South Carolina’s housing market is much better off than the national average. July’s sales dropped only 16 percent, much lower than the 27 percent national figure. According to South Carolina Association of Realtors CEO Nick Kremydas the state’s home sales are 16 percent ahead of figures one year ago.
But Kremydas says lowering unemployment is a key to improvement.
If we see a continued trend of unemployment, our foreclosure numbers are going to continue to climb, which obviously is not good for new home sales, unless folks are employed.
Kremydas says it’s important for South Carolina lawmakers to lower property taxes to improve the state’s economy and make it competitive with other states.
Kremydas says it’s a buyers’ market, with historically low interest rates and a great selection. Fifteen-year loans can be had for less than four percent interest. So far this year, more than 27,000 houses have sold across the state.
Kremydas says it doesn’t help that bank loans are harder to get.
Kremydas says he has visited hundreds of South Carolina realtors in recent months and been impressed with their entrepreneurial spirit in the face of hard times.