Realtors give updates on the Midlands housing market

COLUMBIA, SC (WIS) – The median home list price in Columbia was $256,709 in February, according to Rocket Mortgage.

With peak season for moving in and out of homes just around the corner, what would that mean for prospective home buyers and sellers?

Realtors say trying to time out the stabilization or waiting for the best time to buy in today’s market could leave you on the short end of the stick. And they point to several different reasons why.

According to Bankrate, current interest rates in South Carolina sit at 7.36 percent – ​​an over four percent increase from two years ago and nearly a one percent increase from last year. But realtors say – historically – these rates aren’t bad.

“I’ve seen rates at 18%-19%, said ERA Wilder Realtor Nancy Johnson. “To put everything in perspective for a buyer, if you were buying a $200,000 home three years ago your payment probably would’ve been right under $1,300. But at 6 and a half percent your payments would be about $1,500. So we’re talking about $250 to $300 difference. But it’s still doable.”

As of last November South Carolina’s median home price was just over 7 percent lower than the national average.

Other realtors say thinking of a long-term investment may be the best option for hopeful homebuyers.

“Instead of trying to time the market, I would recommend moving when you want to make a great investment,” added Keller Williams realtor Carl Vollmer. “It has to be a move that makes sense for you long term and makes sense for your family,

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