Is the housing market turning around?

By: Michelle Carolla | SCNow
Published: October 09, 2008

For the past several years, the sound of construction meant money was about to change hands. Then, the housing market crashed last year and sales slowed.
A new report released Wednesday showed the number of homes with accepted offers jumped by more than 7 percent in August to the highest level in a year.
Rod Smith, Director of General Brokerage for Coldwell Banker Chicora in Myrtle Beach said they are selling property. "We are seeing property that's actually getting multiple offers, if you can believe that or not. We're seeing properties sold as much as full-price and some properties sold for higher than their list price," said Smith.
Smith said, as of Wednesday, the Horry and Georgetown County Multiple Listing Service reported six thousand single family residences and seven thousand condos on the market.
That number is down from before. Also down are the days a property is on the market. Single family homes are on the market 4 percent less and condos, 26 percent less.
Smith said California and Florida are seeing sales pick-up, showing a trend that buyers think homes are near the bottom of the price drop. Smith said the deals are out there for both existing homes and new home construction.
"We are at historical interest rate lows, we have ample inventory on the market right now and this inventory has been reduced to a level that the buyers can take advantage of this and really save a lot of money," said Smith.
So far this year, 5500 homes were sold in Horry and Georgetown Counties.
The big question now is with the credit crisis and banks holding on to their money, are buyers qualifying for home loans. Smith said there is money out there if your credit is good and you have a at least a 10-percent down payment. The high-risk loans of a few years ago are gone and that should help re-set the market to a more traditional mode.