Lake Greenwood and Greenwood Real Estate Updates

5.45 million existing homes sold in 2016! That is the highest mark set since 2006! Inventory of existing homes for sale dropped to a 3.6-month supply, which is the lowest level recorded since NAR began collecting data in 1999. Also, the median price of homes sold in December was $232,200, making this the 58th consecutive month of year-over-year price gains. Whether you are looking to buy your dream home or sell your house to take the next steps in your life, having a professional on your side who knows the market will make the process much smoother. Contact us today at (864)341-7774 or lakegreenwoodproperty@gmail.com.

When selling your home, your top goal will be to sell it for the best price possible! Below is a list of many small projects you can take on to ensure that this goal is met. 

All of these are great things to do to bring out the true colors of your home for sale. For more information about selling your house, contact us at (864) 341-7774 or email us at lakegreenwoodproperty@gmail.com.

Home sales are now at their second highest pace since February 2007. Demand has remained strong throughout the winter and many real estate professionals are reporting bidding wars with homes selling above listing price. What about your Greenwood home for sale? If your home is on the market and is not receiving any offers, it is likely because of the price. Pricing your home just 10% above market value dramatically decreases the number of prospective buyers that will even see your house. See the chart below.

If you are not seeing the results you want when selling your home, meet with your agent to revisit the pricing conversation. If you are considering listing your home for sale and would like more information, contact us at (864) 341-7774 or lakegreenwoodproperty@gmail.com to discuss your next steps. 

Realtor.com recently shared "5 Habits to Start Now If You Hope to Buy a Home in 2017." Among these habits is setting up an automatic savings plan that helps you save a small amount of money every check. This is one of the best ways to start saving without having to think a lot about it. Another good habit is to start living within a budget now, which will help you save money for down payments and to pay down other debts that may be holding you back. If you think 2017 might be the year that you finally purchase your dream home in Greenwood, we encourage you to practice these good habits to make the home buying process as smooth as possible! Visit our website or contact us at (864) 341-7774 or lakegreenwoodproperty@gmail.com so that we can help make your dream a reality.

As we begin the new year, many families will be deciding if this is the year they will sell their current house and finally move into their dream home. Many will decide that it is best to wait until the spring "buyer's market" to sell their house. That might have made sense in the past, but this winter is unlike recent years! The recent rise in mortgage rates has forced buyers into the market, meaning that there is currently a great deal of buyer demand. At the same time, the inventory of homes for sale has dropped dramatically as compared to this time last year. The chart below shows the decrease in inventory levels by category.

Demand for your home is very high right now, while your competition is at a historically low level. If you are considering selling your home in 2017, don't wait! If now may be the time for you, contact us at (864) 341-7774 or lakegreenwoodproperty@gmail.com to discuss your next steps.

The Federal Reserve collects data across all economic and social groups every three years for their Survey of Consumer Finances. In the latest survey, which includes data from 2010-2013, it was reported that a homeowner has a net worth 36 times that of a renter ($194,500 vs. $5,400). Experts have predicted, however, that by the end of 2016, the net worth gap will have widened to 45 times greater. The graph below demonstrates the latests results and the predicted results for 2016.

Put Your Housing Cost to Work for You

Homeownership can be seen as a type of "forced savings" because each time you pay your mortgage, you are contributing to your net worth. However, every time a renter pays their rent, they contribute to the net worth of their landlord. If you are interested in finding out if you can put your housing cost to work for you by purchasing your dream home in Greenwood, meet with a real estate professional to discuss your options. Contact us at (864) 341-7774 or email us at lakegreenwoodproperty@gmail.com for more info.

When selling a home, every homeowner wants to get the best price. Here are two tips for getting the maximum value when listing your house for sale. 

1. Price it a Little Low

Many homeowners think that if they price their home high, it will leave them a little room for negotiating with a buyer. Although pricing your home a little low seem counterproductive, pricing your home a little over market value will dramatically lessen the demand for your house. See the chart below:

Instead of trying to 'win' the negotiation with one buyer, you should price your home so that the demand for the home is maximized. By doing this, the seller will not have to wrestle with one buyer to get a good price, but will have multiple buyers competing with each other over the house.

2. Use a Real Estate Professional

The seller may believe that they would net more money from the sale of their home if they did not have to pay commission to a real estate agent. However, studies have shown that homes typically sell for more when handled by a real estate professional. For more information about the benefits of having a professional on your side through the selling process, view a previous blog post: 5 Reasons Not to FSBO.

Pricing your home slightly below market value and hiring a professional will guarantee that you maximize the price you get for your Greenwood home. Contact us at (864)341-7774 or email us at lakegreenwoodproperty@gmail.com to discuss your next steps. 

Like anything, the price of residential real estate is determined by supply and demand. if many people are looking to buy a home, and the supply of homes for sale is limited, home prices will increase. According to the National Association of Realtors (NAR), the supply of homes for sale increase dramatically every spring. The graph below shows what happened to housing inventory at the beginning of last year.

Putting your home on the market now instead of waiting for increased competition in the spring may be in your best interest. Buyers in the market during the winter months are truly motivated purchasers who want to buy now. And with a limited inventory currently in most markets, sellers are in a great position to negotiate. If you are considering listing your home for sale and would like more information, please visit our website or contact us at (864)341-7774 or lakegreenwoodproperty@gmail.com to discuss your next steps.

A recent study of more than 7 million home sales showed that the season in which a home is listed can affect how quickly it sells, and the likelihood that it will sell for more than asking price. Because spring is the busiest month for real estate, it is no surprise that listing a home fore sale saw the largest returns during this season. It is surprising, however, that winter came very closely in second! According to the study, "Among spring listings, 18.7% of homes fetched above asking, with winter listings not far behind at 17.5%. While 48.0% of homes listed in spring sold within 30 days, 46.2% of homes in winter did the same." The study goes on to say that buyers in the winter often need to move. Therefore, they are much less likely to make a lowball offer and they often want to close quickly. These are two things that can make selling your home a much smoother process.

If you are considering selling your home and think it may be better to wait until spring, keep in mind that many other sellers will be listing in spring as well. Listing your home this winter will ensure that you have the best exposure to serious buyers in the Greenwood real estate market right now! Contact us at (864)341-7774 or lakegreenwoodproperty@gmail.com for more information about the selling process.