For months now we have been pelted  with "National News" about the down real estate market, the economy, etc.   We've heard all kinds of words and phrases that have stuck in our minds. Some of those things have only been questions, yet even questions can give us an uneasy feeling or fear. There has been the "real estate bubble" thing, the "down market", "dropping home prices", and one of my favorite (or least favorite perhaps) is that "the real estate market has tanked"! The list certainly goes on... 

Even the local Greenville News recently took the opportunity to jump into the game and use fear mongering to try to sell papers (as if we need more negativity dropped on our doorsteps each day!). In their radio ad, aired on local W.O.R.D., they had a recording of a person fearfully saying that gas prices are so high it has locked up her budget and then another person is heard dispairing that, "here I thought that home prices had bottomed out, now what do I do?" The inferrance of this second person seemed to be that home prices still had not bottomed out!

Well, here is a NEWS FLASH: Home prices have not even dropped here in Greenville! Yet here is our own local news source spreading misleading information on "talk radio" in the form of a radio advertisement! May I suggest that in answer to this lady's particular question, "what do I do?" I say, what you don't do is order The Greenville News!

So where are we? What is going on here in Greenville on the real estate front? How do we as homeowners respond to our market in such a way as to be good stewards of our money and resources in general? Is now a good time to buy or sell homes? Are banks even making mortgage loans now?

I will begin to answer a these questions in this article and continue with others over the next few days and weeks to come. There is a good chance that, based on what you've probably been hearing in the National news, you'll be surprised by what you read here!

Let's start by saying that "real estate" is a local economy and "local" real estate trends are effected by the local economy and forces that are local in nature. What happened or is happening elsewhere may not by necessity happen here. If you recall hearing about sky-rocketing home prices in other markets around the U.S. a few years back and felt left out at the time, perhaps you feel better knowing that, while homes there are moving back down to where they are affordable in those places, we in Greenville are NOT participating in the misery! (Watch for more on this later.)

Prices have continued to move up in Greenville over the past year but at a slightly reduced rate. My estimate would be more like a 2-3% annual appreciation rather than a more typical 3-4% annual rate. The most recent statistics from the Greater Greenville Association of Realtors (GGAR) shows home sales down about 20% year-to-date, from the same period one year ago. However, the average number of days on the market for "Sold" homes is now up to about 98 days, only about 5 or 6 days above last years average! The local real estate market is only slightly changed from a year ago and nothing in that change seems to dictate any significantly different behavior from that of a year ago.

The Greg Jansen Team listings continue to sell in an average of about 45 days due largely to our staff and our ability through our increased staffing and technology to make effective use of internet marketing and technology enhanced marketing. We are also thrilled that our average sold price to list price ratio is also about 4% higher than the GGAR average. We are proud to be able to bring these great values to our client's bottom line during one of the biggest financial transactions they make.

If there are any questions or comments about how the real estate market may effect a decision you are considering now or in the near future, please don't hesitate to call us. We will continue to gather and provide the real truth to what is happening in our real estate market and how it effects you!