When looking at figures of the housing market pertaining to Anderson, South Carolina, the numbers can be awfully misleading. Unlike new homes in Charleston, home sales in the area have appeared to finally bottom out and the value of properties is slowly starting to increase.
There could be trouble looming for the area as far as future foreclosures and the unemployment rate for Anderson County has hit a staggering 13.2% during the month of June. Not only are the unemployment numbers high, but many of the people who still have employment are working more hours and for lower wages.
The sales in the area were phenomenal for years. In the years 2005 through 2007 home sold at staggering rates, mainly because retirees were looking for vacation homes in comfortable climates.
In 2007 after the housing market took a dive, home sales dropped drastically. Many of the people who purchased the home as a vacation spot came from areas in Florida. Florida’s housing market was hit just as hard and many who might have been looking to sell their homes were now stuck with properties not being able to sell without losing money on the home. So many potential buyers ended up stuck in the homes they were looking to sell.
Still, Anderson is not as bad as other parts of South Carolina where unemployment rates are much higher. A large part of that has to do with the fact that the location of Anderson is between the cities of Atlanta and Charlotte.
If home sales do start to increase in Anderson, it will be a slow process. The change is not going to happen swiftly and will most likely see a small slow increase, however many experts expect the housing market to show significant gains by the second half of 2011.
Paul is a member of New Homes Section and a proud contributor to its blogging network.
Greenville has been on the forefront of the South Carolina real estate market for years. With Anderson being a few miles from Greenville, I find it hard to believe that it is a struggling market. Of course, I also find it hard to believe that banks have taken such a large hit on their defaulted mortgages. It’s a strange time for Real Estate. I have no doubt that South Carolina will prosper and hope that Anderson will once again thrive with new homes and a stable market. Be patient and continue to maintain an ethical and honest business and things should work themselves out. Good luck neighbor!
.-= Brian @ Blythewood SC Real Estate´s last blog ..Carolina Downhome Blues Festival | Camden SC =-.