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I agree with beckycat, the suburbs are doing much better than this time last year. If you price your house right, they are closing pretty quickly. I've seen houses in my neighborhood have offers within a week and close within a month over the past 4-5 months.
The market definitely has picked up. There are slim pickins, not much out there. If anything good comes up, it's gone quickly.
Ugh.. I hope things are picking up. I refinanced back in the winter and my appraisal came in $5k less than what I paid in 2009 - despite doing a lot of work on it. Kitchen tile, new appliances, new roof new windows, and a new AC unit.
OK, been speaking with some RE professionals the past week about the metro Greenville County area market. For sure, things vary all over based on price, schools, new vs existing, etc., here are some takeaways for late Sept 2015:
Hottest price range definitely under 230K, fewest days on market by far. One realtor said that if it is a "good-bones" ranch in a well-regarded school district and under 170K, gone in a day or two with multiple offers.
Middle priced market (230K-400K) health still strong in 29650, with a 3.5 month supply and sales still good even after the summer season, and High Price (400K and up) best in downtown Greenville: North Main, Augusta Rd., etc. Prices there now $200/sq ft and up.
Troubled area for real estate apparently is Woodruff Rd. outward to Five Forks and southward. Lots of deals getting busted by appraisals coming too low. Still an area with lots of underwater buyers due to being built out from 2005-2009 in the "bubble". Prices have been dropping overall in this area.
Thanks to those who have comments in this thread. Helps out for those of us considering changes in their (typically) most valuable asset!
I think the sub-200K market is crazy in Greer. Buddy of mine put their home up and sold less than a day for more than they were asking (<200K). The 250-300K market is probably smaller. A home across from us has been on the market for about 2 months and IMO a little overpriced but they seem to be getting views but for sale sign is still up and going.
I think they are asking around 275K'ish. Down from 285 initially.
Here's a little tip I learned from an Urban Planning class in college.
If you are looking to buy a home, and want it to appreciate in value at a decent rate, buy where the population density is high (all other factors being equal), and there is no undeveloped land around you.
If your house/subdivision has has farmland or forest around, it will probably not rise in value more than inflation because the empty space around you will have to fill in before you see any financial benefits.
Developers will seize any financial opportunity before you can. As demand rises, the supply will rise to meet it, keeping prices low.
An exception to this rule is in areas where land is highly regulated, and development is controlled. But that is the opposite of what we have here in SC.
Regarding the Greenville housing market (Eastside Greenville/ Taylors/ Greer area specifically) I have been talking with Real Estate pros again for a local market update. (I do a lot of networking in town) Here are some notes from two veteran agents I spoke with this past week:
Spring market looking much healthier than Fall '15 overall
Entry/Starter homes (median price $154000) is in 100% sellers market. Many selling in a day or less with multiple offers at asking price or above - *Some Appraisal issues arising from big bank lenders
Mid-tier (median price $267000) leans heavily toward sellers, mainly due to very low inventory, but taking a little longer 30-60 days to get to contract, at approx 98% of asking price if properly priced ($110-$130 per square foot typically depending on location and build quality)
High end/premium (median $525000) actually a buyers market. Many on the market 6-12 months and seeing large price reductions or large discounts to get to contract unless the property is very special
If any of our City Data local real estate pros have any insights or things above that look incorrect, please chime in
Our Simpsonville house sold relatively quickly to a cash buyer. We put a good bit of $$ into it first.
Well that's certainly interesting...
I refinanced last year and my appraisal came in $5k less than what I paid in 2009 - despite putting a lot of $ into it. I have a new roof, new HVAC unit, remodeled kitchen with tile floor, one remodeled bathroom out of two, and new paint and crown molding in main bedroom. And my appraisal still came in low.
I pointed all this out to the appraiser too, but at the end of the day all she did was look at the comps in the area and go by that. Which makes me wonder why she even bothered to see the house in the first place, but that's another story..
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