Spartanburg SC Real Estate Market

So, after spending the week reviewing the inventory of residential real estate in Spartanburg SC do you think we are in a buyers market or a sellers market?  Or do you think it is a balanced market with an equal amount of sellers and buyers?  This is the last post in the series exploring residential real estate inventory in Spartanburg SC.  This area is also called the absorption rate of Spartanburg SC residential real estate.

Here is the data again to refresh your memory:

After reviewing the inventory of homes in the Spartanburg and Boiling Springs areas what do you think?  Buyers market?, Sellers market?, or a Balanced market with an equal amount of sellers and buyers?

I’m betting most would say it’s a buyers market meaning there are more sellers in the Spartanburg market than there are buyers.  With more houses to choose from buyers have the chance to be more selective and sellers have to compete more aggressively to sell their homes creating a downward pressure on home prices.

But is this the right answer?  What’s my opinion you ask?  Well, at the highest level I would say it is more of a buyers market and slowly continuing to trend that way.  However there is a big but, and it’s a big one.  Just like the best home values always sell the fastest, it’s the same for the best areas as well.  A good clean, safe community with good schools and low crime will always sell faster than one that ranks lower on these same criteria.   With the economy continuing to tighten, despite what our president is trying to get us to believe, people are trying to secure monthly mortgage payments they can afford.  When we combine this trend with affordable houses in neighborhoods that meet the above description we get areas that are holding their home values extremely well.  Boiling Springs home values in the affordable price range, despite a high inventory measured in around 1 year, are doing very very well.  With so much talk of foreclosures in the news why are buyers willing to pay market prices for these homes?  The answer is simple.  Becuase they are worth it.  The home will provide a safe haven for their children, parents, spouses, pets, hobbies, etc.

On the other end of the spectrum are rental property with 2 bedrooms and 1 bath with differed maintenance  in downtown Spartanburg SC that once appraised at $70,000 and now are lucky to appraise at $30,000.  Banks have taken so many back in foreclosures that they do not want to loan money on more until they sell what they already own.  Investors then can’t get loans to buy these Spartanburg rental houses making the buyer pool smaller and limited to cash laden investors and cash laden home owners comfortable in that community.  With more time available it would be interesting to see a further breakdown of the sub-$100,000 Spartanburg residential real estate market as I suspect the under $50,000 houses are plenty but the over $50,000 houses are moving well overall.

I hope you enjoyed this look at the Spartanburg SC residential inventory.  We are much better off then many parts of the country and even here builders are still building and buyers are still buying new homes.  Sellers are still selling for every imaginable reason and home repair specialists are still repairing.  Economies will always have ups and downs and many think we are on our way to being at a bottom in the not too distant future.  While we cannot predict exactly what is next and when it will come, we can use the facts available today to make better decisions tomorrow.

You can search available Boiling Springs homes homes in all the price segments here.

God Bless and keep looking Up.