Renovated and updated from top to bottom on James Island
Showing posts with label SC. Show all posts
Showing posts with label SC. Show all posts
Thursday, May 23, 2013
Monday, May 6, 2013
Thinking of Buying a Home or Investment Property, Now Could be the Time
A Strong Rental Market Makes It A Good Time to Buy
The cost of renting is going up in markets across the country, as the number of available rental units shrinks. According to investment research firm Marcus & Millichap, apartment vacancies fell 0.8 percentage points to a national vacancy rate of 4.4 percent in 2012, almost half that of the recession high, which saw vacancy rates of around 8 percent. Effective rental prices increased nearly 5 percent in 2012 and are expected to increase at similar rates in 2013. Prices may rise even faster than average in major markets with low vacancy rates like New York, Chicago and Los Angeles.
The cost of renting is going up in markets across the country, as the number of available rental units shrinks. According to investment research firm Marcus & Millichap, apartment vacancies fell 0.8 percentage points to a national vacancy rate of 4.4 percent in 2012, almost half that of the recession high, which saw vacancy rates of around 8 percent. Effective rental prices increased nearly 5 percent in 2012 and are expected to increase at similar rates in 2013. Prices may rise even faster than average in major markets with low vacancy rates like New York, Chicago and Los Angeles.
Fueling Factors
The rising cost of rent is fueled by several key factors that make the trend likely to continue for the foreseeable future. During the recession, construction of many new rental developments was put on hold, causing the number of completed units to fall by over 50 percent. While rental unit completions are on track to match pre-recession levels in 2013, the dip translates to fewer units available now. The recession hit young people especially hard, to the point where 31 percent of households had young adults aged 20 to 34 living with parents. As those young adults find jobs and seek independence, and since financial companies tightened up their lending practices, demand for apartments should remain strong.
The rising cost of rent is fueled by several key factors that make the trend likely to continue for the foreseeable future. During the recession, construction of many new rental developments was put on hold, causing the number of completed units to fall by over 50 percent. While rental unit completions are on track to match pre-recession levels in 2013, the dip translates to fewer units available now. The recession hit young people especially hard, to the point where 31 percent of households had young adults aged 20 to 34 living with parents. As those young adults find jobs and seek independence, and since financial companies tightened up their lending practices, demand for apartments should remain strong.
A Good Time to Buy
While the rental market is on a clear upswing, housing is still in recovery mode. Home prices and sales have stabilized since they hit bottom, but median sale prices remain almost $50,000 below pre-recession highs. Relatively inexpensive homes, low interest rates and increasing rents make it a good time to buy—especially because landlords can increase rent price each year according to the direction of the rental market. When home prices increase, homeowners build home equity that becomes profit if they decide to sell.
While the rental market is on a clear upswing, housing is still in recovery mode. Home prices and sales have stabilized since they hit bottom, but median sale prices remain almost $50,000 below pre-recession highs. Relatively inexpensive homes, low interest rates and increasing rents make it a good time to buy—especially because landlords can increase rent price each year according to the direction of the rental market. When home prices increase, homeowners build home equity that becomes profit if they decide to sell.
Monday, April 15, 2013
South Carolina REALTORS® Release March Market Numbers
COLUMBIA, S.C. (April 15, 2013) -- South Carolina REALTORS® (SCR) today released its March Statewide Market Reports showing that tightened inventory levels combined with strong demand are fueling price gains in many areas. Consumer demand also is shifting from distressed properties to conventional homes and record-low mortgage rates and rising rents are supporting housing recovery.
New Listings in South Carolina increased 3.4 percent to 9,985. Pending Sales were up 8.3 percent to 5,754. Inventory levels shrank 10.1 percent to 46,336 units. Prices moved higher and the Median Sales Price increased 4.6 percent to $151,600. Days on Market was down 8.4 percent to 128 days. Absorption rates improved as Months Supply of Inventory was down 22.6 percent to 9.6 months.
Things inched forward on the economic front with a minor but important upward revision to 2012 fourth quarter GDP growth, which put us in a positive area.
Wednesday, October 17, 2012
4 Nicholson St | Byrnes Down
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Posted: Oct 17, 2012, 12:38pm PDT
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