Real estate experts warn of housing shortage in SC
COLUMBIA, SC (WIS) - Five years after the start of the recession, South Carolina's housing market is showing strong signs of recovery. According to the South Carolina Realtors Association, sales are up 21% over this time last year.
And experts warn a housing shortage may be ahead.
Now realtors say it's a sellers market, as there are fewer homes available. And they're selling faster.
Finding the right place to call home isn't something that can be rushed, unless it has to, as in the case of Chris Peetz and his family, who are relocating from California.
"We're scurrying on this end trying to find out where we're going to hang out clothes in 30 days," Peetz said.
Luckily for Peetz, the state's housing market is getting its color back.
"Sales have gone up, prices have gone up as prices have increased," said Nick Kremydas, CEO of the South Carolina Association of Realtors. "Combination of historically low interest rates and buyers have a little more incentive to get into the market."
Prices have also increased slightly, but there are fewer homes to meet demand.
"South Carolina is on the verge of a housing shortage," Kremydas said. "We have five years of historically low building permits being issued."
"We're seeing a shortage in family homes, three bedroom, four bedroom," said Morris Lyles, a realtor/broker with ERA Wilder Realty. "We're seeing five, seven showings a week. We're seeing a lot more activity."
It's unclear just how long this may last, but realtors predict interest rates may increase by the end of the year.
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