There are encouraging signs that our local real estate market has somewhat stabilized and some segments of the market have even shown a small increase in price. However, there still are price pressures on higher priced homes.
There are currently 250 homes on the market in the Spartanburg MLS priced between $350,000 and $500,000, a 37 month supply. Homes over $500,000 and up to $700,000 have even more competition with 93 on the market, a 6.5 year supply.
Many of these homeowners must sell their homes and with so many to choose from they are selling for below market value which drives down the price of other similar properties. This along with the distressed properties, foreclosures and short sales are forcing down prices in many areas.
What can you do to protect your home’s value? Location, condition and price are still the most important factors in home sales and in maintaining value. Condition of your home is very important, but so is the condition of the Community. Property values are best maintained in communities that are extremely desirable to potential home buyers. Therefore “curb appeal” of every home is important to the desirability of the community. Well maintained landscapes, streets and entrances all play a role in the “curb appeal” of a community. Many Homeowners Association are assigned the task of the common areas, but each homeowner has a responsibility for beautifying and maintaining their homes as a member of the community and protecting the property values for all.