Affordable South Carolina Foreclosure Homes

by : philip smith

The extra bonus of a well priced home found in South Carolina foreclosure homes has to bring that well-blessed feeling. South Carolina offers housing and lifestyle affordability for more of its residents than do most other states in the nation. Its not hard to understand why a foreclosure home in this attractively stable, economically strong and sought after weather wise state can make that affordability more amazing. While foreclosures filings are way up on a year ago, the number per household each month are still near the lowest in the country. Foreclosures are available to buyers in most towns in South Carolina, even though in highly sought after towns like Irmo, they are snapped up in the pre foreclosure stage, before getting to auction.

Statewide you are looking at a median price for a family home of $160,000, in the capital Columbia $130,000. The average home price is much higher in the seaside city of beautiful, historic, quaint yet modern Charleston. Its a more friendly buyer's market than in recent history but prices are holding; even so. An overabundance of housing inventory in much sort after retirement and vacation spot Myrtle Beach helps keep the average sale price around $307,000, although everyone will eagerly find you the show homes for many times that price.

Foreclosure family homes can be found in all these sought after cities and others including the renowned affordable small town Irmo, 10 minutes from Columbia on the shores of Lake Murray. They compete among an oversupply of traditional homes for sale for the attention of the fewer buyers in town. Depending on the motivation of the seller discounts on pre foreclosure homes will not be more than average to good, 20 to 25% off the sale price of a comparable traditional market home where the seller is not under financial pressure. Given the remarkably great value for money of housing in this state, such a discount is significant, and the opportunity to conserve your funds and reduce your mortgage outgoings should not be overlooked. Ill fortune can strike anyone, and most homeowners statewide are learning this year that cash reserves of 5 or 6 months of mortgage payments bring piece of mind. . .