Friday, April 19, 2013

Real Estate Regrets

Trulia released the results of a consumer survey asking homeowners what they regret about their current home purchase or home buying process.

Home buyers this Spring are facing a market with limited inventory and stiff competition for homes. This environment creates the potential for buyers to make rushed decisions that they may later regret. The goal of Trulia's survey is to inform current buyers about the most common regrets in hopes that they can be avoided.

Here are the findings from the survey about top 5 homeowner regrets:
  • 34% wish they had chosen a larger home
  • 27% wish they had done more remodeling on the home that they did
  • 22% wish they had more information on the home before they purchased
  • 18% wish they had put more money down for the down payment
  • 16% wish they were more financially secure before they made their decision
For a full list of homeowner regrets and analysis by Trulia visit this LINK

What if any regrets do you have from previous home buying experiences?

Monday, April 15, 2013

Recovering Housing Market Boosts Job Creation

David Crowe, Chief Economist for the National Association of Home Builders, released an analysis of the housing market's impact on job creation in the overall economy.

His report points out that as the housing market recovers, the demand for labor in the housing industry grows. This increased demand for labor will boost a slowly recovering national economy.

The overall economic indicators are mixed but the news for the housing market remains positive. According to Crowe, March data showed the count of home builders and residential contractors grew by almost 15,000. In the last six months job growth in this sector increased by almost 74,000.  In addition to these positive numbers, there are over 100,000 unfilled positions in the construction sector - bringing this figure back to a post-Great Recession high.

For the full report from Crowe on the many factors contributing to the current economic outlook visit the NAHB's website at the following link.

Wednesday, April 10, 2013

SC Markets Included in Improving Markets Index

The National Association of Home Builders along with First American tracks housing markets throughout the country that show signs of economic improvement. This index is based on three monthly measures: employment growth, house price growth and single-family housing growth.

The Improving Markets Index (IMI) has increased dramatically and as of this month contains 273 housing metro areas.

Included on this list are the following South Carolina markets:
  • Anderson
  • Charleston
  • Columbia
  • Florence
  • Greenville
  • Spartanburg

This continues to be a positive indicator for the housing industry as a whole and South Carolina in particular. The full article from the NAHB can be found here along with links to the list of all included housing markets.

Thursday, April 4, 2013

Don't Sleep Through the Good Times!

You my not have noticed it....yet, but the housing industry is awakening, and doesn't it feel refreshing! Many builders were perplexed when the market tanked and didn't have a plan to react to the changes. We have been under building demand for several years now and household formations are also below norms, so the positive news regarding housing prices and demand are welcomed changes.

It seems like everyday new positive information comes out. Don't let the change pass you by, now is the time to anticipate and plan for a "new normal" market. Things are changing, but they aren't changing at the same pace all across the country, just like they didn't turn down consistently.

Get ready. It may be faster or slower where you are, but it sure looks like the worst is behind us. That's something to smile about.

Wednesday, April 3, 2013

Southern Regional Science Association

Dr. Joseph Von Nessen will present an overview of South Carolina’s economy this week at the Southern Regional Science Association conference -

The website includes a schedule of this year’s events as well as information on the regional science journal Review of Regional Studies.
Southern Regional Science Association Meetings (SRSA) in Washington, DC. This annual conference brings together regional economists from major universities throughout the southeastern United States to discuss current economic conditions and economic projections for the upcoming year. Dr. Von Nessen will also participate in various SRSA seminars on new research in housing economics and the latest developments in economic forecasting methodologies. You can visit the official website of the SRSA here: