The Columbia real estate market has remained strong throughout the year. It closed 2007 about 5% down from 2006. However, 2005 and 2006 were two record setting years for the Columbia, SC real estate market. Therefore, closing out 5% down from two of the best years on record is really not that bad.
We are however a little over-saturated in the market at the moment. Many of the builders in the area are still offering a lot of incentives in order to sell off their excising inventory. The vast majority of these incentives are coming in the form of lowered prices. This is a good thing for a buyer to take advantage of, imagine purchasing a $215,000 house for $200,000. Sounds good right? Well, at this current point in time, those kinds of deals are still out there.
As for existing homes and resales. Those houses are also reducing prices in order to attract more buyers and intrest in the homes. Most people do not look for a home this time of year, they usually wait until the Summer time to start. This is a common mistake, but it is the prime time for the market. But, if you know that, then why don't you take advantage of the lack of competition and start looking now.
If real estate has shown us anything by history alone, it has proved it's ability to come roaring back. I for one firmly believe that the national problems with real estate will eventually subside and stabilize. Once this happens, whatever great deals and incentives were out there for buyers will also subside. So, if you are interested in purchasing a new home, or if you're a first time home buyer, now is your chance. Get in there and see what you can come up with. Contact a Realtor, contact a lender, and get moving, before you let an opportunity pass you buy. Pride and home ownership go hand and hand, so, take pride in yourself and your community and own a piece of it.
JL Boney, III - Columbia, SC Realtor - Coldwell Banker Residential Real Estate
I specialize in Columbia, SC real estate and the surrounding areas, including Blythewood, SC, Kershaw County, Fairfield County, and Lexington, SC. If you are in the market to buy or sell a home in Columbia, SC or any of the surrounding areas, I would love the opportunity to speak with to see how I can help. Thanks for reading and feel free to contact me if I can be of service to you.
Office- 803-788-1450 Cell- 803-730-9601 Email- James_Boney@Yahoo.com