York County, SC Real Estate Market

The news this week is that foreclosures increased a full 81 percent last year. In all, more than 2.3 million Americans - representing more than 860,000 properties - grappled with foreclosure proceedings in 2008.

Nearly 79,000 of those properties were repossessed by lenders in December, up 17 percent from the month before - and a 61 percent increase from 2007. S.C. foreclosure rates have lagged behind other states. S.C. stood at 30th in the nation, with a foreclosure rate of 0.76 percent.

The news represents a glimmer of hope for first-time buyers, who for the first time in years can afford to purchase based on low prices and interest rates, with the median sales price last month being $145,000, and investors, who are starting to buy homes that they can now cash flow monthly, or at a minimum get very close to cash flowing.

There are 88 properties listed as foreclosures on the Piedmont Multiple Listing Service in York County right now. But, foreclosures are not the only good deals out there! I have seen builders selling their properties for less than their asking price which has been unheard of in our area. Of course this depends on the builder, how many homes they have on the books and if those homes have been sitting there for a while.

Now is an AWESOME time to buy a home, with interest rates at an all time low and the recession playing it's part on the housing prices why would you want to wait to purchase a home? Of course you need a seasoned Realtor that knows what is happening in the market...someone that knows how to negiotiate without pushing that seller over the edge. Yes, you can push so far that you end up losing the greatest deal ever. I have gotten some really great deals for a number of clients recently and the hard part for a buyer is being patient.

If you are looking to buy a home give me a call and I will be happy to use my expertise to get you a great deal!