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Charleston area may see more short sales

The residential real estate market in the Charleston area has seen a lot of change over the last few years. Thankfully, local real estate analysts believe the housing market is finally stabilizing, which is welcome news for homeowners looking to buy or sell. However, some raise questions about how an increasing number of homes for sale will affect prices and, subsequently, the South Carolina short sale market.

As the housing market continues to become more stable, real estate analysts believe there may be a large number of houses that go onto the market with owners looking to take advantage of better sale prices. This concern is raised because a significant amount of homes are in personal and bank inventories waiting to hit the market. If the supply of homes for sale increases significantly, overall housing prices will not rise as hoped.

This news may be of particular concern for those who are having financial issues and are considering foreclosure. Many people in the Charleston area have found themselves owing more on their home mortgage than their house is worth. Unfortunately, this situation has put them in risk of foreclosure. Families in this situation are looking for relief, so many may have been hanging on to their homes, hoping for prices to increase.

Families considering foreclosure due to an underwater loan may have alternative options as the South Carolina housing market begins to stabilize. One particular option is pursuing a short sale, which can be a satisfactory opportunity. Banks and housing lenders may put up roadblocks to completing a short sale, so homeowners may need to seek trustworthy advice to move forward with their home sale.

The economic recession has been tough on almost everyone, but there are ways for people to work their way back into financial stability. Making intelligent moves with your home and other real estate holdings can help you avoid foreclosure and help you secure your future.

Source: The Post and Courier, "Real estate industry fears homes will flood market as prices rise," David Slade, Mar. 4, 2012

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