Housing Market Expected To Balance Out
The good news is we see the light at the end of the tunnel and it’s not a train coming at us anymore. Mortgage rates are still very low and are expected to stay low throughout 2012. Over the past 5 years we’ve seen prices dropping and home owners wondering if they made a wise investment. In Oconee County, average home prices have dropped 12% and Pickens County has dropped 5% since 2007, which doesn’t sound like a lot given that places elsewhere are 25-35% less. There were 45 homes in foreclosures in Seneca this year that sold and 16 are still active. In Clemson/Central area 16 homes were sold as foreclosures and 6 are still for sale.
Right now there are 885 homes on the market in Oconee and 523 homes for sale in Pickens. If you are thinking of selling your home, it’s best to list it NOW before the Spring because you’ll have more competition in the Spring. If you currently have your house on the market, you should really get to your bottom price before Spring so that you’ll sell before all the new listings are competing against you.
Seventy-eight percent of recent home buyers said their home is a good investment, and 45 percent believe it’s a better investment than stocks. Given the current restrictive credit environment, many buyers were much more cautious about their purchase and stayed well within their means; recent buyers had higher incomes and used modestly higher down payments than buyers in the 2010 survey.
Realtor®, Assoc. Broker