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Did the improving real estate market cause a housing shortage?

In previous posts, we've discussed how the housing market here in the state of South Carolina is finally starting to show signs of improvement five years after the recession. Specifically, we've examined how the number of residents with underwater mortgages (i.e., situations where people owe more on their mortgages than their homes are actually worth) has declined, home prices have risen and commercial property development is on the upswing.

As yet another sign that the real estate market is continuing to improve here in the Palmetto State, the South Carolina Association of Realtors recently announced that home sales are up by 21 percent from the same time last year.

While this is certainly a good sign, realtors are nevertheless warning prospective home buyers that their options may be limited due to the simple fact that demand is now very high while supply is very low.

"South Carolina is on the verge of a housing shortage," said the CEO of the state's Association of Realtors. "We have five years of historically low building permits being issued."

In particular, real estate experts have indicated that even though it's currently a seller's market in South Carolina, there is still a relative dearth of three and four-bedroom family homes on the market.

This scenario is understandably creating headaches for those looking to settle down in the state or, perhaps more significantly, relocate here for work. That's because those people whose work requires them to pack up and move across the country often have only a limited timeframe in which to purchase their home before starting their new position.

All this, of course, begs the question as to whether real estate experts foresee more houses coming up for sale.

"Sales have gone up, prices have gone up as prices have increased," said the CEO of the Association of Realtors. "[A] combination of historically low interest rates and buyers [should] have a little more incentive to get into the market."

If you would like to learn more about foreclosure, short sales or residential real estate transactions, consider contacting an experienced attorney who can answer your questions and help point you in the right direction.

Source: WISTV, "Real estate experts warn of housing shortage in SC," PJ Randhawa, September 9, 2013

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