Hoover-Dempsey_Remax_Greenville_SC_real_estate
  • HOME
  • Custom Market Report
  • Featured Homes
  • Downtown
  • Luxury
  • Condos
  • Lake
  • About
  • Blog
  • SEARCH
Login
(864) 331-4362

Sign in to your account

Need to reset your phone number?

Don't have an account with us?

Click here to sign up.

Greenville's Premier Real Estate Team

TO
Advanced Search

Address Search

Buying Real Estate

III. The Business Market's Cycle and Buying a Home

Recession and Expansion
There are times when the economy is brisk and everyone feels confident about his or her prospects for the future. As a result, they spend money. People eat out more, buy new cars, and...
...they buy new homes. This is actually the best time to sell a home.

Then, for one reason or another, the economy slows down. Companies lay off employees and consumers are more careful about where they spend money, perhaps saving more than usual. As a result, the economy decelerates even further. If it slows enough, we have a recession. This is actually the best time to buy a house, but the worst time to have to sell. Currently Greenville's real estate market is a buyer's market because we have more homes on the market then we have buyer's wanting to buy.

During such a time, fewer people are buying homes. Even so, some homeowners find themselves in a situation where they must sell. Families grow beyond the capacity of the home, employees get relocated, and some may even find themselves unable to make their mortgage payment - perhaps because of a layoff in the family. These houses will sell in the Greenville real estate market, but they must be priced right.

Supply and Demand
When the supply of available houses is greater than the supply of buyers, appreciation may slow and prices may even fall, as happened in the early eighties and the early to mid-nineties.

If you are lucky enough to purchase a home during a slow period, you can be reasonably certain the economy will begin to show strength again. At times, real estate values may even surge drastically. In many regions of the country, this is precisely what occurred in the late eighties and nineties.

Greenville did not follow the national norm of having housing prices surge upward only to crash recently. Greenville's housing prices have remained stable and continue to appreciate at a steady rate.

Should You Try to "Time the Market"?
One problem with attempting to time your purchase to the Greenville business cycle is that no one can accurately predict the future. Another challenge is that interest rates are generally higher during a depressed market and income may not be keeping up. For that reason, fewer people can qualify for a home purchase than in more prosperous times.

Why You Should Not Wait

Plus, this strategy generally works best for first-time buyers. People who already have a home usually need to sell it in order to buy their next one. If a "move-up" buyer wants to buy a home during a depressed market, that means they usually have to sell one during the slow market, too. If a seller wants to sell his home to take advantage of a "hot" Greenville market when prices are fairly high, they generally have to buy their next home in Greenville during that same hot market. It tends to equal out.

Finally, the greenville business cycle can change over time. Since 1983, we have had two fairly long expansions with only a slight recession in between each. You would not want to wait nine years to buy a home, would you? You could miss out on a substantial amount of appreciation by waiting, and end up paying much higher prices.

NEXT: IV. Buying | Comparable Sales

V. Buying | Real Estate Pricing

VI. Buying | Making An Offer & Closing

remax_greenville_sc

CALL US (864) 331-8586

TO HELP YOU Buy your new home.

We have the expertise to get you through it smoothly.

All Articles Lee Cunningham
No articles may be reprinted or displayed without permission

Homes For Sale in Greenville, SC

00 Denver Road, Anderson image
00 Denver Road, Anderson $650,000

45+/- acre Farm in Anderson, SC with a 2+/- acre pond with Steel Creek running through the property. Approximately 20 acres of manicured open land and 25 acres of large h...

  • 0 Baths
5 Winding Rock Road, Simpsonville image
5 Winding Rock Road, Simpsonville $553,000

Brand New Low Maintenance neighborhood, in a fabulous location. The Polar plan boasts a nice size master suite and guest bedroom on the main level. The kitchen in this pl...

  • 4 Beds
  • 3 Baths
00 Murdock Road Unit 33.49+/- acres Murdock Rd, Belton image
00 Murdock Road Unit 33.49+/- acres Murdock Rd, Belton $770,270

33.49 acres in Belton. Fronts on 2 roads. City water available. minutes to main St., Belton. Great for subdivision development.

  • 0 Baths
1 Forest Cove Lane, Greer image
1 Forest Cove Lane, Greer $560,000

Welcome Home! 1 Forest Cove Lane sits on a huge corner lot just minutes away from serene Lake Cunningham. This 3 bed/2.5 bath home boasts an open floor plan, fully fenced...

  • 3 Beds
  • 2.5 Baths
204 Scotts Bluff Drive, Simpsonville image
204 Scotts Bluff Drive, Simpsonville $749,000

Do you love incredible sunset views? How about high ceilings and an open, modern floorplan? If so, continue reading! Located on a spacious lot with only trees and sky beh...

  • 5 Beds
  • 4.5 Baths

The Listings data contained on this website comes from various participants of The Multiple Listing Service of Greenville, SC, Inc. Internet Data Exchange. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The properties displayed may not be all the properties available. All information provided is deemed reliable but is not guaranteed. © 2023 Greater Greenville Association of REALTORS®. All Rights Reserved. Last Updated

Like or Share
Loading likes...

Address Search

facebook Josh Hoover-Dempsey         instagram        twitter

METRO Greenville

Luxury

Condos

Lake

Golf

Featured

Articles

  • BLOG Greenville Real Estate
  • Glossary of Articles
  • Real Estate Glossary
  • Buying I. Benefits
  • Buying II. Things To Avoid
  • Buying III. Greenville's Market
  • Buying IV. Comparable Sales
  • Buying V. Real Estate Pricing
  • Buying VI. Offer
  • Selling I. Getting A House Ready To Sell
  • Selling II. Interior Tips
  • Selling III. Curb Appeal
  • Selling IV. Pricing Your Property
  • Selling V. Listing Commissions
  • Selling VI. Marketing Your House

Testimonials

Mortgage Calculator

Amount of Loan
Annual Interest Rate
%
Term of Loan
Years
Calculate

Does not include any taxes or fees.
Please consult a financial professional.


RamseyTrusted™
Real Estate Professionals

RamseyTrusted ELP

  • BLOG
  • CONTACT US
  • Advanced SEARCH
  • FACEBOOK
  • INSTAGRAM
  • TWITTER
  • TIKTOK

Remax_Greenville_SC_realtors

Josh Hoover-Dempsey

RE/MAX Realty Professionals

864.331.4362

600 Independence Blvd.

Greenville SC 29615

Dave Ramsey's ELP (Ramsey Trusted)

 

 

  • HOME
  • REMAX
  • GREENVILLE SC
  • The Greenville SC Team at RE/MAX
  • Realtor® Josh
  • Realtor® Diane
  • Realtor® Tony
  • Realtor® Keith
  • Downtown Greenville Condos
  • Paris Mountain
  • Golf Homes Near Greenville
  • Real Estate Glossary
  • Privacy Policy
  • Greenville Market Reports
  • Local Partners
  • Sitemap
  • Downtown Greenville Apartments
IDX Real Estate Websites by
• Accessibility • Terms • Privacy