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Recession recovery looking good for real estate closings

In South Carolina, the recession hit hard, and that meant many people lost their homes and abandoned neighborhoods. Fortunately, this has been changing with the recovery of the economy. Whether you're interested in buying or selling property, this report may be good news for you.

According to news from March 7, the area of Cabarrus has seen a major increase in the number of home closings taking place. According to the Allen Tate Co., prices only showed a modest increase, but there was in increase in closings of around 30 percent. The news reports that the average home sale price also rose by 2 percent to approximately $183,362.

In Cabarrus, North Carolina, prices are lagging behind the rest of the region and nation, according to the story. However, buyer activity is allegedly strong, and that's good. At the peak of the market in the area in 2006, Cabarrus, York (South Carolina) and Union (South Carolina) counties had been growing the fastest in the Charlotte region in terms of new home construction. With the market recovery, those who want to sell in the area may now be able to, and that will result in good appreciation values and returns for those sellers.

According to the story, the recovery in Cabarrus County is taking much longer than other counties in the region because of the additional new housing on the market there. Sales still aren't happening as often as they were before the recession, and over the last three years, homes have been on the market for 100 or more days before selling. Previously, most homes were on the market for 46 to 64 days. In 2013, the average price per square foot unfortunately dropped from an $88 high in 2008 to only $77.

Source: Charlotte News, "Cabarrus sees 30 percent increase in home closings" Lukas Johnson, Mar. 07, 2014

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