It is Spring, historically the time of year when buyers awake from the winter and go on their pilgrimage to look for new housing. Houses look better in Spring with green grass, blooming trees, and flowers.

Plus, buyers who find a home in the next 60 days can close after the school year ends and enjoy the summer months in their new backyards. It’s almost a rite of passage; buyers go look at homes, and the birds fly back north.

But this Spring is different than those of recent memory…

• Because of the warm weather we experienced this year for most of the country for most of this past winter buyers have been out for months – making offers and buying homes.
• Many sellers have finally come to understand that they need to have a compelling price on their home to attract buyers. The days of listing your home and negotiating down are over because there are homes on the market already priced correctly, and those are the homes that buyers are going to. The overpriced inventory doesn’t even get their chance to negotiate down.
• Rates have ticked up as economic news (like unemployment numbers) has improved. That, coupled with rising mortgage insurance premiums and guarantee fees, seems to have given some sense of urgency to buyers.
• The looming shadow inventory, which most certainly will keep downward pressure on home prices (when added to easier short sale approvals), has tended to encourage home sellers to be more realistic in their expectations.
• The abundance of information available to consumers has further increased their need for sound advice from top-notch real estate and mortgage professionals. The cream is certainly rising to the top in those professions.

Low interest rates, a tremendous selection to choose from, and the seasonality of it all makes for an exciting next 60-90 days. Our advice to anyone looking to buy or sell is that waiting to be aggressive could be a fatal mistake if you hope to find the best deal. From our experience, the best deals come when more people are competing for them…and that time is NOW!

Pending home sales were down slightly in February but remain notably above the pattern in the first half of last year, according to the National Association of Realtors®.

The Pending Home Sales Index,* a forward-looking indicator based on contract signings, eased 0.5 percent to 96.5 in February from 97.0 in January but is 9.2 percent above February 2011 when it was 88.4. The data reflects contracts but not closings.

Lawrence Yun, NAR chief economist, said we’re seeing the continuation of an uneven but higher sales pattern. “The spring home buying season looks bright because of an elevated level of contract offers so far this year,” he said. “If activity is sustained near present levels, existing-home sales will see their best performance in five years. Based on all of the factors in the current market, that’s what we’re expecting with sales rising 7 to 10 percent in 2012.”

The PHSI in the Northeast slipped 0.6 percent to 77.7 in February but is 18.4 percent above a year ago. In the Midwest the index jumped 6.5 percent to 93.8 and is 19.0 percent higher than February 2011. Pending home sales in the South fell 3.0 percent to an index of 105.8 in February but are 7.8 percent above a year ago. In the West the index declined 2.6 percent in February to 99.3 and is 1.8 percent below February 2011.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.

Source - National Association of Realtors®

Home sales data for February gave the sales industry some reason for optimism, as new listings in South Carolina decreased 7.2% to 8,228. Meanwhile, pending sales were up 16.9% to 4,653, according to a report released by the South Carolina Realtors.

Inventory levels shrank 15.7% to 48,446 units.

“Home prices gazed skyward,” the trade association said, as it reported the median sales price increased 2.6% to $140,000.

But days on the market rose 3% to 148 days. Absorption rates improved as months supply of inventory was down 18.4% to 11.7 months.

* Anderson area

"February's report certainly backs up what Realtors have been telling me all across the state,” said South Carolina Realtors CEO Nick Kremydas. “With sales and prices on an upward trend and inventory and supply on a downward trend, the report reflects what should be a very positive first quarter. It's good news and I think we have more to look forward to — pending sales in February were up 18%."

“When anecdotal evidence echoes what the empirical data is telling us, it's wise to listen,” the association said its report.

For the 12 months spanning March 2011 through February 2012, pending sales in South Carolina were up 3.2% overall. The price range with the largest gain in sales was the $100,000 and below range, up 10.3%.

The overall median sales price was down 0.7% to $148,000. The property type with the smallest price decline was the single-family segment, where prices decreased 0.3% to $156,500. The price range that tended to sell the quickest was the $100,000 and below range at 134 days; the price range that tended to sell the slowest was the $300,001 and above range at 167 days.

Statewide, inventory levels were down 15.7%. The property type that lost the least inventory was the single-family segment, where it decreased 15.1%. That amounts to 11.3 months supply for single-family homes and 13.2 months supply for condos.

Source - GSA Business

Planning your remodel and want make sure you're spending your hard-earned cash wisely? Each of these replacements and upgrades earned top honors in Remodeling magazine's latest Cost vs. Value Report* for having the biggest bang for your buck - giving you the best return on your home improvement dollar while preserving the value of your home.See the entire report and learn about the regional variations in project payback.

​

Source - Houselogic - National Association of Realtors.

Have you always wanted to move to South Carolina?  With smiling faces and beautiful faces how do you choose which area? 

Clemson study ranks S.C. counties likelihood for growth comparing South Carolina’s 46 counties for likelihood of long-term growth.  Here are the results - Greenville County ranked No. 13; Anderson County ranked No. 16 and Spartanburg County ranked No. 17, according to a Clemson University Economic Development study of the state’s economy between 2000 and 2008.

The report examines data from 2000 to 2008, during which time the U.S. encountered two national recessions, one from 2001 to 2002, and the second from 2008 to 2009, which continues to impact the state’s economy. The report shows that some S.C. counties are still prospering in spite of two recessions, while others are lagging.

Clemson’s Office of Economic Development commissioned the study of S.C. prosperity in 2011. Led by Yandle, the study team included Jody Lipford, an economics professor at Presbyterian College in Clinton; and Tate Watkins, an independent economic consultant in Washington. Click here to read the report.

Terri's Team is proud to be a part of the NUMBER ONE Real Estate Company in this area, Western Upstate Keller Williams.  

In 2011, Western Upstate Keller Williams was the NUMBER ONE Real Estate Company for Units Sold, Market Share and in Volume for the Western Upstate South Carolina area.  The area includes the following; Anderson, SC - Powdersville, SC - Seneca, SC - Clemson, SC and all points around and between.

Terri's Team is a top performer in the real estate market.  We offer unparalleled service to ALL clients in the South Carolina and Georgia real estate markets. 

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates go up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.