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Real estate transactions pricey for buyers

When you want to buy a house, you want to be able to afford it without worrying about pushing your budget too high. Unfortunately, real estate transactions have been getting pricier in the U.S., and that's leaving some homebuyers out of the loop. According to a report from April 3, housing prices have climbed, and that's pricing some people out of the market. What does that mean for you? It means that if you can't afford something in the area anymore, you might just have to move to find yourself a place to live outside South Carolina.

According to the news, larger cities across the county are seeing home prices rise, fewer homes for sale and competition so difficult that it's hard to purchase anything in the housing market. The chief economist for Zillow claims that big metros seem to be hot sellers' markets right now, and that means that home prices are going to rise. Across the nation, prices have gone up at least 13 percent over the last 12 months through January; that's not great for buyers, but sellers should be seeing the money come in.

What may shock you is the competition some people are seeing in these areas. One woman claims she bid $600,000 cash on an 890-square-foot condo in California; she was outbid by a higher all-cash offer. Cash offers seem to be the next big thing, and across the nation, 35-percent of all offers were in cash in February 2014. That's a huge 30-percent increase from the same time in 2013, according to RealtyTrac.

What makes it more difficult for buyers to find a home may also be that sellers may not want to sell for fear of not being able to find a new home. When people get priced out of a market, they either rent or move out of the area. That's not good for local business or the people who made the area their home in the past.

Real estate transaction can also be complex, so having an experienced legal professional on your side is important. It's the best way to protect your interests.

Source: KRDO.com, "Homebuyers getting priced out in cities across U.S." Les Christie, Apr. 03, 2014

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