Currently the market is in a down turn in many parts of the nation. However, much the same way that all politics is local, all real estate is local also. Remember those three L's of real estate, location, location, and location. Well, that fact of the matter is that they still hold true. How bad the market is, depends solely on where you are.
At this moment the Columbia, SC market is also a little slow compared to last year. We will not close as high in 2007 as we did in 2006. However, the fact is that in '05 and '06 we had record setting years for our real estate market. Then, after the nationwide market began to feel the affects of the rise in fore-closers lenders began to stiffen their policies in order to avoid a further rise in those fore-closers. This meant that less people were able to receive approval from a lender in order to purchase a home. So, all that being said, we are now down about 5% in the Columbia market.
It always sounds bad to say that any market is down rather than up, but look at the facts. We are down 5% compared to two record setting years in a row. Also this after it has now become more difficult to be approved by a lender for a mortgage. Not to put too positive of a spin on the situation, but when you take those facts into account, the Columbia market is still a pretty strong market in which to sell or buy a home.
As far as the rest of the nation is concerned, even if now is a bad time to sell a house, buyers should make an attempt at taking advantage of this opportunity. If you can get approved for a mortgage and you want to buy a home, then in all honesty why should you care what the media has to say about the horrible market. In the end if you can buy a house for $200,000 that would have sold for $250,000 or $300,000 last year or the year before, then it sounds like a really good deal to me.
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