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Real estate market holds strong, experts say

Administrator July 23, 2022

As the real estate market boom continues across the country, demand isn’t expected to slow down in the Upstate any time soon.At the beginning of 2022, realtors told WYFF News 4 that it was tough to keep houses on the market.“It may slow down everywhere else, but not here,” Palmetto State Home Mortgage owner Shawn Ezell said.RELATED STORIESReal estate agents expect ‘insane’ market boom to continue into 2022Locally-developed app promises to simplify house shoppingSouth Carolina 2021 real estate market cooling off after busy summerEzell says he talks to about 10 people every day who are moving to the Upstate from around the country.One realtor says the market is certainly still holding strong for sellers.“Prices are still increasing,” Leigh Irwin, a realtor at Berkshire Hathaway Home Services, C. Dan Joyner Realtors, said. “If you look at the statistics. Days on market are still decreasing.”Irwin says they are seeing slightly higher interest rates, so it’s requiring buyers to adjust their expectations a little bit, but it’s not keeping most from buying.“So, someone who could afford a home here around a 3% interest rate back at the beginning of the year or maybe last year, is now looking at a 5.5% interest rate,” she said. “So they’re looking at a home more in this price range.”Likewise, Ezell says it’s not stopping anyone from trying to buy. He says interest rates are still historically low.“We were seeing low 2s there for a while,” he said. “Now we’re back in the 4s and 5s, and that’s normal. That’s what rates are. Historically, still low. Back in the 80s, they were in the 14s and things like that. Now, it’s just a little bit higher than it was, but it’s still great.” In good news for buyers, Irwin says there are more homes coming on the market.“We have a really sweet spot in the market, where if you’re a purchaser, you could potentially have more options, depending on where you’re looking,” Irwin said. “What area. So it’s a really sweet spot in the market for a buyer to have a few more options, but also for a seller to still be able to do really well.”Looking ahead, experts don’t see the market calming down completely any time soon.But Irwin wants to calm the fears of a major market crash, which she doesn’t expect to happen.“I was in the market in the 2008 crash and saw all of that, and this is a completely different situation we’re in right now,” she said. “So I think what we’re going to see is just a slight correction in the market, which, quite frankly, might be needed.”Experts still highly encourage people to buy instead of rent, noting quickly rising rent prices as well. “It’s way cheaper than renting. You know your money is going somewhere. You’re not throwing it away. You’re not paying somebody else’s mortgage for them. And you’re going to benefit from it. It’s one of those things where it’s the best investment you can make.

GREENVILLE, S.C. —

As the real estate market boom continues across the country, demand isn’t expected to slow down in the Upstate any time soon.

At the beginning of 2022, realtors told WYFF News 4 that it was tough to keep houses on the market.

“It may slow down everywhere else, but not here,” Palmetto State Home Mortgage owner Shawn Ezell said.

RELATED STORIES

Real estate agents expect ‘insane’ market boom to continue into 2022

Locally-developed app promises to simplify house shopping

South Carolina 2021 real estate market cooling off after busy summer

Ezell says he talks to about 10 people every day who are moving to the Upstate from around the country.

One realtor says the market is certainly still holding strong for sellers.

“Prices are still increasing,” Leigh Irwin, a realtor at Berkshire Hathaway Home Services, C. Dan Joyner Realtors, said. “If you look at the statistics. Days on market are still decreasing.”

Irwin says they are seeing slightly higher interest rates, so it’s requiring buyers to adjust their expectations a little bit, but it’s not keeping most from buying.

“So, someone who could afford a home here around a 3% interest rate back at the beginning of the year or maybe last year, is now looking at a 5.5% interest rate,” she said. “So they’re looking at a home more in this price range.”

Likewise, Ezell says it’s not stopping anyone from trying to buy. He says interest rates are still historically low.

“We were seeing low 2s there for a while,” he said. “Now we’re back in the 4s and 5s, and that’s normal. That’s what rates are. Historically, still low. Back in the 80s, they were in the 14s and things like that. Now, it’s just a little bit higher than it was, but it’s still great.”

In good news for buyers, Irwin says there are more homes coming on the market.

“We have a really sweet spot in the market, where if you’re a purchaser, you could potentially have more options, depending on where you’re looking,” Irwin said. “What area. So it’s a really sweet spot in the market for a buyer to have a few more options, but also for a seller to still be able to do really well.”

Looking ahead, experts don’t see the market calming down completely any time soon.

But Irwin wants to calm the fears of a major market crash, which she doesn’t expect to happen.

“I was in the market in the 2008 crash and saw all of that, and this is a completely different situation we’re in right now,” she said. “So I think what we’re going to see is just a slight correction in the market, which, quite frankly, might be needed.”

Experts still highly encourage people to buy instead of rent, noting quickly rising rent prices as well.

“It’s way cheaper than renting. You know your money is going somewhere. You’re not throwing it away. You’re not paying somebody else’s mortgage for them. And you’re going to benefit from it. It’s one of those things where it’s the best investment you can make.

Tagged 2008 recession Estate Experts holds home buyer home prices home seller house Market market crash Mortgage mortgage broker Palmetto State Home Mortgage Real real estate real estate market realtor rent strong

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Discover Financial (DFS) Beats on Q2 Earnings, Suspends Dividend

Administrator July 23, 2022

Discover Financial Services DFS reported second-quarter 2022 adjusted earnings of $3.96 per share, which beat the Zacks Consensus Estimate by 5.6%. However, the bottom line plunged 29% year over year. DFS’s revenues — net of interest expenses — amounted to $3,224 million, which declined 10% year over year. However, the top line beat the consensus […]

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Poconos real estate market experiencing ‘tight supply’

Administrator July 13, 2022

While Monroe County has experienced increased market values and held steady, othering neighboring counties in the Poconos are now seeing small decreases in their housing market values. The market in the Poconos is also experiencing a tight supply, due to the increasing number of investors driving up home prices. Becky Freeman has been a realtor […]

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China’s homebuyers are running out of patience with the real estate slump

Administrator July 20, 2022

Chinese real estate developers, including highly indebted Evergrande, have operated a business that relied on selling apartments before they were completed. Pictured here is an Evergrande development in Beijing on Jan. 6, 2022. Bloomberg | Bloomberg | Getty Images BEIJING — China’s real estate market desperately needs a boost in confidence, analysts said, after reports […]

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Housing market “pushed to the limit” as mortgage rates jump, sales slump

Administrator July 30, 2022

The housing slowdown we’ve been anticipating for months is here. The big picture: Home sales are slowing down, and some of the pandemic era’s hottest “Zoomtowns” — sleepy areas where remote workers pushed up real-estate prices — are already seeing price drops. Why it matters: The idea of a real estate downturn might seem scary, especially […]

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