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South Carolinian real estate forecast improving

The recession took its toll on South Carolina over the last several years, but South Carolina REALTORS has reported that market data is continuing to improve. As someone looking to buy, rent or sell a home, this is good news for you, because your property's value is likely to continue to rise. Purchasing these properties may put you in a position where you can increase your equity and earnings, so you can sell later at a higher price.

New listings to the market have risen by 4 percent, with 10,190 on the market as of the date of the report on July 15. Pending sales also increased, showing an increasing interest in South Carolinian real estate across the board. Previously, the number of homes on the market was high, but it has now dropped by 9 percent, bringing the total to 41,148 homes listed in June.

The good news, if you're trying to sell your home, is that your home's value may have increased already. As the number of homes on the market dropped, prices moved higher. The new median sales price of homes rose by around 5 percent to reach $182,000, and to top that off, the length of time homes are staying on the market is also reducing.

Right now, low interest rates could be influencing this change. For now, that has caused a positive change that is expected to continue throughout the year, regardless of whether or not interest rates increase. If you're looking to buy, now may be a good time to work through a contract with your lawyer, so you can focus on good interest rates and properties that will continue to increase in value.

Source: Real Estate Rama, "June continues promising real estate forecast," July 15, 2015

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