Columbia SC Real Estate Blog

June 16, 2012

Columbia SC Real Estate May 2012 Data

Columbia, SC Real Estate Snapshot – May 2012 Data 

Total Sales in Previous 12 Months: 6,889 Total Sales in Year Prior: 6,397 Change: Up 7.7%

Total Sales in May 2012: 722 Total Sales in May 2011: 597 Change: Up 20.9% 

Foreclosure Sales in May 2012: 114  Foreclosure Sales in May 2011: 58 Change: Up 96.6% May 2012 Foreclosure Sales as a Percentage of Total Sales: 15.8% 

New Construction Sales in May 2012: 146 New Construction Sales in May 2011: 168 Change: Down 13.1% May 2012 New Construction Sales as a Percentage of Total Sales: 20.2% 

Current Inventory on the Market: 8,264 units Current Absorption Rate: 570 units per month (based on 6 months sales) Months of Inventory: 14.5 months (last report was 15.3 months) 

The Market is: A Buyers Market (WEAK)

Pricing Pressure is: Downward

Trend: Slowly moving toward a stable market

Columbia SC MLS

 

 

Source: Hurst Appraisal, Lexington SC using CMLS sales data. Liability is limited to the price paid for this report.
June 15, 2012

Elmwood Park

Many of my favorite homes are located in Elmwood Park, one of Columbia's oldest neighborhoods. It is very desirable for buyers and locals and is located near highways, The University of SC, The Vista (bars, cafes and boutiques), and all of downtown Columbia's best.
Elmwood Park
More than 200 Elmwood homes are listed on the National Register of Historic Places. Elmwood Park Historic District was added to the National Register of Historic Places in 1991. The architecture of the homes range from Colonial to Craftsman and Elmwood also has many bungalows. Elmwood Park offers tree lined streets and many beautiful renovated century old homes plus some new construction that keeps with the style.
 
Columbia SC Homes For Sale
June 15, 2012

Capstone House at USC

Capstone House on the USC Campus was the hub for the Jubilation Tour from Knoxville TN for their Summer Camp 2012. The group was made up of one hundred and twenty 7th, 8th and 9th graders.  Their accommodations included 4 floors plus the 17th floor for meetings. Each morning the students and counselors met for breakfast in the Gibbes Court Bistro. The group could be spotted by their colorful matching camp T-shirts. Following breakfast the Jubilation Tour did mission work throughout the Carolinas. They returned nightly to Capstone House for dinner.

During the week of June 13th Midlands Upward Bound students are enjoying the Capstone facility.

Gibbes Court Bistro is open daily during the fall and spring semester for breakfast, lunch and dinner. During the summer drop in Monday through Friday between 7:30 and 8:30 for breakfast.

Gibbes Court Bistro is located on the first floor of Capstone House at 900 Barnwell Street, Columbia SC.

Take a look at some of the Columbia SC Real Estate for sale near the USC campus.                                

Columbia SC Homes For Sale

Capstone House is a famous landmark in Columbia SC. The Gibbes Court Bistro is on the first floor of the 18 story residence hall. The building is topped by a rotating dining facility, Top of Carolina Dining Room. During the spring and fall semesters both dining facilities are open to the public. 

Map to Capstone House at USC


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June 14, 2012

Home Goods Opens in Columbia SC

Construction on Home Goods at the Village of Sandhills in Columbia SC is running ahead of schedule. It should be open in November 2012. Home Goods offers discount prices on home furnishing and home decorations for your home, garden and office. The Sandhills location at 321 Forum Drive Suite 10 is located next to Old Navy and near TJMaxx. Home Goods Sandhills will provide about 60 part and full time jobs.

Home Goods has locations in Greenville, Mt Pleasant and Myrtle Beach. This will be the first Columbia SC location.

The Village of Sandhills has many department stores, restaurants, cinema, and other entertainment venues. Hours vary by shops. Some examples of the shops at Village of Sandhills are: Victorias Secret, Books a Million, JC Penny, Belk, Panera, Justice, Satrbucks, Lids, Childrens Place, Reeds, Hallmark,  and Sunglass Hut. Come out and help boost our economy!

 


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Columbia, South Carolina is a great place to live, work and shop. The residents of Columbia are friendly and easy going. Are you thinking of moving to the Columbia area? Let Capital City Realty help you find your next home. Contact us today @ (803) 238-8612.

Posted in Retail, SC Economy
June 11, 2012

Foreclosures and Re-finance Options

Foreclosure- Can refinancing help you with saving your home? 

Foreclosure is when the lender takes away your home, turns you out from it and sells it off to get back his money. This can happen if you default on the loan payments or if you are unable to make even the minimum payments. Foreclosures have been happening at a record rate in the US. Foreclosure neither is good for you or your lender. Foreclosure is a legal and complex process which is a costly affair. In such a situation, refinance is considered to be an option which is going to help you retain your home and avoid the negative effects of foreclosure. If you are having problems with your mortgage payments and if you would like to keep your home, you can try calculate a mortgage to avoid foreclosure.

Different causes and effects of foreclosure:

Foreclosure can happen in different situations and these can be:

  1. If you default on the mortgage payments
  2. If you fail to stick to other terms and conditions of the home loan
  3. If you fail to make even the minimum payments on the mortgage

Such situations can happen out of various problems. One reason can be an increase in the interest rate on the mortgage that renders it unaffordable for the homeowner to make the payments. It can also happen if you lose your job and as a result your affordability to make the payments on the mortgage.

As a result of the foreclosure, it is not only your home which you are required to lose. Foreclosure also has a huge negative impact on your credit score. It gets listed on your credit report and lowers your credit score by around 250 points. As a result, it becomes tough for you to get a new mortgage or any new credit with the low creditscore.

Refinancing & other alternatives to avoid foreclosure

There are various options through which you may be able to avoid foreclosure. Some of these are the:

  1. Repayment Plan
  2. Reinstatement 
  3. Loan Modification
  4. Forbearance 
  5. Refinance 

In case of the loan modifications and refinancing, you can opt for the traditional options or you can also try out the government backedoptions. These are the HAMP and HARP. However, if you would like totake the advantage of the government backed programs, you will haveto do that within 2012 because these programs have been expended tillthe end of 2012 and not beyond that. So, if you think that you areeligible for the government backed programs and if you are havingprograms with your mortgage, it is time that you opt for these programs.

However,there are many lenders who may not agree to your loan modification request or the repayment plan. In that case, the best option that is going to help you save your home is refinancing. So, if you would like to refinance, it is important for you to complete that within this year. The interest rates on mortgages under the current market situation and financial perspective is considerably low. You never know when the economy is going to change its status and this canr esult in increased interest rates on the mortgages in the future.Though the market watchers mostly had been of the view that the rates were not to raise much till 2014, "The recent reduction infinancial stresses in Europe is a welcome development for the UnitedStates, given the important trade and financial linkages connectingour economies," said Mark Zandi, chief economist at Moody'sAnalytics(www.bankrate.com/finance/news/kiss-low-mortgage-rates-goodbye.aspx). So, this can even result in an increase in the interest rates.

Under the present conditions, homeowners who have the interest rate on mortgages standing at more than 5% may find it affordable enough to refinance their homes. However, a question may be dominating your thoughts of refinance. This is, if you should opt for refinance att his instant. Whether or not you should opt for refinance in situation would depend on your mortgage terms and conditions, the interest rate and your affordability and debt situations. Other than that, if the comments of the experts are to be followed, it is better not to wait for long.

The mortgage rates have been falling in the last five years. But, in the next five years, it may be on the rise. You never know what changes are going to come in the coming years.

May 22, 2012

Canal Place Home For Sale

Downtown Columbia Home For Sale

214 Northwood Street Columbia SC  29201

Almost new home close to USC, downtown hospitals, NOMA Dog Park , Earlewood Park, & Riverfront walk. This two-story home is beautifully landscaped with fenced backyard. The home has a covered front porch and covered back patio. Also has an attached storage room. Open floor plan with master on main & generous sized secondary bedrooms upstairs with walk-in closets are ideal for having roommates. Upscale interior finishes include granite, tile backsplash, all Stainless Steel appliances, beautiful laminate flooring and ceramic tile. Bonus room upstairs can be office, storage, etc. Walk-in floored attic storage. Enjoy community pool!

Canal Place in Downtown Columbia SC

214 Northwood Street

 

Call Bethany Way, a Columbia SC real estate expert, today for more information or a private showing! (803) 873-4096

May 15, 2012

Columbia SC Real Estate Sales Data 2012

Columbia, SC Real Estate Snapshot – May 2012 Edition (April Data) 

Total Sales in Previous 12 Months: 6,766

Total Sales in Year Prior: 6,670 Change: Up 1.4%

Total Sales in April 2012: 631

Total Sales in April 2011: 536 Change: Up 17.7%

Foreclosure Sales in April 2012: 93 

Foreclosure Sales in April 2011: 83 Change: Up 12%

April 2012 Foreclosure Sales as a Percentage of Total Sales: 15.5%

New Construction Sales in April 2012: 148

New Construction Sales in April 2011: 121 Change: Up 20.3%

April 2012 New Construction Sales as a Percentage of Total Sales: 23.5% 

Current Inventory on the Market: 8,194 units Current Absorption Rate: 536 units per month (based on 6 months sales)

Months of Inventory: 15.3 months (last report was 15.6 months) 

The Market is: A Buyers Market (WEAK)

Pricing Pressure is: Downward

Columbia SC Real Estate Sales Data

 

Source: Hurst Appraisal, Lexington SC using CMLS sales data. Liability is limited to the price paid for this report.

April 25, 2012

Foreclosures in Carolina

How can you avoid real estate foreclosures in Carolina?

Are you a distressed homeowner who is residing in Carolina? If yes, then it is important that you avoid foreclosure or short sales so that you can keep your precious home secured and save your credit record. You must know that having foreclosure will hurt your credit score to a great extent and you will not be able to qualify for a home loan. You will then have totake the necessary steps to boost your credit score and become creditworthy. In certain areas of North and South Carolina, the rate of unemployment seems to rise high since the factories continue to closedown operations and ship resources overseas. As such, if you live inan area like this, your alternatives to avoid foreclosure may seem tobe limited. By thinking something creative, you may be able to saveyour valuable home or sell it off with enough cash in your pocket. 

If you have purchased your home by taking out a mortgage loan, you will have to pay it off within a definite time period. For this, it is important that you calculate a mortgage before taking out a home loan so that you may be able to find one that suits you the best. Carolina’s strongest housing markets are found to be on the largest cities comprising of Columbia SC, Charlotte, Charleston, Greensboro and Raleigh. The smaller cities like Anderson, Aiken, Asheville, Fayetteville and Wilmington are also fairing to various economies and a broad government base. However, the challenge seems to be strong for many people who are residing in the less populated counties. Their style of living may be warned unless they engage themselves in agriculture. 

Suitable options available for people residing in rural Carolina 

  • It may happen that you have fallen behind in making your payments of mortgage loan modification or have missed out some of your mortgage payments. This happens mainly when you face financial problems due to which you cannot afford to make the payments. In such a situation, it is very important that you notify your banker about it. This information that you provide him shows that you want to make your mortgage payments and that you’re responsible for the debts that you owe. 
  • You may try some renegotiation of your loan in the form of postponement or a partial forgiveness so as to avoid the process of foreclosure. This may happen in situations when your financial condition is weak for the time being or when no mortgage company wants to recapture a home that has very less chance of being sold in future. 

If you find that there is no other option other than leaving your home, it is advisable that you get an appraisal to know the worth of your home. Get to know your rights and check with the housing department of your country so as to learn how you may be able to avoid foreclosure or find help so that you may live happily in your dream home.

Contact Columbia SC Real Estate today for more information on buying your dream home!

April 25, 2012

March Columbia SC Sales Data

Columbia, SC Real Estate Snapshot – April 2012 Edition (March Data)


Total Sales in Previous 12 Months: 6,662
Total Sales in Year Prior: 6,970
Change: Down 4.4%

Total Sales in March 2012: 623
Total Sales in March 2011: 527
Change: Up 18.2%

Foreclosure Sales in March 2012: 97  
Foreclosure Sales in March 2011: 74
Change: Up 31%
March 2012 Foreclosure Sales as a Percentage of Total Sales: 15.5%

New Construction Sales in March 2012: 135
New Construction Sales in March 2011: 112
Change: Up 20.5%
March 2012 New Construction Sales as a Percentage of Total Sales: 21.7%

Current Inventory on the Market: 8,098 units
Current Absorption Rate: 515 units per month (based on 6 months sales)
Months of Inventory: 15.6 months (last report was 15.9 months)

The Market is: A Buyers Market (WEAK)

Pricing Pressure is: Downward

Source: Hurst Appraisal, Lexington SC using CMLS sales data.

April 24, 2012

Columbia SC Real Estate Listings

Columbia SC Homes For Sale

The Columbia SC market is heating up! Whether looking for a Lexington SC home or a downtown Columbia home in Shandon or Heathwood, Capital City Realty ensures you have access to all the available real estate data. Below you will see a break down of all homes for sale in Columbia SC by price. Have you been pre-approved for a Columbia SC home loan? If not, email IngridCLee@gmail.com and get your approval today.
         

Columbia SC Homes200-400k Columbia SC Homes400 - 600k Columbia SC Homes600 - 800k Columbia SC Homes800 - 1 Million Columbia SC Homes 1 Million +