Is Greenville's Real Estate market picking up at all? (Central: for sale, rent)

[Chrome Microphone]

Hi,

Just wondering if construction/building and houses are selling any better there now. I know it probably isnt back to 2004/2005 levels, but curious if it is picking up any at all?

Basically, what I do is buy really ugly houses for cheap, rehab them, and then re-sell them (for cheap) or rent them out to a family who needs affordable housing. An ideal scenario for me would be buying a house for $60-70k, putting in another $15-20k in renovations, and selling it in the low 100k's, or renting it our for $800/month or close, depending on how much money I put into it. I make a modest living, I do it because I love the work and freedom, I dont rip people off or anything like that.

My question is, would Greenville or Asheville be a better place for me (looking long-term here of course)?

I am a self proclaimed FL cracker, born in FL and raised in South FL and then small-town Central FL and also lived in Western NC. I live in FL currently, but it's kind of a mess down here right now, and to be honest, I have not liked what FL has turned into the last 7-10 yrs. I feel like I am in NY or NJ now, I dont even feel like I am in FL anymore. I am looking into places like G'ville and Asheville b/c they remind me of small town FL in a way, and I really miss that. I went to college in NC, and my wife went to college in G'ville. We both like it, arent out there to change anything about the area or anything of the sort. Trust me, if anyone knows how drastically things can change, it's the native Floridians.

So what do you guys think? How are things currently and do you see it picking up again? Better than Asheville?

[Chrome Microphone]

Anyone?

Better? Worse?

[NoodlesKnowles]

Originally Posted by Chrome Microphone

Anyone?

Better? Worse?

I think its pretty similar to anywhere else in the country, very slow right now

[IamIam]

We've had homes in our neighborhood for sale now for months, used to be weeks, so I'd say no, not yet.

[Chrome Microphone]

Thanks so far... keep the comments coming please! Good? Bad? Better than last year?

[motonenterprises]

Greenville's real estate was never inflated like the rest of the country. Its actually picking back up.

[Chrome Microphone]

Keep comments coming......

[JS2071]

We have a new subdivision beside our subdvision. They have sold 4-5 houses the past month or two. Maybe this is a good sign....

[gvsteve]

Originally Posted by motonenterprises

Greenville's real estate was never inflated like the rest of the country. Its actually picking back up.

This. Greenville has been isolated somehow from the market at large.

[ckeegan]

Originally Posted by Chrome Microphone

Just wondering if construction/building and houses are selling any better there now. I know it probably isnt back to 2004/2005 levels, but curious if it is picking up any at all?

Our peak, in terms of the number of homes sold, actually occurred in 2006/07 with just over 10,000 homes sold in each of those years. You can compare that to 9,493 in 2005, 8,246 in 2004, and 7,174 in 2003. In 2008, the Greater Greenville area saw 8,025 sales of single-family homes and condos.

Overall, I will say that my phone has started ringing more, and the true test will be the increase in activity that typically occurs leading up to (and immediately following) the end of the school year. The calls I am getting right now, are more inquiries than they are requests for showings, which is typical for the beginning of spring.

Traffic to my website is also up. If I compare 4/1-4/28 this year to last, then visits are up 149.24%, and the average duration of those visits has increased by 45.11%.

All good signs in my opinion.

Originally Posted by NoodlesKnowles

I think its pretty similar to anywhere else in the country, very slow right now

I'm not sure where you're getting your data, but ask Realtors in other markets about their % drops compared to the data above. Out of the three major SC metros, we have had the smallest drop in home sales. We are also faring better than the national average drop in home sales.

My grandparent's home in Michigan has been on the market for over 3 years, and they have had 8 showings. Yes, you read that right. My uncle used to be a broker in Michigan, and during the peak of the Greenville market, he had homes that had gone without a single showing for 4 months. Obviously Michigan is an extreme.