Saturday, August 30, 2008

Buyers Market for Beaufort Homes

As the real estate market here in Beaufort County slowly begins to rebound, many homeowners are reconsidering refinancing or taking out home equity lines of credit. Interest rates have remained low and for many folks it is a good time to get out of a variable rate mortgage or an interest only credit situation. Also, many savy buyers are scooping up nice homes and properties at rock bottom prices as homeowners continue to try and avoid foreclosure. Remember, if you are considering a home purchase, have an attorney draft, or at least review, the contract you intend to use. South Carolina law requires that an attorney close all land secured loans (including equity lines), but many people make the mistake of contacting their attorney after they have already signed a contract.

As an update (June 8, 2009)- There are some signs that the market has made improvement, but many buyers seem to be struggling to obtain financing. However, banks and homeowners of all types remained motivated to sale.

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