SC Sees Record Number of Mortgage Applications, Highest Credit Rating Ever in 2020

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Written by Donovan Harris

If you’ve been trying to buy a home over the past year, you may have run into some problems.

The Grand Strand realtor said that everyone in the real estate market has had problems over the past year. In fact, she said it was the strangest time of her career in over a decade.

“After COVID, a lot of people realized where they live is really, really important,” said Broker and owner of Watermark Real Estate Group Radha Herring.

The pandemic has changed the way people work and go to school.

The Pew Research Center found that more than half of workers said they would like to continue working from home even after the pandemic.

“The pandemic has raised people’s awareness of what people in the home want and where they want to live,” Herring said.

She said she saw firsthand an increase in demand as many people move from states that have stricter COVID-19 regulations. “They’re going to South Carolina because we weren’t completely stopped during the pandemic,” Herring said.

The 12-year-old real estate veteran said many transplants want more freedom.

“We see a huge number of people coming from California. Many people just want to leave expensive states that have been very restrictive and live where they can be successful in their business, ”Herring said.

The South Carolina Department of Consumer Affairs said 2020 was a record year. According to them, in 2020, lenders processed significantly more applications than in previous years.

According to the department, the average income of a borrower also reached a record level – just over $ 94,000. This is almost 40 thousand dollars more than in 2011.

The Consumer Affairs Department reported that the average credit rating of a borrower was 733, the highest ever.

“The frenzy that you are seeing in the market is driven by demand and low stock levels,” Herring said.



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