Experts recently emphasized what we’ve been expecting: The US and South Carolina housing market will show even better gains in 2014. Evidently, experts believe that it will be a strong year for housing, despite the fact that sales are likely to level off slightly.
Those interested in buying and selling real estate in South Carolina in 2014 will surely find the following information helpful as they navigate the market! And the Chuck Avera Group would be happy to assist you as you do so!
Good News for Real Estate
- 2013 represented the best year for housing since the financial crisis.
- When all was said and done, home prices increased about 11.5 percent in 2013, which was the biggest gain since 2005.
- And sales of existing homes reached 5.1 million in 2013, the National Association of Realtors said. That’s an increase of 10 percent from the previous year.
- That figure is also the highest it’s been since 2006.
- Home prices are expected to increase 5 to 6 percent in 2014, which is about half of what it was in 2013.
- The number of foreclosed homes has dropped significantly in the last several months, suggesting that the foreclosure crisis is nearing an end.
- In South Carolina, 2013 foreclosures dropped 19% from the previous year.
Locally, in Charleston, economists believe the housing market will continue to put up high sales numbers in 2014, but not at the 21% growth that was set in 2013. And who wouldn’t want to live here! Watch the following video for a great reminder of Charleston’s beauty!
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