South Carolina has a high amount of homes with positive equity. This is great news for homeowners as it affords them more options. Many people are choosing to stay in their existing home longer, making upgrades while building positive equity. Some people choose to make upgrades and then cash out, moving onto another home. While some homeowners refinance their mortgage choosing to stay in their home while using the money for personal reasons. What is important to note, is that in South Carolina the number of homeowners with positive equity is on the rise.
There are basic ways that a homeowner can build equity.
Homeowner could make a large single payment towards principal.
Homeowner could make additional monthly payments.
Homeowner could refinance for a shorter term or a lower loan amount
Sales prices in the area increase, making your home more valuable.
And while each of these will work, the only one that does not require an action by the homeowner is the sales price. Sales prices can be raised when there is strong demand on the limited housing inventory. Right now we are experiencing a strain on our existing housing inventory. We simply have more buyers looking for homes then homes are available. So if you are a homeowner who is looking to list your property, now is a great time.
CoreLogic’s latest Equity Report revealed that ninety-one thousand residential properties regained equity in Q1 2017. The outlook for 2017 remains positive as well, as an additional 600 thousand properties will regain equity if home prices rise another 5% this year.
South Carolina is doing fine. We are enjoying a high level of equity growth.
You can see why York County South Carolina is the place to be. Houses are on the market for a shorter amount of time then several other areas in the country. Buyer demand is strong, making South Carolina a hot real estate market. One additional factor is, the close access to Charlotte, which is a financial hub and a major employment center. In fact, some areas of York County is considered a bedroom community to Charlotte.
All real estate is local. York County South Carolina has a lot to offer. Whether you want to visit the lakes, or be entertained you will not be let down. York County also has medical centers and higher education centers available. If you are thinking of making a move, give us a call. We have the deep community roots and network to help you find your next home. We can show you all of the beautiful areas of York County.
We would like to invite you to visit ArbieTurnerHomes.com. We specialize in the Rock Hill, Fort Mill, Indian Land and Tega Cay areas of South Carolina. We have made available tours of subdivisions in each city for your review. We are deeply knowledgeable of these areas, which is why you want to choose us for your real estate needs.
Courtesy of Arbie Turner Homes Keller Williams Fort Mill SC
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