Media outlets across the country have been reporting on the slowdown of the national real estate market. In the same breath they mention the downturn of the economy, and the relationship between the two. The word recession is tossed around, even though we are not currently in one. This creates fear on a national level. People are afraid that the economy is going to continue to slide, and see this as a dangerous time to buy or sell property. The result is that people are afraid to enter the real estate market. The industry then comes to a grinding halt. The economy is affected as a result, and all the media’s doomsday predictions come true. It becomes a self-fulfilling prophecy.
It is important to keep in mind that news makers are just that news makers. They need a story that will grab the nation’s attention. Ever since the start of the recent housing boom, the media has been waiting for any sign of a slowing market. They have now jumped on it. While it is true that some areas of the country are seeing a distinct slowdown of the market, others are continuing to be stable. Greenville South Carolina is just such a place.
Compared to last year, the average price of sold properties is up by 2% over last year, when the real estate explosion was at its peak. Also, there continues to be a boom in terms of inventory on the market. There are over 1500 new homes on the market that have never been lived in, and around 4,000 existing homes on the market as well. Buyers have a great deal of choice in the Greenville area, and prices are reasonable.
For sellers, it is still a good time to sell your home. The average number of days that a home is on the market is comparable to last year’s numbers. While there has been a slight decrease in the number of home sales, the market is still moving ahead at a stable pace.
Certainly Greenville is fairing much better than the national market. Homes are selling at a consistent rate, and hundreds of new homes are continuing to enter the market, making this a great place for buyers and sellers alike.
Don’t let the headlines scare you, this is a great time to invest in Greenville real estate.