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Overall the article is pretty interesting, and they actually mention Greenville, SC in the article itself (apart from just the map). On the map itself, they show that the Greenville metro area will be one of the quickest markets to recover, 2nd Quarter 2009 is their prediction. They also project that the median home price will fall in our area by 0.2% over the next 12 months (the footnote states that 12 months is 1st quarter 2009 to 1st quarter 2010).
They're using the median price of a single family home from 3rd quarter 2008. They state that this median price was $157,000 in 3Q08.
"They also project that the median home price will fall in our area by 0.2% over the next 12 months"
I though it was a bad thing for that to happen, but it's great that Greenville is supposed to be one of the nations quickest for recovery!!! thanx for the article....
"They also project that the median home price will fall in our area by 0.2% over the next 12 months"
I though it was a bad thing for that to happen, but it's great that Greenville is supposed to be one of the nations quickest for recovery!!! thanx for the article....
Yeah, somehow I doubt anyone is going to shed a tear if our median falls from $157,000 to $156,686 over the next 12 months compared to an average expected drop of 10% nationwide.
Personally, I don't think our median price will drop at all in the next 12 months, since it hasn't dropped year-over-year since 2004, when it dropped by $43 compared to 2003. The median sale price in Greater Greenville has increased by an average of 2.977% per year since 2003, including a 2.013% increase in 2007, and 1.134% in 2008.
I'm just glad we're getting out of South Florida. Did you see those percentages for Florida? We have so many friends that have lost so much value. I think Miami is projected to lose over 27%! I am so glad we decided to keep renting when everyone was telling us we should buy. My brother just brought a short sale in Fort Lauderdale 2 weeks ago but he got a really good deal so I hope he'll be okay.
Right now is actually the best time to buy a house especially if you're a first time home buyer. With the $8,000 tax credit and prices being so low, you can practically get a house for less than a car in some areas. Also, it looks like we have hit the housing bottom and things are slowly starting to improve.
Right now is actually the best time to buy a house especially if you're a first time home buyer. With the $8,000 tax credit and prices being so low, you can practically get a house for less than a car in some areas. Also, it looks like we have hit the housing bottom and things are slowly starting to improve.
I guess it depends on what kind of car you're referring to. I mean, people are always pretty floored by what you can get in our area. In fact, right now there are 27 3BD/2BA single-family homes (no mobile) on the market with an asking price of $50,000 or less. At a 5.5% interest rate, you're talking about $275/month P&I for a $50,000 loan. Average taxes on those 27 homes are $864/year, and guesstimate insurance at $25/month (probably high). All of the sudden someone can get into a 3BD/2BA home for about $372 per month!
Also, don't forget the definition of "first-time home buyer" with the tax credit. As long as you haven't owned a home in the past 3 years, you're a first-time buyer. Probably the best thing they did was take out the repayment requirement compared to the original home buyer tax incentive.
I had originally thought we would get a home for under $100K but when we went up in January to look, we weren't really happy with the homes and the neighborhoods we found in that price range. We ended up with a home for $165,500 that is WAY more home than we thought we would be able to afford (6/3.5 w/ pool and poolhouse on 1.5 acres). With a 5.5% APR our PITI payment will be less than $1,100. So, we are quite happy with what the GSP RE market had to offer.
I guess it depends on what kind of car you're referring to. I mean, people are always pretty floored by what you can get in our area. In fact, right now there are 27 3BD/2BA single-family homes (no mobile) on the market with an asking price of $50,000 or less. At a 5.5% interest rate, you're talking about $275/month P&I for a $50,000 loan. Average taxes on those 27 homes are $864/year, and guesstimate insurance at $25/month (probably high). All of the sudden someone can get into a 3BD/2BA home for about $372 per month!
Also, don't forget the definition of "first-time home buyer" with the tax credit. As long as you haven't owned a home in the past 3 years, you're a first-time buyer. Probably the best thing they did was take out the repayment requirement compared to the original home buyer tax incentive.
When I said some areas, I was referring to some areas of the country not our area.
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We have so many friends that have lost so much value. I think Miami is projected to lose over 27%! 
I am so glad we decided to keep renting when everyone was telling us we should buy. My brother just brought a short sale in Fort Lauderdale 2 weeks ago but he got a really good deal so I hope he'll be okay.
I guess it depends on what kind of car you're referring to. I mean, people are always pretty floored by what you can get in our area. In fact, right now there are 27 3BD/2BA single-family homes (no mobile) on the market with an asking price of $50,000 or less. At a 5.5% interest rate, you're talking about $275/month P&I for a $50,000 loan. Average taxes on those 27 homes are $864/year, and guesstimate insurance at $25/month (probably high). All of the sudden someone can get into a 3BD/2BA home for about $372 per month!
So, we are quite happy with what the GSP RE market had to offer. 
