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Greenville, SC Real Estate defies national trends
While much of the US is experiencing a downward slope in real estate, the Greater Greenville area continues to defy those trends in price, inventory, foreclosure, and risk.
By: Cameron J. Keegan - Prudential C. Dan Joyner
According to RealtyTrac, Greenville has a rate of foreclosure 65% below the national average. In their list of the top 100 markets by population, Greenville ranked 88th for number of households in some stage of foreclosure.
Another term in the news is "absorption rate" or "inventory". This has always been a reliable gauge of where a market is leaning (buyers market, sellers market, or neutral). The absorption rate is calculated by counting all of the properties currently on the market, and figuring out how long that inventory would take to sell based on the number of sales in the past. While the national average is approximately 11.5 months (indicating a strong buyer's market), the absorption rate in Greater Greenville is approximately 6.5 months (indicating a neutral market leaning toward the buyer). Greenville has maintained approximately the same absorption rate for many years.
Another common misconception is that lenders have limited funds to give potential buyers. In markets where prices are on a downward slope, lenders have tighter funds, but in lower risk markets such as Greenville, the funds are still readily available. Contact a local lender to find out more details.
That's the reality of the Greenville SC Real Estate (http://www.GreenvilleMOVES.com) market.
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Cameron Keegan has been a Greenville SC Realtor for more than 5 years, and has assisted more than 100 buyers and sellers with their Greenville SC real estate needs.