11 Apr Spring Market Update – Upstate Real Estate Trends
We all know that as the weather gets warmer, so does the housing market! Here’s a closer look at current conditions and our predictions for what’s to come. Thinking of making a move? Contact a Coldwell Banker Caine real estate agent.
Buyers, purchasing a home is a long-term investment and one of the best ways you can build wealth. Homes have appreciated dramatically over the past five years, and rates are rising. These trends are expected to continue. If you are considering buying a home, the time is now to get the most for your money. We can confidently say it will be more expensive to buy a year from now than it is today.
According to Freddie Mac, “The driving force behind the increase in prices is a low supply of both new and existing homes combined with historically low rates. As mortgage rates increase, the demand for home purchases will likely remain strong relative to the supply and continue to put upward pressure on home prices.”
Though prices continue to rise and our area regularly gets national media attention, it is still very affordable to live in the Upstate with the median household income 21% higher in Greenville and 42% higher in Spartanburg than what is necessary to qualify for the median-priced home under prevailing interest rates.
Sellers, now is the time to put your home on the market. We are seeing extremely low inventory, and buyer demand is only increasing. As Daren Blomquist, Senior VP at ATTOM Data Solutions put it, “It is the most profitable time to sell a home in more than 10 years, yet homeowners are staying put longer than we’ve ever seen.” Don’t miss out on the opportunity to get a great price for your current home and move to your next one before rates increase.
According to Dr. Frank Nothaft, Chief Economist for CoreLogic, “The number of homes for sale has remained very low. Rising income and consumer confidence has increased the number of prospective homebuyers. The net of rising demand and limited for-sale inventory is a continued appreciation in home prices.”
In the Upstate, we’re seeing more people moving here than moving away with the number of strong jobs, many accolades producing national media attention, and the affordability of living in this area. If you’re considering moving up or down, the market is in your favor to sell.
Data and quotes courtesy of the Greater Greenville Association of REALTORS® February 2018 Monthly Indicators Report, Spartanburg Association of REALTORS® February 2018 Monthly Indicators Report, and Keeping Current Matters March 2018 Report.
