Market trends report for April

In April, the number of pending sales (homes that have gone under contract) are broken down into their price ranges:

Total of 281 homes in April went under contract! March's number of pendings was only 126!

$0-$100k- 107 homes
$100,001-$200k- 106 homes
$200,001-$300k- 36 homes
$300,001-$400k- 19 homes
$400,001-$500k- 6 homes
$500,001 and above: 5 homes

May's numbers so far are encouraging! Current number of pendings for homes under $200k will surpass April's numbers if they continue on their current pace!
**So far, there are 5 pending homes in the $300k-$400k price range and 2 May pendings in the over $500k price range! Sales of the higher priced homes are starting to increase, which is a key indicator of the security of buyers!

Greenville lake house

For sale in Greenville, SC. Check out the double ovens!
Asking $998,000 this 4 bedroom, 3 bathroom home boasts an in-ground pool and lake views! Beautiful landscaping makes this home feel like a blooming oasis!

Real Estate and Financing

Real Estate and Financing Are PERSONAL

by Dean Hartman on April 7, 2011 · 2 comments

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Every day we are bombarded with statistics and data.  Housing starts are up, housing starts are down; more job losses, unemployment is improving; foreclosures, short sales, housing inventory, interest rate movements and much more.  It’s enough to make your head spin.
There’s an old saying that claims: “All real estate is local”. It infers that national numbers are good reference points, but that individual communities (or even pockets within communities) can have strikingly different realities.  When prices are falling nationally, there are some places where prices are holding steady or rising as an example.
I believe that even that old saying is too broad.  Buying a home or structuring the financing of a home isn’t a local phenomenon….it is a personal one.  It’s the same as the economy.  Even though we have been suffering through a national downturn, many are having their best years ever.  Unemployment, foreclosure, even homelessness are tragic statistics and things to be aware of. But, for those not in those situations, you need to make decisions that will best serve your PERSONAL goals.
To that end, it is a great time to buy a home, for the reasons touted in this space regularly:

• Low interest rates make more house more affordable
• Tremendous available inventory
• Home prices are in line with income levels once again

It is also a terrific time to sell.  I heard an agent say just last week that there is NO INVENTORY available.  He further explained that properly priced homes are selling almost immediately and the only homes on the market more than 30 days are ones that won’t sell because of unreasonable seller expectations (and agents who aren’t strong enough to deliver the truth to those sellers).  A strong statement, yes- but one worth taking into consideration as you ponder your PERSONAL situation.  And remember, sellers become buyers. They get the advantages buyers are enjoying as well.
My advice is don’t be a sheep following media hype which analyzes data that reflects the past (and not the present or future) or looks at national numbers or assumes that your job, credit standing or savings are in jeopardy.  YOU need to look at your individual life and decide for yourself.

Great information on price vs. cost of home ownership compared to renting

Rental Costs Are About to Takeoff

by The KCM Crew on April 8, 2011 · 0 comments

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We are often asked whether it is better to rent or buy in the current housing market. The answer to that question is: “It all depends”. There are certain situations where renting short term probably makes sense. It may make sense if you are retiring to a different region of the country and are not yet sure where you want to set down roots for the next 25 years. It may make sense if you have a one year employment contract which will probably require a move to another place upon termination.
However, in most other cases, renting right now makes little sense for several reasons.

• Even though prices may still soften, waiting to buy makes no sense as the cost of owning a home may still increase.
• Mortgages may soon become much more expensive than they are right now.
• Owning a home is less expensive than renting a home in 72% of major U.S. cities.
• Rental costs are about to explode.

Let’s take a closer look at the last reason. We have often said that the cost of anything is based on supply and demand. The number of widgets for sale and the number of widget buyers together create the price for widgets. That will also apply to rents. There is a much larger demand for rentals right now. The economy has forced many to leave their foreclosed homes and other buyers are afraid to plunge into homeownership.
At the same time, the supply of rentals is rapidly decreasing. Here is a graph from Calculated Risk showing the apartment vacancy rate in the United States:

When supply is rapidly decreasing and demand is quickly increasing, prices have only one place to go – and that is UP! That is exactly where rental prices are headed.

Bottom Line

Is now a good time to rent? We think not. You can buy a home today at a discounted price and get a 30 year mortgage at a historically low interest rate. You can set your housing expense for the next thirty years. On the other hand, rental costs are poised to increase for years to come.

Foreclosure Friday for 04/08

In the Spring Haven subdivision in Taylors, this 3 bedroom, 2 bath home built in 2008 is one of the newer foreclosures in Taylors. The square footage is 1800-1999, and asking price is $119,900.

Prince (the artist formerly known as), donates $250k to Columbia nonprofits

Prince donates $250K to Columbia nonprofit group

By: The Associated Press 04/05/11 9:04 AM
The Associated Press

Recording artist Prince is making a $250,000 donation to a nonprofit group that aims to make sure all children in a Columbia neighborhood graduate from college.
Prince's drummer and Columbia native John Blackwell Jr. made the presentation Tuesday to Eau Claire Promise Zone officials.
The 501c3 Eau Claire Promise Zone is a 12-neighborhood area that is part of the nationwide "Promise Neighborhoods" movement, modeled after the work of Geoffrey Canada and his Harlem Children's Zone.
Prince and the New Power Generation performed shows in Columbia, Charleston and Greenville last month.

Want a home with a lake view?

The greater Greenville region of the Upstate of South Carolina alone has 183 homes with lake views currently on the market! These homes range anywhere from $2,900,000 to $115,000. There is sure to be a home with a fabulous lake view in your price range!