864-616-1608

DavidPainter@kw.com
403 Woods Lake Rd, Suite 100
Greenville, SC 29607

Fall For Greenville 2013 Oct 11 – 13 2013

Get Ready To Indulge In A Weekend Full Of Flavor At Fall For Greenville 2013

Fall For Greenville its back October 11th to 13th, 2013.

fallforgreenville

2013 Fall For Greenville is the largest free admission food street event in South Carolina and one of the largest the Southeast. Discover a world of tempting tastes, sights and sounds, as mouthwatering aromas carry you along downtown Greenville’s Main Street. With over 40 of Greenville’s finest restaurants showcasing almost 200 menu items, Fall for Greenville offers something for everyone.  In addition to exploring restaurant cuisine join us all weekend long for free musical entertainment performed by local and regional talent on five different stages and a children’s area.
Taste / Listen / Learn Event Information

Window Of Opportunity For Buyers

The Fed recently announced they would continue their current pace of purchasing bonds until the economy was stronger. This bond purchasing program is the reason that mortgage interest rates are at historic lows. Rates began to increase over the last several months just on the anticipation that the Fed would announce that they would be reducing the level of bond purchases last month. When that didn’t happen, rates actually decreased (4.50 to 4.37).

That was great news for any buyer in the process of purchasing a home. However, this window of opportunity is expected to close in the very near future as most experts expect the Fed to taper the bond purchasers in December. Even Ben Bernanke, Chairman of the Fed, suggested that the Fed could still scale back the stimulus this year. He stated:

“If the data confirms our basic outlook, then we could move later this year.”

Where will mortgage rates head in 2014?

The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors have each projected that the 30 year fixed rate mortgage will have interest rates in excess of 5% by this time next year. The average of their four projections is 5.3%. The table below shows the impact this will have on the monthly principal and interest payment on a $250,000 mortgage:

A buyer should take advantage of the current window of opportunity before it is too late.

Contact David Painter Realtor Greenville SC (864) 616-1608

Keller Williams Greenville SC

mortgage greenville sc

Source: KCMBlog

SC housing demand strong despite rising interest rates

Although mortgage rates are rising, demand for a limited supply of homes appears strong, according to the SC Realtors Association.

Some buying, the trade group said in its August report, might be triggered by speculation that rates will climb further.

“The dream of homeownership is very much intact, but buyers should be prepared with competitive offers, since every measure of market health is pointing upwards,” the report by the Columbia-based association said.

Some keys to what will happen in the housing market include:

  • Whether the Federal Reserve will alter its policy toward stimulus tapering.
  • Tepid, but positive labor market growth.
  • Consumer sentiment swayed by gas prices, stock market shifts and global economics.

Overall, new listings in the state increased 5.9% to 8,982 units compared with August 2012 levels, while pending sales rose 6.7% to 5,404. Inventory levels shrank 6.6% to 46,827 units.

The overall median sales price rose 3.3% to $155,000 compared with August 2012 numbers, while the number of days on the market dropped 13.6% to 111 days.At the end of the month, the state housing market had about a nine-month supply of available units. The strongest demand for housing was in single-family homes, where inventory shrank 5.4%.

Among the state’s major metro markets, Charleston Trident recorded a 22.4% increase in sales for August to 1,256 units. Meanwhile, the median price in Charleston climbed 9.6% to $219,000 in August compared with $199,865 for the same month in 2012, and the average number of days on the market dropped 18.7% to 72. Greater Columbia reported a year-over-year increase of 19.4% in August sales to 947 homes, while the median price slipped 1% to $143,000. The average number of days on market for Columbia dropped 19.9% to 96.

In Greater Greenville SC real estate, sales rose 18.1% to 921 homes compared with 780 for August 2012. Meanwhile, the median price rose 5.4% to $165,000 compared with $156,500 for August 2012. The average number of days on market dropped 12.9% to 84.

David Painter – Realtor Keller Williams Greenville SC

Article: Staff Report scbiznews.com

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