Greenville, SC Real Estate Statistics for July 2011
Here are the July 2011 statistics for all single family homes and condo/townhomes sold in the Greenville Area MLS. The amount of homes sold in July of 2011 is actually up from July of 2010 by 102 homes but the average days on market are up as well. Keep in mind that last year by the end of July, 4,142 homes had sold. This year only 3,712 homes had sold in the Greenville area by the end of July.
Number of sold: 617 Average Days on Market: 113 Average Price of Sold Listing: $185,443
George Clements - Greenville, SC Realtor
Published on August 23, 2011 at 2:36 pm | Permalink
Greenville, SC Real Estate Statistics for May 2011
Here are the May 2011 statistics for all single family homes and condo/townhomes sold in the Greenville Area MLS. The numbers are up a little again from March but are down by 141 homes sold compared to May 2010. Also, the average days on market are still in the 120's and the average sold price is down around $6,000 compared to May of 2010. Number of sold: 575 Average Days on Market: 120 Average Price of Sold Listing: $165,129 George Clements - Greenville, SC Realtor
Published on June 15, 2011 at 11:52 am | Permalink
Greenville, SC Real Estate Statistics for March 2011
Here are the March 2011 statistics for all single family homes and condo/townhomes sold in the Greenville Area MLS. The numbers are up quite a bit from February. This is a mixed report as the amount sold homes and average price have gone up, the average days on market have also gone up.
Number of sold: 537 Average Days on Market: 127 Average Price of Sold Listing: $165,789 George Clements - Greenville, SC Realtor
Published on April 6, 2011 at 2:57 pm | Permalink
Home Equity in Greenville, SC
The National Association of Realtors just released a home equity study showing stats for the Greenville area. The graph below shows how much the average home owner in Greenville, South Carolina has in equity based on when they purchased their home:
George Clements - Greenville, SC Realtor
Published on March 18, 2011 at 10:39 am | Permalink
Greenville, SC Real Estate Statistics for February 2011
Here are the February 2011 statistics for all single family homes and condo/townhomes sold in the Greenville Area MLS:
Number of sold: 399 Average Days on Market: 122 Average Price of Sold Listing: $157,283 George Clements - Greenville, SC Realtor
Published on March 4, 2011 at 12:31 pm | Permalink
Greenville, SC Real Estate Statistics for January 2011
Here are the January 2011 statistics for all single family homes and condo/townhomes sold in the Greenville Area MLS:
Number of sold: 339 Average Days on Market: 112 Average Price of Sold Listing: $173,838 George Clements - Greenville, SC Realtor
Published on February 9, 2011 at 2:49 pm | Permalink
November 2010 Stats
Here are the November 2010 statistics for all single family homes and condo/townhomes sold in the Greenville Area MLS:
Number of sold: 416 Average Days on Market: 110 Average Price of Sold Listing: $167,802 George Clements - Greenville, SC Realtor
Published on December 15, 2010 at 10:35 am | Permalink
Real Estate Made Real Easy With Electronic Signatures
One of the goals I have for my clients is to make real estate transactions as easy as possible. I have recently added electronic signature services that are making transaction even easier.
In the past, when a document needed to be signed, one of three things had to happen:
a. Meet with the client in person for signatures.
b. Email the document and have the client scan and email the signed copy back.
c. Fax the document and have the client fax the signed copy back.
All three of these methods can be very inconvenient for the client depending on their circumstances. Here are just a few of the problems that can arise when something needs to be signed:
a. The client could be out of town.
b. The client might not have access to a scanner or fax machine.
c. The client's schedule just does not work to come meet for signatures.
With the new electronic signature service, clients just need the ability to get on line. Any document, from contracts to repair requests, can be sent to the clients email and electronically signed.
The electronic signature system has already saved a lot of time for my clients. One was traveling out of town and able to sign a repair request when he arrived at his hotel. One had inconvenient work hours and was able to sign when he got off of work. The best part in each instance has been that it only took a minute or two to sign and was extremely easy for the user. The signer authentication methods used by the service make it totally secure to use. Of course, if a client is not comfortable with signing electronically, I am more than happy to do it the old fashioned way.
Published on November 5, 2009 at 12:30 pm | Permalink
Avoiding Costly Repairs
There are almost always some repairs involved when the time comes to buy or sell. According to the sales contract, there are certain things that a seller must fix if the home is not being sold "as is." Problems with the structure, HVAC, plumbing, electric, and leaks in the roof are all examples of things that must be fixed. There are many factors that determine if a repair is required or not and I can help guide you through determining which repairs are necessary. In the mean time, here are a few tips from the National Association of Realtors that will keep that repair bill down when it does come time to sell.
Change your HVAC filters monthly. Very easy but must be done. Clogged filters decrease HVAC efficiency and can cause breakdowns.
Drain your water heater at least once a year. Sediment will drain out along with the water from the water tank. Removing sediment can prolong the heater’s useful life.
Check your circuits. Test the performance of the circuit breakers in your electrical circuit box twice a year by flipping them off and back on. If you have a circuit that keeps shutting off with normal daily electrical use, call an electrician. A faulty circuit breaker could indicate a short in the wiring inside your walls.
Watch out for drips. Check under sinks periodically to look for leaks or water stains that might indicate leaks. Catching a small problem early can prevent water damage. Use a plunger to clean out sinks and tubs whenever water doesn’t drain normally.
Be aware of life spans. Water heaters, furnaces, roofs, and other key components of your home should be replaced before they fail, based on their average useful lives. Here’s a general ballpark of the life span for key components:
o Exterior house paint: 5-10 years
o Furnace: 15-50 years
o Roof: 13-20 years
o Water heater: 7-15 years
o Wood deck staining: 4-7 years
Keep the wet out. Water is a major enemy of your house. Check each season for signs of water damage to your home. Flashing, the metal pieces used to seal the areas between roofs and chimneys, are especially vulnerable to damage by wind or age. Loose flashing can let water seep under a roof or inside walls, which in turn can cause major damage.
Source: Realtor.org
Published on September 21, 2009 at 11:23 am | Permalink
Comparing Price Ranges
I recently did a search on Greenville, Greer, Simpsonville, Taylors, and Travelers Rest and found that 119 homes sold between $200,000 and $300,000 in May and June of 2009. 4 of the 119 were an auction or unusual situation leaving 115 that were normal transactions. Out of the 115 normal transactions, all but 3 came down quite a bit on their price. The 3 homes that did not come down in price were all new construction and most likely had features added that made the price go up. Out of the 115 homes, the average difference from list to sales price was -$19,582. Something to keep in mind, the $19,582 average price that the 115 homes came down was taken off of the current listing when it sold. It does not include the original price that they might have started at if there was a previous expired listing. That means the total average price drop is probably much higher than $19,582.
At the same time, we seem to be seeing a surge in first time home buyer sales. The first time home buyers are starting to realize that they have to close on their home by November 30th to get the $8,000 tax cut. This has created quite a bit of movement especially in homes under $130,000 that are priced and staged right. I recently listed a home in the $120,000's that showed 15 times and had an offer by the end of the first week. The home looked great on line and the web traffic was extremely high. Homes in the $200,000's plus that are getting the same exposure are doing well to get 15 showings after months of being on the market.
We can take a few things from all of this. First, the market is not that bad if you are selling in the first time home buyer range. If you are buying in that same range, don't expect to find any great deals. There are a few great deals out there but expect them to go fast and have multiple offers. Second, if you are selling in the $200,000's plus you have to be aggressive and really stand out from the competition with pricing and staging. The good news is that the activity that we are seeing with the lower priced homes has potential to create a ripple affect. The people who are selling the lower priced homes could move up in price range after they sell and and this could increase activity in those upper price ranges.
Published on July 16, 2009 at 12:09 pm | Permalink
Greenville Area Home Styles
When doing a search through available homes on the Greenville market, I found that seven styles seem to be the most prominent in the Greenville area. The seven most prominent I found are Traditional, Ranch, Bungalow, Contemporary, Colonial, Victorian, and Cape Cod.
The Traditional style is used more than any other to describe homes on the Greenville market, however, it is really hard to put a definition on Traditional style. Traditional can be a label put on a mix of different classical American styles or to some people it can even be used to describe other styles like Colonial, Georgian, or Cape Cod. Traditional is a very safe label when a home does not have an obvious style.
The Ranch Style is the second most prominent used to describe homes on the Greenville market. Ranch homes were most popular in the 50's and 60's. Common features include pitched-roof, picture window, brick exterior walls, and built-in garage or car port. Ranches are one story homes that are usually not as open in floor plan as homes built today and most of the Ranch style homes in Greenville are on crawl spaces with a small number on basements.
The Bungalow style is not quite as popular as the ranch but could be used to describe a number of homes on the Greenville market. Bungalows were most popular on the East Coast in the early 1900's. They are usually one story, rectangle shaped, narrow homes that do not have an attached garage and are smaller in size. The Bungalow is considered a forerunner of the Craftsman style.
Contemporary, Colonial, Victorian, and Cape Cod styles are sprinkled throughout the Greenville market, but just remember, if you are not sure, call it Traditional.
If you ever want to see a wide range of styles in the Greenville area with historical significance, just take drive down Hampton and Pinckney Streets near Downtown. There you will find everything from Queen Anne (Victorian) and Craftsman to Gothic Revival, Colonial Revival, and Italianate. For a copy of the walking tour visit: http://www.greenvillesc.gov/neighborhoods/hamp-pinck_tour.pdf
Published on April 23, 2009 at 1:47 pm | Permalink
Greenville's Foreclosure Rate Stays Low
I came across a recent USA Today online article that caught my attention. It focused on foreclosures and the areas that have been hit the hardest. According to the article by Brad Heath, half of the nations foreclosures are in only 35 counties or around 1% of the nations counties. These hardest hit areas included places like Detroit, Cleveland, Las Vegas, Phoenix, Washington D.C., and worst of all Southern California and Southern Florida.
So how does the Greenville Real Estate Market look when it comes to foreclosures? In the last year, our foreclosure rate has gone up from .08% to .09%, basically no change. The nation as a whole has gone up from .5% to 1.2% with those 35 counties being the main cause of the increase. 650 counties have actually seen a decrease in the amount of foreclosures. Part of the reason that Greenville's foreclosure rate is so low is the low amount of sub prime loans in the area, 6% less than the rest of the nation. Also, our cost of living has stayed steady but affordable and we did not see extremely high prices like San Diego or Miami did. The House Price Index (HPI), that measures the price of residential housing, shows that 9 out of the 10 markets with the highest price depreciation are in California. Those 10 markets lost between 28.05% and 29.92% in home value in just one year (Source: First American Core Logic). Miami is the only other area in the top 10 not in California.
What can we learn from this information? First, don't listen to the news. The Greenville market is not flooded with foreclosures. Second, since we are not flooded with foreclosures, there are not amazing deals to be found on every street. We do have a number of foreclosed homes that are available but most of them need quite a bit of work and you cannot expect to find the deal of a lifetime. You can make money foreclosures but it takes a lot of patience for the right one as well as money for repairs. If you are in the market for a Miami condo or California suburban home, then now is your chance for an amazing deal. Why do that though when you could buy in Thornblade for the same price?
Published on March 23, 2009 at 2:27 pm | Permalink
The "Stimulus" & What It Means For Real Estate
As different versions of the so called stimulus package were coming through Congress, there were many different ideas batted around concerning tax credits and home buying. The Senate's original bill had a tax credit of up to $15,000 (depending on how much you pay in taxes) for ANYONE who bought a home this year. The $15,000 credit was one of the only stimulating things that the bill had going for it but unfortunately it was drastically changed in the final version.
The final version of the stimulus only gives an $8,000 credit and is restricted to first time home buyers. This could also include people who have not owned a home in the last 3 years. First time home buyers can receive the credit on their 2010 taxes and the home has to be bought sometime between January 1, 2009 and November 30, 2009.
First time home buyers that bought in 2008 are still eligible for the old $7,500 credit, however, there is a big difference in the old $7,500 and the new $8,000. The $7,500 credit is more like a loan than a tax cut. It is interest free but you still have to pay it back. The $8,000 is a true tax cut that you don't have to pay back. The only catch is that you have to stay in the home for at least 3 years.
While I am always for tax cuts, I'm afraid that this one comes with a lot of junk. The only real stimulation happening here is in stimulating the size of our government.
Published on February 17, 2009 at 11:02 am | Permalink
Sites Like Zillow, Good For Exposure, Horrible For Determining Value
While I was listening to the news today, I heard a report that used Zillow.com as a source for home values. I was immediately shocked that they used a source like that to get their facts. I knew in the back of my head that their numbers had to be way off but I decided to run a little test on my own.
I tested a normal subdivision in Greenville with prices ranging anywhere from $150,000's to $250,000's. The subdivision currently has five homes for sale and has seen seventeen sell since the beginning of the year. One of the homes currently on the market has 4 bedrooms, 2.5 bathrooms, and over 2200 square feet and is in top shape. They have it currently listed at $210,000. After looking at the comparables from the year so far, I feel like they are at a very good listing price and right where they should be. They are also competitive in price with the other homes on the market. If they end up getting 97% of what they are asking for the home they should have a final sales price of $203,700. I even found multiple homes with a lot less square footage and one less bedroom going for right at $200,000 since the beginning of the year. Based on what the market will allow, the home should go for somewhere between $203,000 and $208,000.
So, what does Zillow say the home is worth? I put the address in Zillow's address search and the "Zestimate" gave me a price of $185,000 for the value of the home! What is interesting though is that on one that just sold a few moths ago with less square footage and one less bedroom it gave an "Zestimate" of $204,000! This shows that their estimate are not based on comparables at all but on things like tax records. They are producing these estimates without ever seeing the house to see if it would actually compare, taking into account distressed situations, or having any understanding at all of what that subdivision's local market will allow.
Bottom line, Zillow is another source for exposing a home for sale to the web but a horrible source for determining value. This is especially true when reporting a news story. Zillow should never be used as a factual source and the Greenville, SC Zillow search that I did proves this. The best way to determine a fair market price for your Greenville Area home is to use a real estate agent or appraiser that deals with the local market on a daily basis and can compare apples to apples in person.
Published on October 8, 2008 at 11:27 am | Permalink
Keeping Your Cool in the Midst of Fear Mongering
People always ask me "how is business?" or "how is the market?" I feel like many of them expect to hear that things are really slow when it is just the opposite. God has provided so much business for me that I have not experienced a slow down. While certain parts of the Greenville market have slowed down it is still a very healthy market to be in and actually a good market in certain areas.
I cannot emphasize enough that we must keep things in perspective. If you listen to most politicians and certain news media today, you would get the impression that our entire way of life is coming to an end and that no one is able to buy a home or get a mortgage. These fear mongers are using the problems caused by bad loans (which they caused!) to scare people and gain more power. This irresponsible behavior by media and politicians hurts the confidence of average people who think that they will not be able to get a loan because of everything that they have heard. I help people with the contract to close process every month and none of them have had trouble getting their loan to go through. I work with lenders who help many people buy homes in Greenville every week and they are ready to help anyone who is ready to buy. Some South Carolina elected officials are telling us that if certain legislation does not pass that you will not be able to get a loan beginning immediately. At the same time these politicians and media are spreading fear, the lenders that I work with are telling me to bring as many people to them as possible that want to buy a home. They are ready to go! I have seen victims of the fear mongers this week. People who thought they would not be able to get loans anymore because of what they had heard on the news but after talking to a lender found out that it would be no trouble at all! Sure, there are those who cannot get a loan who could have a few years ago but these are people who should have never been given a loan in the first place and one of the main reasons for the mess we have now.
Again, we must keep everything in perspective. If you listen to all the bad news you hear you might think that this would be a terrible time to be in real estate. Not the case. I would rather be in Greenville real estate in 2008 than in 2000! The number of single family homes sold in the Greenville area in August of 2000 was 531 with an average price of $142,206. Compare that with August of 2008 where we saw 689 homes sell with an average price of $195,153. Which market would you rather be in? I'll take 2008. I am eagerly awaiting the September numbers for the Greenville Area and interested to see how October shapes up as well.
While all of the bad loans of the last few years have created a very serious problem, we cannot loose our heads over the whole thing. We must deal with facts, not fear.
Published on October 1, 2008 at 10:18 am | Permalink
