Ask anyone you see and they’ll tell you that they’ve heard the Greater Greenville Real Estate Market is doing really well right now, and it is, but if you’re thinking about buying or selling a home, these are the three things you need to remember about how these market numbers affect you specifically.
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1. PRICING IS KEY
BUYERS: The median price of properties sold in the Greater Greenville Real Estate Market over the last year have seen a steady increase, on median, by 7% . Buyers, this means that you are probably going to pay more for the house you want to purchase than you would have just last year, but do you know that the listing price doesn’t always mean market value? Many sellers are getting aggressive with their pricing strategies because they feel the real estate market can sustain it, however, as your Realtor, it is my job to pull comparable sales and make sure you know exactly what market value is. From there, if your heart value supersedes market value, then at least you know you’re making a good decision for you! (CLICK HERE TO EMAIL ME AND I’LL EXPLAIN THE DIFFERENCE BETWEEN HEART VALUE VS. MARKET VALUE)
SELLERS: It’s ok to be aggressive with your pricing, but do not price yourself out of the market. Buyers are smart and while they are willing to pay a little more than market value for a property they love, they will not typically pay too much above actual market value. Do you know that in the Greater Greenville Real Estate Market in June 2018, the price range in which most homes sold was $200,001-$300,000, closely followed by the $150,001-$200,000 range? If you’re property falls within this value know that you will likely have a lot of competition and if you do not chose to price it near market value, buyers will have other homes from which to choose. Something else to consider, June 2018 had the highest inventory in more than 12 months. That means even more potential competition.
2. TIME IS OF THE ESSENCE
BUYERS: I know that in a perfect world, you will look at three homes, sleep on it, and make your decision and live happily ever after in your new home, but I know you know that this isn’t television! The way the Greater Greenville Real Estate Market stands now, when you find your potential dream home, you have to be ready to make a decision. I’m not saying you cannot sleep on it, because in some cases you can and be ok, (if it’s over priced, for example), but the number of days that properties are staying on the market for sale have dropped from the 12 month peak of 60 days that was hit in February 2018. We have seen a 7.1% decline since July 2017. In a nutshell, you have a lot of competition with other buyers and if you feel you have found the perfect home, be ready to move! EMAIL ME AND I’LL BE HAPPY TO GIVE YOU SOME MORE WAYS YOU CAN BE READY TO MOVE WHEN YOU FIND YOUR DREAM HOME!
SELLERS: Do you know that YOU ONLY GET ONE CHANCE TO MAKE A FIRST IMPRESSION? Don’t get so excited about putting your house on the market that you overlook the small details. While inventory is tight, it is up 17.5% from June 2017, which means that you will have some competition when trying to woo buyers. My advice to you is get your home ready, then I can be the eagle eye that walks through and gives you an idea of how buyers will view your property. And, I know living in a “staged” home isn’t ideal, but with the average days on the market sitting at only 43, you shouldn’t have to do it for very long.
3. MULTIPLE OFFERS DON’T ALWAYS MEAN MORE MONEY
BUYERS: In June 2018, sellers in the Greater Greenville Real Estate Market received over 98% of their asking price. Do you know what that means for you as a buyer? You don’t always have to pay over asking price to get the property you’ve always wanted. While many homes for sale are resulting in multiple offers, many times there are factors that influence a seller more than the highest sales price. I have seen sellers accept offers that give them less money but the buyer is paying with cash (loans can be complicated and unpredictable!) over higher priced, financed offers. Other times it is common for a seller to go with a lower offer include: buyer accepting property in as is condition, seller not having to contribute to buyer closing costs, and a quicker closing date.
SELLERS: While the amount sellers are receiving for their properties in relation to asking price is slowly but steadily increasing, it doesn’t mean that you don’t have to try to make any effort to get this type of return. Do you know that according to a 2018 Home Staging Resource Study of over 4200 staged homes, “68% of the staged homes received on average, 9% more than their un-staged neighbor’s home?” I’m not saying you have to go crazy (read my affordable staging tips here), but you do have to put in an effort to make your home desirable…even in this seller’s market!