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People are always asking me how the market is going. Today, I thought I would discuss the housing market and interest rates in order to give you a good idea of how healthy our market it is!
We had 23% less inventory on the market in Greenville and a 5% increase in sales year over year. This means we are in a very hot market that is heading toward a seller’s market. At the moment, we’re in a pretty neutral market, but certain price ranges are moving faster than others.
There isn’t a lot of inventory in the $100,000-$300,000 price range, so if you have a home in that range, now is a great time to get top dollar for it. Another thing to consider is interest rates, as we are still at historic lows. We’ve had clients get as low as 4% on a 30-year fixed-rate mortgage. At some point, these fantastic rates are going to go away! It’s unlikely we’ll see rates this low again anytime in the near future.
New construction is currently playing a huge role in our market. There is a lot of land that needs to be developed out there, and new construction prices are higher than they were a few years ago. The higher prices for new construction are a result of the lack of distressed sales in our area, which is a great sign for a healthy market!
Unlike some other markets, we’re not seeing quite as many multiple offer situations. However, we are seeing some, and competitively priced homes are receiving many offers and going quickly. Making that happen for your home sale is something we would love to talk to you about!
There’s a lot to talk about in our market, which is why we’re starting this video blog. Feel free to submit any real estate questions you have and we’ll answer them right here! We look forward to hearing from you soon!