As many of us know, we are recovering well from the housing bubble-burst that occurred in 2008. However, housing sales in the Western Upstate have increased even further – and by a wide margin.
Abe Hardesty of the Independent Mail said, “According to the South Carolina Realtors Association, the number of homes on the market statewide with a price tag of $200,000 or less fell to 16,654 last month from 19,884 in May 2015, a shortage that is forcing many buyers into quicker decisions.”
He went on to say that our local area has had an impressive housing boom.
“Sales in the Western Upstate, which includes Anderson, Oconee and Pickens counties, in May this year were 17 percent higher than in May 2015 and represented the second-highest percentage in the state,” said Hardesty. “The average number of days on the market for homes in the Western Upstate fell to 93 days, a 10.6 percent drop from the previous year.”
Pat Baird of The Powell Group, which serves Anderson, Oconee and Pickens counties, understands the situation.
“When a client calls about a house, I will call to try to get us in,” Baird said. Quite often, she finds that the house is already under contract.
Think back to your economics classes.
According to Investopedia, “Generally, if there is a low supply and a high demand, the price will be high. In contrast, the greater the supply and the lower the demand, the lower the price will be.”
Such is the case in this situation. The shortage of houses in the $200,000 price range has decreased. Since there is a lower supply, the demand has increased.
What does this mean for the prospective client? It’s quite simple: Don’t hesitate! While we understand that you want to explore options, the house you had at the top of your list may be gone by the end of the week – or even sooner.
The Powell Group encourages you to develop a checklist of the things you want in your dream home. Once in our area, you may view all of our available houses. Our team members are always here to answer all of your housing questions and concerns to help you get the home of your dreams as soon as possible.
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