2020 Recap: Real Estate Market in Greenville…
“Although 2020 quickly became an unpredictable year paired with several challenges, the Real Estate market in Greenville and surrounding cities remains strong,” says local RE/MAX Broker/Owner, Jeremy Russell.
The effect of COVID-19 on scheduled showings this year was lowest on April 12th, 2020. Activity increased from this point, actually gaining traction each month to make up for that deficit.
Total sales in 2020 are up 9.2% over the same time frame last year, January to November. The median house price has increased as well, up 10% to $280,810. However, these increases come with longer “days on market” which is up 3.8% at 55 DOM. In contrast, there have been significant decreases in the Upstate inventory. New listings went down by 5.1% to 1,322 and inventory shrank 15.1% to 3,547 units. In general, there has been an increase in ready buyers due to record low mortgage rates and healthy stock market.
Greenville continues to be a strong market and that’s great news for sellers, but buyers shouldn’t be discouraged. Low interest rates right now are giving buyers more buying power than ever, so we strongly encourage all buyers to get their lending in place so they will know the correct price point to search. Also, have a conversation with your buyer agent about how competitive you need to make your offer. With houses going into multiple offer bidding situations within days, you will want to have as clean of an offer as possible to make your offer attractive.
While sellers are enjoying the market that is tilted in their favor, sellers shouldn’t get carried away with their price. Make sure you are getting a current CMA (Comparative Market Analysis) before you determine your list price. There are many factors affecting the value, so that shouldn’t be taken lightly. When a listing first goes live in the MLS is when it has the most impact in the market. It’s important to price RIGHT. Also, you will want to ensure you have a solid Marketing Plan in place. We see sellers who try to sell on their own, but that can lead to a lower net. A lot of what an agent does goes beyond just putting it on a website… There are other factors that could get the sellers more favorable terms (more exposure= more offers, tighter negotiations, better terms of offer, better presentation online and in person.)
Jeremy sums up the state of the market by saying, “Ultimately, the best advice I can give in this market or any market, whether buying or selling, is to hire a professional realtor who will be there to negotiate on your behalf.” There are many great realtors in Greenville, but if you aren’t working with one currently, one of our agents at RE/MAX Reach would love to have the chance to learn more about your needs and develop a plan to work together to make your real estate dreams a reality! Give us a call at (864) 250-4440 or email us at: email@example.com.
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