JL's Columbia SC Real Estate Blog: Columbia, SC Foreclosures - The Feeding Frenzy has Begun

Columbia, SC Foreclosures - The Feeding Frenzy has Begun

Columbia, SC forclosures Columbia, SC Foreclosures

 One thing is for sure when it comes to Columbia, SC foreclosures, the feeding frenzy is on. The fact of the matter is that foreclosed homes for sale in Columbia, SC have managed to garner a lot of attention from buyers who are in the market to get a good deal. Frankly most of them that I have seen and shown are not exactly what I would call move in ready, but the they get attention from buyers none the less.

 The obvious reasoning behind this is the exhausted media discussion over the amount of foreclosed homes nationwide. Well, we have a slightly different situation here in Columbia. Foreclosed homes do not drive our market, new construction homes from builders and new home communities do. I consider us lucky in this respect and there are a lot of great deals to be had on brand new homes, plus builders are rolling out some great incentives to spark the interest of buyers.

Columbia, SC forclosures

 But if you are a buyer in search of Columbia, SC foreclosures, you can find them. If you happen to see one that is in good condition, you may want to make a move on it, but your competition is definitely there. Most foreclosed homes for sale in Columbia see immediate attention due to buyer interest in them as well as their tendency to be priced below market value. If the home is in good condition however, it can quickly and easily receive several offers in a relatively short period of time.

 With that being said, you need to be sure you are aware of what market value is on a home, because if you are looking for a deal, the last thing you want to do is over pay. However, some buyers simply fall in love with a particular home and are more than willing to do just that. You just need to be sure that you are well informed and prepared to deal with the hurdles that inevitably accompany the purchase of a foreclosed home. And be sure you expect the competition, because it will be there.

Columbia, SC Homes for Sale

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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

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Comment balloon 7 commentsJL Boney, III • November 29 2009 12:40PM

Comments

We've been in the midst of the feeding frenzy in Los Angeles for months now.  i'm writing offer after offer for clients trying to get one accepted. It feels alot like the height of the market other than loans are harder to get and we have appraisal worries to deal with!

Posted by Jenny Durling, For Los Angeles real estate help 213-215-4758 (L.A. Property Solutions) over 8 years ago

Well done. We all there are foreclosures everywhere; and there are some disillusioned buyers who think a foreclosure equals a great deal. You did a good job at explaining this in layman's terms.

Posted by Lisa Hill, Daytona Beach Real Estate (Florida Property Experts) over 8 years ago

JL ----sounds like the foreclosure market is catching up to you in Columbia -- it is really big here.

                                                                   

Posted by Liz Loadholt, Realtor--Broker-in-charge - Trainer--Relocation Director Covering SC (Liz Loadholt- AgentOwned Realty- Covering SC) over 8 years ago

Glad that your New Housing still drives the market.  We seam to be on the downhill slide in teh foreclosure market at the moment anyway!

Posted by William Feela, Realtor, Whispering Pines Realty 651-674-5999 No. (WHISPERING PINES REALTY) over 8 years ago

JL...

It's funny, but we hardly do any new homes anymore ... builders just can't cut costs enough to compete!

Posted by Richard Weisser, Richard Weisser Retired Real Estate Professional (Richard Weisser Realty) over 8 years ago

Hello JL-There is quite a bit of new construction in the area here but a lot of it isn't moving. Guess it depends on what people are looking for. Great pics for the post. <SMILE>

Posted by Sharon Lee, Retired and loving life (Sharon Lee's Virtual Assistance) over 8 years ago

Hi JL - Our foreclosure feeding frenzy was at its height about 6-8 mohnths ago.  There are not as many REOs on our market as there were for awhile, but still plenty of short sales.  Are the new home developers offering premium commissions to Realtors there?  It's amazing what they are offering us here, just to introduce a buyer to them, and they do all the rest.  It just isn't always easy to get people interested in a half-vacant development with some homes still under construction and all of the neighborhood amenities not yet in.  Established, upgraded homes are at such low prices, that the new ones have trouble competing.

Posted by Susan Neal, Fair Oaks CA & Sacramento Area Real Estate Broker (RE/MAX Gold, Fair Oaks) over 8 years ago

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