Real estate market holds strong, experts say

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.

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.

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