If you are thinking of selling your home in the Lake Murray, Chapin, Lexington or Irmo area, now is the time to capitalize on first-time home buyer activity. Why?
First-time buyers continued to increase their presence in the market as both the first-time buyer share and volume were up considerably in December from a year earlier. First-time buyers accounted for 56.7 percent of primary owner-occupied home purchase mortgages with a government guarantee, up from 55.5 percent the prior December.
–The number of primary owner-occupied purchase mortgages going to first-time buyers in December totaled an estimated 124,000, up 10 percent from the 113,000 mortgages in December 2014.
–54 percent of first-time buyer loans were high risk (MRI above 12%) in December, up from 51 percent a year earlier.
–Historically low mortgage rates, an improving labor market, and loose credit standards, combined with a 39-month-long seller’s market for existing homes, continue to drive up home prices faster than income.
In December 2015, first-time buyers accounted for 56.7 percent of primary owner-occupied home purchase mortgages with a government guarantee, according to the Agency First-Time Buyer Mortgage Share Index (FBMSI). As shown in the chart below, the December share was more than 1 percentage point above the December 2014 share of 55.5 percent. The rise in the share reflects improvements in the labor market, riskier mortgage lending, and continuing low mortgage rates. These factors, combined with a 39-month-long seller’s market for existing homes as reported by the National Association of Realtors (NAR), are driving up home prices faster than income.
Curious as to what your home might sell for? Get a free online valuation estimate here.
Chapin, SC is known as "The Capital of Lake Murray" and with good reason. The residents of Chapin enjoy a relaxed lifestyle with the convenience of the city. Columbia, SC is just a quick 20 minute drive and shopping is even closer.You are embarking on an exciting journey, be sure that you find agents that will take time and share your enthusiasm during this process.
EXIT Midlands Realty is a full service real estate firm dedicated to assisting our clients with the purchase and sale of real estate in the Greater Columbia Area. We were founded in 2005 and quickly grew into one of the most innovative and knowledgeable firms in and around Columbia. Our staff is made up of full time professional agents that are dedicated to the profession of listing and selling real estate.
Call one of our experienced agents to assist you with your real estate needs. It would be an honor to work with you.