The Greenville News reported last week that market conditions in Greenville real estate remain strong despite national and regional shifts. According to the article, sales in the Greenville market (which includes Pickens and Laurens counties) are up 6.5% over the same period a year ago. In contrast, existing home sales throughout the South was down 3.4% in May, with Florida leading the decline with a 34% decrease in sales.
I am cautiously optimistic this trend will continue. However, there are several trends to watch that could take the wind out of our sails: the continued rise of interest rates (fewer buyers able to afford real estate), the sub-prime meltdown (fewer buyers qualifying) and trickle down effect from other markets (potential Upstate area buyers that can't sell their home in Florida).
Anyone have any thoughts or opinions?
Sunday, July 1, 2007
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