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Well, the OFHEO Home Price Index came out yesterday and I'm always excited to see the data. This index always receives some scrutiny, since it only covers mortgages secured by Fannie Mae or Freddie Mac, which are below $417,000. I understand the criticism in markets with an outrageous average selling price, but in Greenville, the index can be accurate. In fact, 94.7% of single-family homes and condos sold in Greenville during 2nd quarter, fell below the $417K mark.
OK, so here it is. (drumroll) Of the 291 metro areas indexed throughout the United States, Greenville, SC had the 4th highest appreciation rate (5.87%) when comparing 2nd quarter 2008 to 2nd quarter 2007. This is a dramatically increased position when you consider than Greenville ranked 18th in 1Q08 and 37th in 4Q07.
In other news, Greenville also saw a 12.2% increase in search traffic on Realtor.com when comparing July 2008 to July 2007.
Well, the OFHEO Home Price Index came out yesterday and I'm always excited to see the data. This index always receives some scrutiny, since it only covers mortgages secured by Fannie Mae or Freddie Mac, which are below $417,000. I understand the criticism in markets with an outrageous average selling price, but in Greenville, the index can be accurate. In fact, 94.7% of single-family homes and condos sold in Greenville during 2nd quarter, fell below the $417K mark.
OK, so here it is. (drumroll) Of the 291 metro areas indexed throughout the United States, Greenville, SC had the 4th highest appreciation rate (5.87%) when comparing 2nd quarter 2008 to 2nd quarter 2007. This is a dramatically increased position when you consider than Greenville ranked 18th in 1Q08 and 37th in 4Q07.
In other news, Greenville also saw a 12.2% increase in search traffic on Realtor.com when comparing July 2008 to July 2007.
Ouch on the traffic, yay on the home prices, I need to go buy one soon, before the market changes again
Ouch on the traffic, yay on the home prices, I need to go buy one soon, before the market changes again
I don't know if I'd consider the traffic to be an ouch, since any increase is welcome.
As for the market changing again, I'm not sure what you mean. The average sale price of an existing single-family home or condo has increased by an average of 3.14% for the last 22 quarters, when comparing the same quarter the year before.
Everyone keeps telling me to buy now, I assume when housing prices go up in the rest of the country, so will ours, haven't in most places prices taken a dip lately(I know nothing about real estate, but this is what people tell me??)
Everyone keeps telling me to buy now, I assume when housing prices go up in the rest of the country, so will ours, haven't in most places prices taken a dip lately(I know nothing about real estate, but this is what people tell me??)
Yeah, that is true, prices have taken a dip lately in certain markets, but I think now is always the time to buy when prices are going up. Since prices continue to rise in Greater Greenville (and The PMI Group Inc. risk index stated a less than 1% risk of decline over the next 2 years), I would say that it's still the time to buy. Consider this:
The average sale price of an existing single-family home or condo in the Greater Greenville area:
*According to the Greater Greenville, SC MLS Inc. 4/1/04-6/30/08
If you consider the fact that the home priced at $150,000 in 2004, would cost you approximately $170,000 in 2008, I would say that it's been the time to buy in the Greater Greenville area every day for the past 5 years.
At a 6% interest rate, the same house you could have purchased in 2004, would now cost an extra $120 in principal and interest every month.
If you have the ability to buy now in the Greater Greenville area, or any market that continues to appreciate, it's probably a good idea.
Greenville is a stronger market than most because there hasn't been the ridiculous run-up in prices that other parts of the country have seen. Here in FL, prices had doubled in recent years, before the recent slump. Prices in our area have fallen some 40% as a result. The biggest thing impacting Greenville's real estate market IMO is that people wanting to move can't because there house in CA,FL,NY or whatever hasn't sold.
That's why I'm glad we're only renting in FL! We'll be up there in March looking at homes to buy.
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We'll be up there in March looking at homes to buy. 
