates have helped to improve home prices, but to call housing recovered is certainly a bad call. Progress is being made, but a one percent improvement over one year, does not a healthy market make.
Of course, the law of supply and demand would dictate that, as home inventory levels go down, Columbia SC home prices go up. Don’t wait until inventory levels drop to the point of boosting home prices beyond what is reasonable for your budget. Contact us today to start looking for the best home at the best price.
Columbia SC home prices continued their upward trend in July, while inventory of available homes for sale continued it’s downward spiral. Demand for homes is growing faster than the inventory, helping push the national median price of existing homes up for the fifth month in a row. This increase comes in spite of the modest increase in sales that fell short of some analysts’ expectations.
Columbia SC Home Prices and Sales
Sales of existing homes — resales of single-family homes, townhomes, condominiums and co-ops — were up 2.3 percent from June to July, to a seasonally adjusted annual rate of 4.47 million. That’s a 10.4 percent increase from a year ago.
Mortgage interest rates have been at record lows this year while rents have been rising at faster rates. Combined, these factors are helping to unleash a pent-up demand.
NAR Chief Economist Lawrence Yun said in a statement recently that “sales could easily be much stronger — in a more normal range of 5 million to 5.5 million per year — if not for abnormal frictions such as tight lending standards and shrinking inventory.”
Analysts generally consider a six-month supply of existing homes to be a healthy balance of supply and demand. More than that indicates that sellers significantly outnumber buyers, which puts downward pressure on prices.
Although first-time buyers accounted for 34 percent of purchases in July, up from 32 percent in June, in a normal market they account for 40 percent of purchases.
While the annual rate of sales in July was slightly below expectations of 4.5 million, those focusing on sales of existing homes, looking for a recovery for housing, are looking at the wrong number. For existing-home sales, the key number is inventory — and the sharp year-over-year decline in inventory is a positive for housing.
To get more specifics about current Columbia SC home prices and available inventory, contact us today. We can give you more up to date information on our current market conditions.
Columbia SC home asking prices continue to rise this summer as sellers seem to be staying on the sidelines.
The number of homes listed for sale rose by just 0.5% in June from May and was down 19.4% from one year ago, according to Realtor.com. Slightly less than 1.89 million homes were listed for sale in June, which is lower than at any time in 2011 or 2010.
Columbia SC Home Listings Are Down
Columbia SC home listings are down in part because banks have been slower to move foreclosed properties onto the market and investors are buying up more of them at courthouse auction sales and renting them out.
Columbia SC home sellers appear to be unwilling to list their homes amid signs that prices are turning around. Some home owners owe more than their homes are worth and may be unable to sell without taking a big loss.
Nationally, compared with one year ago, listings were down in all but two of the 146 markets tracked by Realtor.com.
Big inventory drops are pushing up prices. Columbia SC home buyers saw median prices increase in June from one year ago, and in some areas, by at least 5 percent.
Another sign of the improvement this Spring has been the median age of inventory listed for sale falling by nearly 10 percent from one year ago. That would indicate sellers are finding buyers more quickly for their homes.
If you’re considering buying a Columbia SC home, continuing to wait could really cost you. With prices on the increase, and inventory going down, there may be no better time to buy than right now. Interest rates on mortgages continues to hover in record low territory. Talk to us about your situation and let us help you find the Columbia SC home of your dreams. If you’re currently renting, owning a home may actually be cheaper than continuing to rent.