We Are Seeing The Market Shift

Due to increasing inventory, rising interest rates, and economic uncertainty due to inflation, we have seen a cooling off the market activity. This has resulted in 998 price reductions in the last 30 days within the Greenville MLS and a 22% decrease in showing activity across the region. A lot of the changes that we have been predicting are beginning to show up in the numbers.

If you are a home buyer: Things are looking up. Over the past few weeks, we have had buyer clients who have been able to look at properties twice before making a decision. That has not happened in a couple of years! You would be wrong to assume this means you can sit back and take your time; however, for some properties you may not feel as pressured to make a hasty purchase decision. It also points to the fact that you may not have as much competition with waived contingencies and well over asking price offers.

If you are a home seller: You really should consider listing your home sooner than later. These market trends will continue as our market begins to normalize. As inventory increases, so does your competition. Aggressively high listing prices are going to lead to fewer showings, more time on the market, and more price reductions.

As is often the case, recognition of market changes lags behind the change taking place. We monitor the market and track key indicators weekly so we can keep you informed with the latest information. Our goal is to help you navigate the local real estate market no matter the conditions. If you have any questions, contact the Upstate Home team by phone or email. We look forward to hearing from you.

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