Here’s the No. 1 thing to understand about the economics of our market: Supply is down by a hefty margin. As of November 10, 2020, our Greenville MLS had 20.5% fewer listings (3,929) than it had exactly one year ago (4,943). That’s a record low since I entered the business in 2009, and it’s one part of the two-pronged poker stoking our market’s fire. The other prong, of course, is the consistent and unprecedented demand; despite the pandemic and all the other surreal events of this year, the number of homes sold is up 8.1% at 13,015, easily breaking last year’s record of 12,041.
The craziest year for real estate in recent memory continues to impress.
Basic economics tells us that high demand and low supply creates upward pressure on prices, which is exactly what we’re seeing. So far this year, the median price is up 7.1% (from $219,500 to $235,000). This makes it a phenomenal time to sell, as appropriately priced homes in good condition will generate multiple-offer scenarios that push the sale price above asking.
Some would-be sellers are waiting to list until they have more certainty. After all, there’s a new president taking office, and our COVID-19 situation is far from resolved. Be mindful, though, that that certainty will cost you something; while the bigger picture (i.e., politics, the economy, public safety) may seem unclear now, the condition of our real estate market is very, very clear: If your well-kept home were to hit the market right now at the right price, it would sell for top dollar in record time.
Additionally, if you then have to turn around and buy your next property, interest rates are still ridiculously low at the moment. Though prices are rising, there’s never been a better time to lock in affordable monthly payments. However, nobody knows when these record-low rates will start climbing back up.
Experts predict prices to rise throughout 2021, so by waiting six months to a year, you won’t be doing yourself any favors on the front end of your purchase. If you’re ready to buy or sell a home now while our Greenville market is ripe, please reach out to me via phone or email. I’d love to answer your questions and review your specific real estate needs.