The Columbia SC housing market has seen a tremendous bounce in pricing over the past two years, but so far, 2014 is not looking like it will break records from 2012 and 2013. Almost half (around 42%) of all residential home sales in the first quarter were all cash deals. The same is happening all across the country.
The Columbia SC housing market continues to post strong sales, only stymied by the same old story — not enough houses on the market to meet the demand.
Get complete Columbia SC housing market news and home sales information by clicking the Columbia SC Real Estate News link to your right under Columbia SC Real Estate Categories.
Is the future of the Columbia SC housing market going to see online auctions become the norm? The growing popularity of these online marketplaces could potentially transform the way real estate is bought and sold.
Much like their offline counterparts, these auctions often involve selling foreclosed homes. However, the number of auction sites offering to buy and sell non-distressed properties is growing as well. Unlike traditional foreclosure auctions, the entire bidding process is done online rather than at a courthouse or hotel ballroom.
Online Auction Process for the Columbia SC Housing Market
The online auction process may vary depending on the specific site, but the general process will be the same. The first step in the auction process is to register for the auction site on which you will be bidding, which is usually free.
Most auction sites will provide for a pre-auction bidding period. During this period it is possible to place a (usually limited) number of bids before the auction begins. If a pre-auction bid is sufficient and meets the seller's expectations, you can purchase the property before it ever reaches auction.
After the pre-auction period ends, the online auction begins. Online auctions are similar to traditional auctions except the bidding is done from the convenience of your own home or office. Most auctions include minimum bid increments and have set ending dates which can be slightly extended in the case of aggressive last-minute bidding.
If you are the winning bidder, most sites will send you a confirmation email that is shortly followed up by a phone call from a site representative. Unlike traditional auctions where the winner may have to produce the required funds within hours of winning, online auction sites typically only require a deposit upfront.
The potential for online real estate auctions as the future of the Columbia SC housing market lies in their transparency, their level playing field and their convenience. The ability to bid from the comfort of home coupled with the flexibility of payment options upfront makes buying or selling real estate online an attractive option for prospective buyers and sellers.
Also, the way auctions level the playing field by providing the average person the same opportunity to bid for a property as a large institution has added to their popularity. If these online real estate marketplaces continue to grow and develop, there is a strong possibility that they could truly be the future of how real estate is bought and sold in the Columbia SC housing market. We'll keep you posted as this trend either develops, or dies.
If you're in the market to start looking at the Columbia SC housing market, let us be your guide and advocate. Now more than ever, you need to have a broker on your side when looking for Columbia SC homes or condos.
For more on the Columbia SC housing market, check out our other articles and information at the Columbia SC Real Estate link to your right under Columbia SC Real Estate Categories.
A cool down in the Columbia SC housing market could actually be a good thing. It could actually save us from another inflated housing bubble because things got out of hand too rapidly for the market to sustain the growth.
The fact that the Columbia SC housing market is starting to slow down a little means the recovery is sustainable. The appreciation in Columbia SC home values has not been uniform everywhere throughout the area, and certainly not across the entire country. Some areas did phenomenally better than others.
What's important to remember is that some markets that shot up so quickly fell the furthest so they had a lot further to go on the way back up. These markets are starting to find their own footing, some going way up and some not so much.
In 2014, many analysts are predicting a slower rate of home value appreciation, more in the 3 percent range, as opposed to the 5 to 7 percent many markets experienced in 2013.
Interest Rates Affecting the Columbia SC Housing Market
One driving factor in slowing down the Columbia SC housing market is interest rates moving higher in recent weeks.
The increased rates signal that the days of affordable loans may be over. Mortgage rates have been at historic lows in recent years, triggering a home-buying phenomenon and accelerating the recovery process in the industry. But, since May 2013, mortgage rates have shot up a full percentage point. The hike was triggered after the market received signals from the Federal Reserve that it would slow its bond purchases.
The effect of rising rates is still up for debate. Over the past two months, existing home sales slowed down. But, sales of new homes accelerated in October after three months of weaker performance.
Inventory is still constrained. There were a lot of buyers that were sitting on the sideline waiting for the media to tell people that home values have bottomed. We've now declared that, and buyers are trying to act, only to still find that inventory of homes for sale in the Columbia SC housing market are not exactly bubbling over.
How all of this will affect the Columbia SC housing market in 2014 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 housing market.
Get more Columbia SC housing market information, 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.
It's no surprise that things have been looking up for the Columbia SC housing market for several months now. But solid statistics now show that people are just as optimistic about mortgage rates as they are the Columbia SC housing market.
An analysis of Fannie Mae's monthly telephone survey of just over 1,000 homeowners and renters shows that views on the Columbia SC housing market stayed almost the same from February to March, which is good because they're optimistic.
Fannie Mae conducts its telephone survey each month to assess the attitudes of Americans toward owning and renting a home, home and rental price changes, homeowner distress, the economy, and household finances. Both homeowners and renters are contacted for the survey which includes more than 100 questions.
71% of individuals surveyed believe that now is the time to buy a new home, while 26% believe it's a good time to sell; this is nearly double the percentage from this point last year.
Growing Skepticism Towards the Columbia SC Housing Market
There seems to be a growing skepticism towards the Columbia SC housing market staying this good for a while. There was a slight bump in the percentage of those surveyed who believe that home prices will increase over the next 12 months, and while those who think prices will go down hasn't adjusted much, those who believe prices will stay the same has decreased five percent in the past three months.
The survey shows a string of 17 positive one-year-ahead home price expectations through March, the average expected gains have remained below 3 percent. By comparison, main measures of national home prices in early 2013 posted year-over-year gains of at least double or triple that figure.
Based on this survey, it seems people are aware the Columbia SC housing market is getting better but are also concerned with it not staying this good for the rest of the year. People are speculating that the Columbia SC housing market may get more competitive by the end of the year.
There’s strong evidence that the Columbia SC housing market is roaring back. Homes are selling faster than they have in over 3 years, and this trend seems to be breaking out all over the country. ABC’s Diane Sawyer has the story…
Are there any other special features you’re looking for in a home other than those Diane mentioned at the end of her story? Tell us in the comment box below.
For more on the Columbia SC housing market, check out our articles and updates found under Columbia SC Real Estate Articles in the Columbia SC Real Estate News section, as well as the Columbia SC Real Estate Category.