Friday, January 29, 2016

Real Estate Predictions for 2016



real estate predictions for 2016
By taking a look at the overall predictions for real estate in the year 2016 we can then get a feeling for what will happen on our area in the future.

After reviewing an article provided by Reuters on an interview with Svenja Gudell who was recently appointed chief economist for Zillow.com.
  • Which real estate markets will be hot in 2016? Due to factors like unemployment, population growth, home value and inventory decline, the markets in Boise, Idaho, Salt Lake City, Utah, Omaha, Nebraska, Denver, Seattle, Dallas/Fort Worth and Portland will stand out from the rest.
  • Any areas that should be forgotten? No. Cities are good at reinventing themselves it’s just a matter of finding one that fits you and/or your family.
We can take a look at the development projects going on in Greenville as a testament. Downtown Greenville has a lot of projects in process and on tap for 2016 and into the future. Historical buildings are being renovated and new housing/shopping/eating combination projects are being developed.
  • How will location play a factor in 2016? Cities across the country have pretty low inventory right now. So first-time home buyers will probably look more toward the suburbs, but they must be denser and have a higher walk-score.
  • How did the Feb rate rise affect real estate? The real estate markets across the country have not yet responded to the Fed rate increase. There were a lot of expectations about a rise that were already addressed before it happened. As the rates continue rising, the coastal areas like Seattle, San Francisco, New York and Miami will be impacted first.
  • Are millennials going to start buying? Yes, however it won’t be a rush it will be a trickle. Millennials are getting married later, having children later and buying homes later in life. With low inventory, the lower price levels are thin and there is a lot of competition.
  • Should we be optimistic? Yes. Some markets will turn over quickly with high competition and others will be a bit slower but the trend is moving forward.
I also took a quick look at the existing home sales from Realtor.org and in the South including South Carolina they jumped 14.6 percent in December and are 4.6 percent above a year ago. The median price in the South was $196,100 up 6.8 percent from a year ago.

real estate predictions for 2016HUD also puts out a report on new residential construction each month so I reviewed the December 2015 report. Privately-owned housing starts in December were 2.5 percent below November but 6.4 percent above December 2014. Privately-owned housing completions in December were 5.6 percent above November and 7.9 percent above December 2014.

As we can see from our local Greenville market although existing homes are being turned over due to low inventory, new housing starts are being permitted, built and sold upon completion. This leads to a good balance in our market for existing home sellers versus new construction. Homes in suburbs closer to downtown Greenville might fair better with the younger buyers than homes farther out. Millennials want to belong to closer knit communities where driving is an option not a necessity.

And remember if you, a friend or family member need assistance with selling or buying a home I can help. Referrals and people needing relocation assistance are welcome! Search Single Family homes in Greenville. Search Condos and Townhomes in Greenville.

Friday, January 22, 2016

5 Hacks for Pipes this Winter


5 Hacks for Pipes this Winter
Old man winter is upon us and he is bringing more cold and snow this year. Homeowners should inspect and winterize their pipes before the frigid stuff sets in but if you didn’t here is some help.
  • Turn on your faucets. One classic hack you can do is when temperatures dip to 32 degrees or lower for a extended amount of time you can lessen the chance of freezing pipes by turning on the faucets so that they drip at about five drips per minute. This will keep the water flowing and lessen the chance of stationary water freezing in the pipes.
  • Open cabinet doors. In kitchens and bathrooms we have exposed pipes and plumbing. By opening up the doors you allow the warm air to circulate around them and lessen the chance of a freeze. This would be more important for pipes that go into or come out of an outside wall of your home.
  • Wrap those pipes. Before a hard freeze hits wrap your outside pipes with spare towels or blankets to protect them. Heat tape is also a quick and easy solution that can be found at your local hardware or home improvement store. Be careful to use outside grade extension cords when plugging it in.
  • Grab the hairdryer or heatgun. These two items can work great in a pinch. They heat the pipes without exposed flame so no threat actually loosening the connections. Once the pipe is warm, turn on a faucet to get the water flowing again. Hint: if you have a pipe you constantly need to thaw better look into a more permanent solution like insulation.
  • Pipes already frozen? Turn off your water at the source. You don’t want more water squeezing into your plumbing and freezing and causing pressure where you don’t need it. Once you stop the water flow and the system begins to thaw it has the ability to recover without more water flooding in and possibly flooding your home.
5 Hacks for Pipes this WinterNot all frozen pipes will burst but when it does it is because water expands when it freezes and adds a lot of pressure to unyielding pipes. This pressure can cause leaks in the pipe joints or cause the pipe to crack in the middle.

To spot a freezing pipe, look for a water line that is coated with frost or might be bulging in an irregular way. If the pipe is not visible look for faucets that won’t flow or toilets, when flushed, don’t fill up like they should or not at all.

If you do find a problem, shut off the main water supply then use the hacks above to unfreeze the pipe. You want to lessen the chance of water damage as much as possible.

And remember if you, a friend or family member need assistance with selling or buying a home I can help. Referrals and people needing relocation assistance are welcome! Search Single Family homes in Greenville. Search Condos and Townhomes in Greenville.

Friday, January 15, 2016

National Market Report




I was perusing the web the other day and came across some numbers provided by CoreLogic that I thought I would share with you. Often we overlook the importance of national trends in real estate but the national trends often are a good predictor for the future of your local market.
  • Year over year national home prices increased by 6.3 percent in November.
  • Home prices are still 7.3 percent below April 2006 peak.
national market reportThese two statistics tell us that although the real estate market is below the 2006 peak, it is coming back at a moderate level each month. This might indicate that buyers are gaining more confidence in their financial situations and homeowners are willing to sell. Figure 1 shows the year over year growth for the 25 highest appreciating states.

CoreLogic also tracks four individual home-price tiers as they relate to the national median home price. Figure 2 maps the levels of the four price tiers from January 2006 just before the tier hit their peak value. Following the chart, we can see that the low-price tier has had the most significant growth recently increasing 8.2 percent year over year in November 2015. The low-price tier also recovered a whopping 48.8 percent from its lowest point in March 2011.

national market reportAlthough our economy is still in slow recovery and the job market is gaining, homebuyers are being cautious and taking advantage of buying homes in the low-price range. The trend for millennials is to buy in urban areas where they can walk to work, shopping and dining or to buy smaller homes (see our previous post Would you be happy here?) so their monthly payments are not large. Since the depression, homeowners don’t want to be locked into 30-year mortgages anymore.

Some stats pulled from Trulia shows the average listing price for Greenville homes for sale was $294,355 for the week ending January 6th. Trulia is showing this as an increase of 0.8 percent over the prior week. Number of active listings dropped again in January while average listing price is on a continual rise.

And remember if you, a friend or family member need assistance with selling or buying a home I can help. Referrals and people needing relocation assistance are welcome! Search Single Family homes in Greenville. Search Condos and Townhomes in Greenville.

Friday, January 8, 2016

3 Hacks That Make Snow Shoveling Easier


Well, as most of you have experienced lately, winter is upon us in full force. Some of us are getting deluged with rain while others of us are getting snowed in. On that note, here are three snow shoveling hacks that will make your job easier.
  1. Hack #1: spray it! Pick up a can of cheap spray cooking oil and spray it on your shovel. Keeps the snow from sticking and making your job heavier
  2. Hack #2: tarp it! Yep, you read that right. Before the snow flies, lay down a tarp over the area where you need the snow removed. Use firewood or any spare pieces of wood to weight the tarp down. Then mark the edge of the tarp with a stake or your shovel so you don’t lose it under the snow. After the snowfall just pull the tarp up and over to clear it. Be careful of weight though, snow can weigh a lot.
  3. Hack #3: de-ice it! Although there are things like salt and commercial de-icers available, many of these are not environmentally friendly. So how about a homemade alternative that costs less too! Combine 3 parts vinegar with 1 part water then carefully pour over your walkway before the storm to make removal easier. Or after the storm, use 2 parts rubbing alcohol to 1 part water and spray where needed.

Happy Winter Everyone!

And remember if you, a friend or family member need assistance with selling or buying a home I can help. Referrals and people needing relocation assistance are welcome! Search Single Family homes in Greenville. Search Condos and Townhomes in Greenville.

Thursday, January 7, 2016

Just Listed - 9 Tristan Ridge Ct, Greenville, SC 29611

9 Tristan Ridge Ct, Greenville, SC 29611
9 Tristan Ridge Ct, Greenville, SC 29611
Price: $42,800

Bedrooms: 4
Bathrooms: 2

Square Feet: 1600
Type: Mobile Home/Detached Single Family

Mobile home has nice large lot featuring 4 bedrooms, 2 bathrooms on .52 acres situated in a cul-de-sac. There is a lot of usable space in approximately 1600 HSF home. Big open kitchen, nice size bedrooms, secondary bathroom is huge, then there is the private lot backing up to woods in the cul-de-sac.

Click this link to see more pictures and details on this property:
9 Tristan Ridge Ct, Greenville, SC 29611

The interactive map below shows the area of 9 Tristan Ridge Ct but not necessarily the exact location of the lot itself. Directions: 183N from downtown Greenville, cross over White Horse Road then L on Old Farrs Bridge; L on Old Homestead; L on Fern Valley; L on Tristan Ridge Ct. Home in cul-de-sac.