Statistics from the Mortgage Bankers Association indicate an increase in Columbia SC new home sales in October.
MBA's Builder Application Survey for October shows mortgage applications for Columbia SC new home sales increased by 11 percent from September. The change doesn't include any adjustments for seasonal patterns.
Breaking the data down by product type: Conventional loans accounted for 67.5 percent of loan applications in October, while loans backed by the Federal Housing Administration (FHA) made up 17.8 percent. Mortgages made through the Department of Veterans Affairs accounted for 13.8 percent, and loans made through the U.S. Department of Agriculture and the Rural Housing Service composed 0.9 percent.
Using information from the survey as well as assumptions regarding market coverage and other factors, MBA estimates sales of new single-family homes nationwide ran at a seasonally adjusted annual rate of 509,000 in October. Unadjusted, the group estimates sales totaled 40,000.
The average loan size for Columbia SC new home sales was up nearly $5,000 in October, increasing to $294,480.
Columbia SC New Home Sales Up – Sellers Scaling Back
With Columbia SC new home sales up, sellers of previously owned homes this year have been aggressive in pricing their listings on the market. However, new data from technology-powered broker Redfin shows more and more sellers have had to dial back their expectations.
Only about one in seven sellers had to resort to reducing their listing price in order to move their property, Redfin reported. However, that number has steadily risen to one in four as of September.
Hope isn't lost for sellers looking to get as much as they can out of their home, though—Redfin's data for October shows slightly fewer homes taking a price cut, ending a seven-month streak.
With home prices now increasing at a less dramatic rate than earlier this year, sellers and agents are better able to price homes accurately without having to make adjustments later. Now that we're entering the winter months, sellers tend to be in less of a rush to sell at this time of the year, so price drops are expected to be less common for now.
To stay abreast of Columbia SC new home sales news, as well as news affecting Columbia SC re-sale homes, check out our other news articles by clicking on the Columbia SC Real Estate News link to your right under Columbia SC Real Estate Categories.
Is your Columbia SC home covered from damage or loss from sinkholes?
With all the news recently about sinkholes swallowing up homes, cars, boats, and anything else that's sitting there when the earth opens up, we thought you might like to know.
Sinkholes Usually Develop Over Time
Sinkholes have been happening for thousands of years, say geologists. When sinkholes do develop quickly, they can be fatal.
In March this year, Florida resident Jeff Bush went missing after an apparent sinkhole opened in his bedroom in the middle of the night, sucking him and his bed deep into the earth. (After several days, search efforts for Bush were called off and he was presumed dead.)
Sinkholes like two others seen this year in Florida form when slightly acidic groundwater dissolves limestone or similar rock that lies beneath the soil creating a large void or cavities. When the overlying ceiling can no longer support the weight of the soil and whatever is on top of it, the earth collapses into the cavity.
Just because one sinkhole opens, does not necessarily mean another nearby is imminent.
Sinkhole insurance is optional in Florida and many other states, and many people have ditched it to save money.
If you opted out of sinkhole coverage, claims for things like cracks in the driveway or fractures in the walls will be denied.
However, every homeowner's policy covers something called "catastrophic ground cover collapse." That's when a sinkhole opens suddenly and severely damages your Columbia SC home.
The key is, a local authority must condemn the property. Claims are only paid when a home is unlivable. Every policyholder — even those who've said no to sinkhole coverage — have that assurance.
Why is the other sinkhole coverage optional?
Insurance companies say many smaller, not-so-newsworthy sinkhole claims are draining their coffers.
It seems to twisted logic: but if you're going to have a sinkhole and you want insurance to pay, you want it to be a whopper.
So, should insurance companies be doing more to prevent sinkholes from becoming catastrophic?
Consider this: when asked recently about how much an insurance company would pay to trim trees that lean precariously over a Columbia SC home (which is zero, by the way) the Insurance Information Institute said, point blank, a homeowner's insurance policy covers damage — not threat of damage.
So if a tree leans? It's not covered. If a tree falls? It's covered.
And it's the same with sinkholes. Does your house have cracks? The claim will be denied.
Was your house swallowed? Claim approved.
Get more insurance information by clicking the Columbia SC Insurance link to your right under Columbia SC Real Estate Categories.