JL's Columbia SC Real Estate Blog: January 2009

Attention Columbia, SC Home Buyers

 Lately I and several of my colleagues have notice a significant increase in traffic. Almost everyone I have spoken with in new home communities has said that their traffic is up as well. With great interest rates, a large number of homes for sale on the market, and reasonable prices, more and more buyers are starting to come off of the fence. Investors have also started to return to the market in an effort to soak up a few good deals before the rates adjust and they lose out on that good deal.

 But then that's the point, no one wants to miss out on a good deal, and there are quite a few to be had. Competition over those great deals is starting to heat up. The past two contracts that I have written were multiple offer situations. If you are unfamiliar with what that means, it is exactly what it sounds like. There was more than one offer in on both of the last two homes for sale that I wrote an offer on for my clients. What does that mean to you? Well, that means that the opportunity to walk into a situation and make an offer unopposed is starting to diminish.

 I will not call it a market turn around, I feel it is way too early to make that claim. We still have a higher than normal days on the market for listings. There is still a great deal of competition between bank foreclosures and individual sellers for the buyers who are out there trying to purchase a home. But, I can say that I have seen an increase in business here lately and it is very early in the year. Usually our big time of the year is the Summer, but the great deals have started to draw out many buyers that are no longer waiting on the market to completely pick up. I for one see this as a good idea, but of course I am a little biased.

 However, if you think about it logically, when the market does come screaming back, a lot is going to change. Interest rates will rise to a more normal level rather than the low rates we have at present. The number of days on the market is going to go back down. More and more people are going to flock back to the market creating much more competition for anyone who wants to purchase a home. And chances are, home prices will once again rise.

 That means that the people who are out looking to buy a home now, will get the best of all worlds. Lower interest rates that will translate to a lower mortgage payment in most cases. Less competition, so they will not have to feel so rushed and they can take more time making a decision. Still not too much time mind you, as I said I have run into two situations within a week where multiple offers were made on the same home. So, if you see a home you really want, making an offer before it's gone is still a really good idea. And last but not least, the current buyers also get the advantage of lowered home prices for both new homes and resales. There are a lot of great reasons to buy a home now, but in the end the choice is yours. But, if you are thinking of buying a home soon, you should give some serious thought on getting your head in the game, before others cash in and you wait too late.

 

This message brought to you by www.jlboney.com.

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JL Boney, III - Columbia, SC Realtor - Russell and Jeffcoat 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- jlboney@russellandjeffcoat.com

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Comment balloon 8 commentsJL Boney, III • January 22 2009 03:23PM
Attention Columbia, SC Home Buyers
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Lately I and several of my colleagues have notice a significant increase in traffic. Almost everyone I have spoken with in new home communities has said that their traffic is up as well. With great interest rates, a large number of homes for sale… more
Blythewood, SC Homes For Sale
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JL Boney, III | Russell and Jeffcoat | 803-730-9601 825 Longtown Road West, Blythewood, SC Wonderful home for sale in Longcreek Plantation, one of Blythewood's most desired communities. 4BR/5BA Single Family House offered at $849, 500 Year… more
Northeast Columbia, SC Real Estate
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JL Boney, III | Russell and Jeffcoat | 803-730-9601 101 Avington Lane, Columbia, SC Located in Northeast Columbia's highly desirable Lake Carolina subdivision, this home is a must see. 4BR/3. 5BA Single Family House offered at $419, 000 Year… more
Blythewood, SC Homes For Sale
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JL Boney, III | Russell and Jeffcoat | jlboney@russellandjeffcoat. com | 803-730-9601 203 Round Tree Road, Blythewood, SC Blythewood SC Homes for sale in Stonington. 4BR/3. 5BA Single Family House offered at $359, 900 Year Built 2004 Sq Footage… more
Has Internet Marketing Made Consumers Trade Quality for Efficiency
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I doubt that anyone, myself included, will argue with the power of the Internet. Millions of websites on every topic that you can imagine and quite a few topics that I'm sure we can't imagine. All that information right at your fingertips… more
My Zestimate is You're Going to Lose Money
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With all the websites available to consumers today, it's easy to research most any topic you choose. When it comes time to list a house on the market for sale, there are plenty of options out there for you to take a look at on line. Zillow is one… more