Low Inventory Causes Home Prices to Accelerate

  • By Eddie Yandle
  • 26 Feb, 2016

What this means to buyers in Columbia, SC

What this means to buyers

The   National Association of Realtors   (NAR) released their latest   Quarterly Metro Home Price   report earlier this month. The report revealed that home prices are not only continuing to rise but that the increases are accelerating. Lawrence Yun, Chief Economist at NAR, discussed the impact of low inventory on buyers in the report:

"Without a significant ramp-up in new home construction and more homeowners listing their homes for sale, buyers are likely to see little relief in the form of slowing price growth in the months ahead.”

Here are the percentage increases of home prices for the last two quarters:

What this means to sellers

Rising prices are a homeowner’s best friend. As reported by   CoreLogic   in a recent   blog post :

“With demand strong and inventory thin, the share of homes selling for the list price or more has also returned to pre-bust levels. With inventory tight, homes are more likely to sell above the asking price.”

What this means to buyers

In a market where prices are rising, buyers should take into account the cost of waiting. Obviously, they will pay more for the same house later this year. However, as   Construction Dive   reported , the amounts of cash necessary to buy a home will also increase.

“These factors have created a situation where the market keeps moving the goalposts in terms of the down payment necessary for first-time homebuyers to get into a home.”

Bottom Line

If you’re thinking of selling and moving down, waiting might make sense. If you are a first time buyer or a seller thinking of moving up, waiting probably doesn’t make sense.


Columbia New Home Blog

By Eddie Yandle 13 Sep, 2017

Here are four great reasons to consider buying a home today, instead of waiting.

1. Prices Will Continue to Rise

CoreLogic’s latest Home Price Index   reports  that home prices have appreciated by 6.7% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 5.0% over the next year.

The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.

2. Mortgage Interest Rates Are Projected to Increase

Freddie Mac’s Primary Mortgage Market Survey  shows that interest rates for a 30-year mortgage have hovered around 4%. Most experts predict that rates will rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac  and the National Association of Realtors  are in unison, projecting that rates will increase by this time next year.

An increase in rates will impact YOUR monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home.

3. Either Way, You Are Paying a Mortgage  

There are some renters who have not yet purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you are living with your parents rent-free, you are paying a mortgage  – either yours or your landlord’s.

As an owner, your mortgage payment is a form of ‘forced savings’  that allows you to have equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity.

Are you ready to put your housing cost to work for you?

4. It's Time to Move on With Your Life

The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.

But what if they weren’t? Would you wait?

Look at the actual reason you are buying and decide if it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer or you just want to have control over renovations, maybe now is the time to buy.

If purchasing a home for you and your family is the right thing for you to do this year, buying sooner rather than later could lead to substantial savings.

By Eddie Yandle 13 Sep, 2017
This stunning masterpiece by Executive Construction Homes is located in the prestigious gated community of Beaver Park/Woodcreek Farms! We've designed this beautiful home with entertaining and family in mind. This open and airy floor plan offers soaring ceilings, heavy moldings and loaded with gorgeous hardwood floors. The kitchen is a showplace in itself with an expansive center island, custom cabinetry, back-splash, and Thermador stainless appliances including a double oven. 1st floor owner’s suite has a phenomenal shower complete with body sprays! An additional guest suite is located on the main level. There are two additional bedrooms upstairs; each with private baths. An unfinished bonus room is available if more room is needed. See MORE INFORMATION HERE!
By Eddie Yandle 23 Aug, 2017

We previously informed  you about a study conducted by  TransUnion titled, “The Bubble, the Burst and Now – What Happened to the Consumer?”   The study revealed that 1.5 million homeowners who were negatively impacted by the housing crisis could re-enter the housing market between 2016-2019.

Recently , HousingWire  analyzed data from the US Bankruptcy Courts  and revealed that 6 million Americans will have their bankruptcies disappear off their credit reports over the next five years and that this could “ possibly send a flood of more homebuyers into the housing market.

The chart below shows the total number of bankruptcies filed by year in the US over the last 10 years. The light blue bars represent over 3.3 million people who have already waited the 7 years necessary for their reports to no longer include their bankruptcies.

By Eddie Yandle 18 Aug, 2017
As the countdown begins to the historic total solar eclipse on Monday, Richland County is welcoming the expected thousands of visitors to the area with signs displayed at multiple entry points into the County. The signs announce, “Home of the Longest Total Solar Eclipse on the East Coast” with the Richland County eclipse hashtag #RCtotaleclipse. Richland County Public Works crews affixed the eight signs along main roadways into the County, including Two Notch, Broad River, Monticello, Garners Ferry, Winnsboro, McCords Ferry and Percival roads as well as Wilson Boulevard.

Five Tips for Total Solar Eclipse Monday Read more- Courtesy of Richland weekly review
 
Visitors from around the world will descend upon Richland County and join residents Monday to watch a total solar eclipse darken the sky for more than two minutes. Here are several important tips to keep in mind for the historic day:
  • Richland County Government offices will be open for business 8:30 a.m.-5 p.m.
  • Stay protected from mosquitoes. Birds infected with West Nile virus were recently discovered in Richland County. When outdoors, apply mosquito repellent and wear protective clothing.
  • Glasses on. Glasses off. Glasses on. Wear solar glasses before totality, take them off during totality and put them back on after totality. It is only safe to take off solar glasses during the moment of totality when the sun is blocked by the moon.
  • Visit rcgov.us  and tune in to RCTV (Spectrum Ch. 1302, Spectrum Ch. 2 in some parts of the County or AT&T U-Verse Ch. 99) for information about the eclipse. Follow Richland County on Facebook  and Twitter  (@RichlandSC) for eclipse news and updates.
  • Richland County EMS crews will carry extra bottles of water to hand out.



By Eddie Yandle 18 Aug, 2017
It's important to protect yourself from mosquitoes while outdoors! Click above for important reminders about reducing your exposure to mosquito bites. Courtesy of Richland Weekly Review
By Eddie Yandle 10 Aug, 2017
Looking for Something Special?

Executive Construction Homes takes pride in offering their clients top choices in their homes. As an award winning home builder, we offer you options to customize your home with exterior choices, landscaping, patio options and interior features that are above and beyond most builders.
When choosing your selections, you have an abundance of choices in available standard features and custom upgrades. We use local vendors who offer the most up to date trends and quality in new home choices. We Have You Covered.

Social is Included!
A one year social paid membership to The Members Club at Woodcreek Farms and Wildewood is also supplied by Executive Construction Homes.*   We Have You Covered.

* Select Home sites have Golf memberships or Intermediate Memberships as available incentives as well. Ask for more information!
Love Where You Live
There are over a dozen lakes and several parks sprinkled throughout the neighborhoods of Woodcreek Farms, perfect for relaxing seclusion or family-fun events.

You can enjoy a nice afternoon picnic with your family in any of our convenient parks. Or, you can join all of the residents of Woodcreek Farms, as each Spring and Fall the developers of Woodcreek Farms holds a Party in the Park for all residents at the Park at the Village, with events and activities for kids of all ages, delicious seasonal food and a fun band for the entire family to enjoy.

Our residents enjoy several hundred acres of lake shoreline - watching the ducks glide along the blue, open water, or taking their kids out for an afternoon of fishing and relaxation.




By Eddie Yandle 10 Aug, 2017
If you find the right home and don’t go for it, you’ll regret it. It’s scary thinking about a 30-year mortgage (or a 30-year anything!), but sometimes you’ve got to leave your comfort zone behind.
By Eddie Yandle 10 Aug, 2017
The total driving distance from Columbia, SC to Myrtle Beach, SC is 154 miles or 248 kilometers.

Myrtle Beach, a city and vacation resort on South Carolina’s Atlantic coast, is the hub of the Grand Strand, a 60-mile string of beaches. It’s also known for its celebrity-designed golf courses. Along its beachfront boardwalk are arcades, souvenir stands and restaurants, as well as the old-fashioned Family Kingdom amusement park and the SkyWheel, one of the country’s tallest Ferris wheels.
By Eddie Yandle 03 Jul, 2017
COLUMBIA FIREFLIES:   Catch the Fireflies at Spirit Communications Park from Friday, June 30 through Monday, July 3, as they square off against the Rome Braves. Will there be fireworks? Heck yeah – Friday, Saturday and Monday nights.   1640 Freed St.

LEXINGTON BLOWFISH:   Baseball and fireworks on Saturday, July 1 (USC alumni); Monday, July 3 (Martinsville Mustangs); and Tuesday, July 4 (Florence Redwolves). On the Fourth, there’s a dog parade, too. Fireworks follow the games at the Lexington County baseball stadium.   474 Ball Park Road, Lexington.

BORN IN THE USA 4-MILER AND 4-MILE TEAM RELAY:   It starts at 7:04 a.m. Tuesday, July 4. It’s a flat and fast course that takes you past lakes and a golf course, starting at Trenholm Road and Forest Drive.   Register:   www.strictlyrunning.com

ICEHOUSE AMPHITHEATER:   The 246th Army Band will play a free concert at 7 p.m. Monday, July 3, before a fireworks display.   107 W. Main St., Lexington.

SALUDA SHOALS PARK:   The Lake Murray Symphony Orchestra’s Star-Spangled Symphonic Salute is 8 p.m. Monday, July 3.   5605 Bush River Road. $5 per car.

LEXINGTON COUNTY PEACH FESTIVAL:   There’s something oh so American about a day that includes a peach recipe contest, a car show, a peach parade, live music and, obviously, fireworks. The festival starts at 9 a.m. Tuesday, July 4, at the Gilbert Community Park with fireworks at 10 p.m.   110 Rikard Circle, Gilbert.

"Star Spangled Symphonic Salute" Concert | Lake Murray Symphony Orchestra

Saluda Shoals Park!
Patriotic concert at Saluda Shoals Park! Broadway songs, patriotic music and sing-a-longs. Bring picnic blanket or chair. Children's activities. 7pm. More   here.

246 Army Band | Icehouse Amphitheater

Monday, July 3, 2017  
The 246th Army Band will take the stage at 7pm and play great patriotic music. Food and beverages for sale - lawn chairs are welcome. Fireworks display for the finale. More   here.


Uncle Sam Jam | Mount Pleasant Pier

Tuesday, July 4, 2017  
Dance to live beach music at the Mount Pleasant Pier! At the foot of the Arthur Ravenel, Jr. Bridge, the Pier is a great spot to watch the fireworks displays! Live Carolina beach and party music from Recollections. More   here.



By Eddie Yandle 08 Jun, 2017

To start the year, housing experts all agreed on one thing: 2017 was going to be the year we would see mortgage interest rates begin to rise. After years of historically low rates, and an improving economy, the question wasn’t   if they would increase   but instead   how much they would increase . Some thought we could see rates hit 5-5.5% by the end of the year.

However, the exact opposite has happened. Instead of higher rates as we head into the middle of 2017, we now have the lowest rates of the year (as reported by   Freddie Mac ). Here is a graph of mortgage rate movement since the beginning of the year:

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