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UPDATED WEATHER May 22, 2013 10:05 AM
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ORANGEBURG SC REAL ESTATE REPORT
Fannie Mae reflects upon the fact that employment is improving, consumer spending is growing at a “surprisingly strong pace”, and other evidence that consumers are more resilient than previously shown. In typical fashion, there are warnings as to the affect of the ‘sequestration’, spending constraints, the sovereign debt crisis and the impending debt ceiling. The housing market continues to grow and improve at a ‘sustainable pace’. Housing was blamed for the ‘economic crisis’ and is now being credited with being the ‘tailwind’ for the economic growth and recovery through 2014. As housing continues to improve, jobs, many of which are driven by housing starts and such, will improve- putting more money and confidence into what has been a sad picture for years. Locally in Orangeburg County, we have never seen new construction as a major driver of the housing market; perhaps the banks and the builder/developer types will seize the opportunity to profit from the moment which in turn will drive the resale market. Not TURBO speed but a pace which will seem fast when compared to our recent snail-like drag! As a buyer one can take note that interest rates have been on a small upward trend in recent weeks. I believe due to increase demand but more because of anticipated demand. Prices while not jumping through the roof as surely showing more stability and will show typical Orangeburg appreciation. In healthy times we have known six percent appreciation almost as a routine- seems headed that way now. As a seller, depletion of old inventory, influx of new inventory, and the slight pressure on the demand side of the market only spells good news. Even so, homes which are ‘ready for the market’, i.e. conditioned and properly priced will be the ones to sell first and for the highest possible price. There is a distinct decrease in the “steal a house” frenzy and agents who were feeding that frenzy are either out of the market or have modified their mantra. Welcome to a new day dawning.
John Kneece 803-378-5208 info[at]johnkneece.com Offering comfort to buyers and sellers of real estate in Orangeburg County, Calhoun County, Bamberg County, City of Orangeburg, Cordova, Neeses, North, Branchville, Sandy Run, Santee, Lake Marion, and many smaller communities in between the towns since 1990.
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TEXT to: 803-378-5208
The local Board of REALTORS produced a short skit shedding light on the need for FAIR HOUSING as a matter of Federal Law but more importantly as an ethical and moral issue as well.
Existing-home sales rose 0.6 percent in April to an annual sales rate of 4.97 million, the highest level since November 2009, the National Association of Realtors reported Wednesday. Economists had expected a 1.6 percent increase to 5.0 million from March’s original report of 4.92 million sales. March sales were adjusted upward to 4.94 million. The median price of an existing single-family home jumped $8,900 in the month to $192,800, the highest since August 2008
Whether you are a buyer or a seller this actually works for you. As a buyer while the indications are that mortgage rates will rise with demand for mortgage money, prices could remain in check to a greater degree. If you are in the market already or had thoughts of entering the market as a seller you could benefit from the increased demand while getting the benefits also of a new sense of urgency brought on by the threat of higher rates and possible stricter guidelines placed on mortgage loans.
FOOTNOTE: No amount of servicing, marketing, burying of statues, and crying will get an over-priced listing into the SOLD column. Not my words but the words of a highly successful REALTOR, trainer, and business man- Floyd Wickman
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