Where does the real estate market in the area stand?

[oyabun]

Originally Posted by shamrocker

According to Zillow's value, which I take with a grain of salt, my home has rebounded back up to the value it had 4 years ago. (Confirmed by a recent appraisal.)

You're lucky then. According to Zillow my home was built before it existed and sold for 50k less in its original non-existent sale. The current listed estimate is 25k below what I paid and they're low-balling all my neighbors the same way. The good news is that they are completely off. My neighbor just sold his custom brick for slightly more than what he originally paid 8 years ago and supposedly it is instanteously worth 30k less. Zillow seems on the same level as the worst lowball irresponsible bank appraisal you could find. That's just my experience with it though.

[oyabun]

Originally Posted by Pat Grissinger

The market had a slight slump but seems to be improving. There aren't as many homes on the market & some are selling in 1-2 days. As always, that is area specific. Overall, the market is doing quite well I think.

I agree with this. Every existing home near me has sold within a month or so. Sale prices haven't been low either.

[Pat Grissinger]

Zillow would be my last source of information. Just a personal feeling. If you know how to find your way around on Zillow you can add your own value to your property. I did my personal home and it asked me to put the value for my solid surface countertops. Well the could have been valued at $1,000 but that is not what I paid for them. I know that the market sets the price and that the appraiser is going to compare apples to apples.

[Mohtalim]

I like zillow as a resource for general home and neighborhood values. It does list recent sales and current or sale homes accurately. Data for homes with no activity since before the Internet got big is obviously going to be incorrect.

Real Estate Agent Opinion by year:

1900 thru 2099: Now is a great time to buy! You better make an offer fast or the house will be gone!

[Pat Grissinger]

So totally disagree! If you don't like the house I am not going to push you to buy it. I say wait until you find what you want. So much negativity!

[ruvidu]

I say wait until you find one you like and let's work to get you the best price on it.
Zillow is terrible. I get a lot of calls from people who want to see their dream home they found on Zillow and then find out it was sold 4 months earlier.

[mcatp]

Starting last fall, people in my neighborhood starting putting their houses on the market. I have been quite surprised at how fast some of them are moving, to be quite honest. When I bought my house in Dec of 2010, there was NOTHING out there. Granted I know typically in winter there are fewer houses for sale, but the difference between Dec 2010 and Dec 2011 was great.

[drfranklin]

I've been looking at Greenville real estate now for more than 3 years - here's my (one cent) take on the overall and local markets:

Overall: Residential real estate has dramatically switched from a personal investment vehicle to an actual HOME in the last 5 years. We've realized that not every one should buy a home - nor is owning a home a right.

Local/Greenville: it's all about price and location - I've looked at the Parkins Mill/Verdae areas and have seen properties sell in weeks and other languish for 2 (or more) years.

(Based on my experience) unique features that sell a (Greenville) home quickly:
1. price, price, PRICE - and, price it right at the moment it enters the market
2. older, established neighborhoods with unique homes, lots of trees, and generous lots - prime example is Gower Estates - (IMO) cookie cutter homes with no trees, tiny lots DO NOT SELL (in this real estate environment)
3. the exact location of the home (even the street) is vital - examples: homes that are located within walking distance to (good) public schools, parks, trails, neighborhood pool, etc.
4. (generally) the closer the home is located to the city center of Greenville, the better (although public schools could be a concern)
5. avoid any new construction - the exception: a teardown and then building. IMO, the re-sale on any new construction stinks (especially if one may move in less than 5 years).

Lastly, there are exceptions to everything and every home buyer is unique.

[Early Grayce]

High rent and tight credit, put many at the mercy of the market. Five years after the housing bubble burst, the United States is in the midst of a housing affordability crisis. Home prices have fallen a third from their peaks, but many Americans cannot benefit because they cannot get a mortgage. Today's housing market is a buyer's paradise. Foreclosures and short sales continue to drag housing prices down.

[bikeoid]

Regarding downtown Greenville - Here is a recent report:

WYff4 News Segment on Downtown Greenville Real Estate

Homes from downtown Greenville are selling like hotcakes...