July Market Update

July Market Update

July 4th…fireworks, flags and a great opportunity to celebrate our freedom! Looking back in history, one of most attractive features about settling in America was the chance to own land of your own. Today, 93% of Americans still believe that owning a home is an important part of the American dream.

In recent months, finding a buyer’s perfect home has been challenging. The market has been moving fast and the inventory has been historically low. Luckily, we are seeing more homes available for sale this year. Existing inventory has increased 18 to 19% year over year. Today’s buyers have many more homes and neighborhoods to choose from than they have in the past 2 years.

Even with this increase, our area still needs more inventory to meet buyer demand. Instead of selling and buying a new home, many potential sellers are choosing to remodel and stay in their current home. Incredibly, the Greenville News just reported that homes in our area are being remodeled 30% faster than in other areas of the south.

If you are wondering if you should sell and buy your dream home or remodel your existing home, consider these factors…

  • First, average sales prices have increased 10% year over year, which outpaces the average of the nation’s top markets (4 – Case Shiller). So, you may have more equity in your current home than you expect. This sizable down payment can help in the purchase of your next home.
  • Second, interest rates are still historically low. The media often reports that rates are on the rise and its true. BUT, today’s rates are still hovering at 4.5%. That’s astoundingly low when you look at interest rate trends for the past 45 years.
  • Finally, you have more available home options today than in years past.

We can only predict what the future holds for our market. For now, the real estate market in the Upstate is thriving. So, why wait to make a move when the market is so strong today? If you would like to talk to an expert about your next best move, please contact your trusted Coldwell Banker Caine real estate professional. We would love to give you an idea of your home’s value and discuss your options.