TODAY'S Q & A IS WITH TERRENCE PEAKE, A REALTOR® WITH WONDRACEK REALTY GROUP, AN INDIE REAL ESTATE BROKERAGE LOCATED IN GREER, SC. Q: How did you get your start in real estate?
Is It Time To Move Up
“I’m afraid if I sell my home, that I won’t be able to find something else to buy.”
That is what Realtors are hearing from sellers. If you are looking to “move up a level” this could be the perfect time!
The average single-family home price around Greenville, SC in January 2017 was just below $215,000. Let’s take a quick look at five price range levels in Greenville to see which category you fall into. (These four levels are not exact ranges. They are not predicated on scientific numbers. They are a very simplistic way of breaking down the different markets, and are meant to give you an idea of where you are and where you can “move up” to.)
Level One ($0-150,000)
What many would consider entry-level homes would fall in a price range of $0 – $150,000. Since inventory here is low buyers are having a tough time finding a home. In this level, if a seller prepares to list their home properly and with the right price, their home will sell quickly.
Level Two ($150,000 – $225,000)
The price range and demand is very similar to Level One. The trickiest move will be from Level One to Level Two. Inventory is still low here and you must have a great Realtor to help you find the right home, prepare you before hand for making the right offer, and know how to win in a multiple offer situation.
Level Three ($225,000 – $300,000)
This is where the market begins to shift and where I see great opportunities right now. You will be getting top dollar for your home in Levels One and Two. However, the competition is not as strong in Level Three and the choices increase.
Level Four ($300,000 – $400,000)
Houses on this level are selling but we are starting to get into a price range out of the average buyer’s reach. Where there is less demand, a home may stay on the market longer. They are still selling faster than a few years ago, and even last year. However, we are not seeing many houses go immediately under contract the same way as in the first few levels. A seller needs to be sure they are doing everything correctly in the pre-listing phase to present their home in a way that the buyers are expecting. Multiple offer situations are fewer in this price range, giving you more leverage in negotiations.
Level Five ($400,000 +)
This is where we start to see even longer days on market due to low demand. Homes are still selling but not often in the first few weeks on the market. If a seller does not properly prepare in the pre-listing phase, they run the risk of the home staying on the market too long. When it hasn’t sold in a hot market, prospective buyers begin to wonder what is wrong.
What does all this mean for you?
The real estate market is hot in Greenville, SC and in many cities across the country. Inventory is low and in the lower price ranges the competition is tough. Using the right Realtor will get you the most money for your current house and help you secure the next place you call home.
So who’s ready to move up a level?
Who is Brad and how can his experience help you? His long history in the area is an asset when helping you find the right home, in the right area, and at the right price. If you are selling a home....