July 30, 2021

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Mortgage News

SC sees record number of mortgage applications, highest credit scores ever in 2020

By Donovan Harris

If you have tried buying a home in the past year, you may have encountered some challenges.

A Grand Strand agent said there have been challenges for everyone in the real estate market over the past year. In fact, she said it was the strangest time of her career in more than a decade.

“Since COVID, many people have realized that where they live is very, very important,” said Watermark Real Estate Group’s broker and owner, Radha Herring.

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

The Pew Research Center notes that more than half of workers said they wanted to work from home even after the pandemic.

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

She said she saw the increased demand firsthand with many people moving from states with stricter COVID-19 policies. “You’re coming to South Carolina because we weren’t completely closed during the pandemic,” Herring said.

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

“We’re seeing a huge onslaught of people from California. A lot of people just want to get out of expensive countries that were very restrictive and live in a place where they can be successful with their businesses, ”said Herring.

The South Carolina Department of Consumers said 2020 was a record year. They said that lenders processed significantly more applications in 2020 than in previous years.

The borrower’s average income also hit a record high of just over $ 94,000, according to the department. That’s nearly $ 40,000 more than in 2011.

The Department of Consumer Affairs said the borrower’s average credit score is 733, which is the highest value ever reported.

“The hustle and bustle you experience in the market is due to the demand and the low inventory,” said Herring.