This article was originally posted online at independentmail.com/news/2010/jul/29/real-estate-showing-signs-life-anderson-area:
Sales of homes in the Anderson area are beginning to recover, if slowly, local Realtors said. and the median price of a home also has crept up, according to statistics from the South Carolina Realtors MLS.
Upstate South Carolina, including Anderson and Oconee counties (counties surrounding Lake Hartwell), survived the precipitous drop in real estate sales and home values during the housing meldown in 2007 and 2008, but did not escape entirely, real estate agents said.
A part of the market, lake homes, was hit by a major drought the same time home sales declined, and home buyers in general went into hiding as the economy took a nosedive.
But reports from the Realtors' group show a 20.8 percent increase in home sales in the area when comparing sales in the second quarter of 2009 to the second quarter 2010. At the same time, the median price of homes increased 0.5 percent, from $122,000 to $123,000. Median means that half of the homes were worth more and half were worth less.
The report covers the Western Upstate counties of Anderson, Oconee - which make up the major portion of the listings. Real estate website Zillow.com reported that year-over-year figures from May 31, 2009 to May 31, 2010, show Anderson County sales were flat, with no change, and the median home value county wide was $96,900. Realtors in Anderson said the market seems to be at a bottom and turning up.
"We definitely see a trend," said a broker in Anderson. "The phones are ringing more, and there seem to be more buyers out there." The same broker said buyers in higher price ranges are starting to reappear. "We've seen a little uptick in activity and buyers in the $200,000 to $400,000 price range are coming out."
Area homes for sale are staying on the market longer than in the boom days, but the situation is improving. The average number of days on market for Hartwell Lake homes is six to nine months. But for homes priced $150,000 to $250,000, the average is 175 days. Homes priced $100,000 to $150,000 are on the market an average of 145 days.
Sellers are pricing homes a little more realistically. The majority know the market is what it is and are more realistic as well.
Another Anderson area broker said she's seen the market improve since the introduction of the $8,000 federal first-time home buyer credit. "The incentives really helped to kick start the market. A lot of homes sold then." She said sales started to improve for her company about mid-February and they stayed busy after the credits expired. "Our numbers are really encouraging right now. While that doesn't mean there's been a big turnaround, sales are much better than they were. We see a light at the end of the tunnel. Lake home sales are showing signs of life, more properties are being listed and more home showings are going on. The value of homes seems to have firmed too.. The NAR doesn't see home prices dropping. I think we may have hit the bottom, and I think that is the general consensus. Sales of lots for new home construction and commercial property are probably slowest now. People aren't buying new homes right now. I know they want to, but I think banks are trying to get rid of existing inventory."
Both brokers said a number of factors are helping sales. The Associated Press reported thursday that 30-year mortgage rates hit a low of 4.54 percent, the lowest level on record for the fifth time in six weeks, the lowest since Freddie Mac began tracking rates in 1971.
I, personally, have been saying this for a while now, but one of the brokers interviewed for the piece said it perfectly: "Prices are low, there's a lot of inventory out there, and interest rates are low also. It's a perfect storm as far as time to buy real estate. There are some good properties to be bought, and the rates are fantastic. Now is the time to buy."
I agree! So, let's get out there and buy!
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