Today’s Anderson SC Home Purchase Market and Rates.
Today’s Anderson SC Home Purchase Market and Rates update for May 5th, 2021.
When examining the Anderson SC market for homes at $250,000. or less, available for sale, Realtor.com has 272 single-family homes listed for sale (land or lots for sale were excluded). If I exclude mobile homes, that number is 251 homes in Anderson SC. BUT, if I exclude all homes that are pending or have a contingent sales contract, there is ONLY 47 homes currently listed for sale without a sales contract. That is a very low number for a housing market as large as Anderson SC. This will obviously create a more competitive atmosphere for the few homes available for sale.
When checking conventional mortgage rates for a $250,000. home with 20% down with RateSaver Mortgage, www.RateSaverMortgage.com, the mortgage rate on 5/5/21 was only 2.69%* for a 30 year fixed loan with a mortgage credit score of 740+. For a $200,000 loan amount, the monthly base payment would be $810.15 per month before escrows. These very low rates can make housing very affordable for many homebuyers, even for first time home buyers.
The moderate priced home market in Anderson SC also has similar trends as the under $250,000. market. When examining homes for sale NOT with a pending or contingent contract for the $250,000 – $500,000. home sales market, there are only 38 single family homes or townhomes listed on Realtor.com. Again, a very low number for a county as large as Anderson SC. This means the moderate priced homes appear to be in a very competitive market for buyers in Anderson. This likely will lead to multiple offers and potential “bidding wars” over homes for sale in the $500,000 and under housing market for buyers in the Anderson SC market.
For buyers in Anderson SC, at least the current mortgage rates continue to be very low which makes homes still affordable if you have to go a few thousand over your planned budget for your new home. For a moderately priced home of $400,000. a conventional loan with 25% down with RateSaver Mortgage, www.RateSaverMortgage.com, the mortgage rate on 5/5/21 was only 2.625%* for a 30 year fixed loan with a mortgage credit score of 740+. For a $300,000 loan amount, the monthly base payment would be $1,204.96 per month before escrows.
If the housing market is very competitive and a buyer must offer the full asking price or even over asking price, hopefully the extremely low mortgage rates can help offset some of the long-term cost of the higher than expected purchase price.
-Gary Schoenholz, Mortgage Manager, 864-979-1111
*APR=2.786% 30 yr. (Conventional loan, 740+ credit score, 30 day rate lock, rates subject to daily changes until a rate lock is done). All loans subject to final underwriting approval. Gary Schoenholz NMLS# 107429, RateSaver Mortgage branch NMLS# 1847969, Licensed in South Carolina, Call for all loan details, 864-979-1111. The views expressed on the real estate market is opinion, Gary Schoenholz is a licensed mortgage loan officer, NOT a licensed realtor. Gary recommends talking to licensed realtor for your specific realty questions.
