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Hello everyone and Welcome to another
episode of Selling Greenville your
favorite real estate podcast here in
lovely Greenville South Carolina I'm
your host Stan McCune realtor here in
Greenville in the greater Greenville
area and yeah this is my podcast
we've done this for now over a year
and I thank you guys for listening in if
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just a reminder as always my contact
information is in the show notes should
you need to reach me I've had some
people reach out to me via there's a
if you Google my name you'll find a link
to me on the sedan Joiner website
which is The Brokerage that I'm with
here in
2021 that is fine as well that's
another way to reach out to me but you
can always just text or call or email me
all of that is in the show notes today
we're going to be talking about a
little bit of a deep dive into what is
currently on the market what is the
current situation with our inventory
we've talked about this a lot but I want
wanted to take a little bit of a deep
dive we're not going to spend a lot of
time I think this is going to be a short
episode once it's all said and done
but what exactly is on the market and
what is the current situation there so
let's Dive Right In in the Greenville
MLS these are all statistics that I
took directly out of it just so that you
guys know and by the way when we talk
about the Greenville MLS it also
includes homes that are in Anderson
County homes that are in Spartanburg
County homes that are in Kens County and
a few other counties as well so
because the Greenville MLS so you know
we've got all these different mls's in
the area we've got a Spartanburg one
an Anderson one a Western Upstate MLS
which which is the Anderson one
that I've already mentioned we've got a
Greenwood one we've got a bunch of
different mls's in the
area and ultimately Greenville is the
biggest one by far now that being said
sometimes a house will list in in
Spartanburg but not in Greenville that's
kind of the most common thing that we
see less common is it for something
to be listed in Western Upstate which is
kind of like the Anderson Pickins one
as opposed to being listed in
Greenville but often times things that
aren't directly in Greenville homes that
aren't directly in Greenville will end
up still in the Greenville MLS because
it is the biggest one it's the one with
with the most exposure and so we get a
lot of listings from some of these other
counties in the Greenville MLS so you
just need to understand that that's why
we refer to it as a greater Greenville
area because Greenville kind of consumes
all of these other little markets to
a certain extent so not all of these
numbers that you hear are just going to
be Greenville some of these quite a few
of them actually are going to include
other markets so that honestly makes
the data a little bit more even shocking
when you think about it but here we
go we have currently as of this podcast
I'm recording this on April 13th and of
course these numbers will change as the
day goes on but this is April 13th
2021 I pulled up the number of active
listings in the Greenville MLS active
listings means these are not under
contract I only focused on actual
houses now when I say houses it's some
type of structure that's
non-commercial typically every once
in a while a commercial property will
kind of find its way in there
non-commercial also non- multif family
there there's really not a whole lot of
multif family on the market right now so
I'm not even spending my time with that
at the moment but just looking at
General single family housing which
includes you know your your standard
what we would call a detached house a
single family house includes condos
Town Homes apartments that are for sale
it would include mobile homes and
modular homes and the other SL miixed
use category which is there's not a
whole lot for sale among those I'm
not going to get too far into that
but those are kind of generally speaking
what we're looking at I'm not looking at
multif Family commercial Lots or land
I will say I didn't filter out some the
just the way this is structured some of
these might have properties that are
for rent I I just so that you know it's
kind of a bit challenging to filter
those out just the way the Paragon
software that we have to use is
structured that our MLS here is built
on so all of that to be said I come up
with the number of
1241 active listings now
what does that mean right well here's
what that means on a good day on a busy
day typically like a Friday maybe even a
Saturday maybe even a Thursday we might
get anywhere from like a 100 to 150
new properties that come on the market
now I say properties because that could
include lots and land and and some
other things like that but generally
speaking that's predominantly going to
be houses condos town homes mobile homes
what we're talking about right now so on
a busy day during the week we might get
100 120 150 new listings and currently
there are
1241 that are actively for sale that
means that on any given day we could up
that number by just 10% or or more
possibly and so what that means is
that that's like nothing like 1,41 you
think that there are more than 1241
active buyers in the market right now I
listed a home recently that just in
the
MLS okay there are some statistics I can
look at in the MLS once once I list a
house and it will tell me like how
many people in the MLS it hits so if I
set up a search for my clients in the
MLS then when a new listing comes on
the market it will basically be
connected to the clients that it fits
their criteria for so if I set up a
criteria for a client you know
three-bedroom two-bedroom house in
Greenville County below $300,000 when
a home that fits that criteria comes on
the market it will basically link
that house to them and it will you know
the way I have it set up actually send
them that listing for them to look at
well the listing agent can can look at
they can't see which client those are
getting sent to but they they can see
the metadata on like how many clients it
was sent to how many people it hit etc
etc etc it's not uncommon for me to list
a property that has over 200 people
maybe even as many as 300 people that
that property is linked to well that's
just one property with very specific
criteria and there are 1241 active
listings I I can't even them how many
active buyers there are in the market
right now I mean thousands and thousands
of active buyers right now and only 1241
active listings this is what we talk
about we talk about the supply issues
the inventory issues in the Greenville
area you can't even fathom it you
cannot fathom how much of an issue this
is and this is why everything it
feels like at least has multiple offers
on it as soon as things hit the market
we can also look at how many are under
contract this is really shocking as well
there are currently
3232
3,232 of these Residential Properties
that are under contract that's almost
three times the number of those that are
currently active for sale 3,000 that are
uh
3,232 that are under contract
1,241 that are for sale absolutely crazy
the past 24 hours alone
1,497 homes went pending now pending is
a weird status that we have here in
Greenville we have two statuses
that refer to homes that are under
contract and it's I I don't fully
understand why we do it this way but it
is what it is we have a contingent and
if you're on realtor.com which I always
recommend people if you're going to
use like a a a
website such as Zillow or redin or
Trulia or whatever use realtor.com it's
much clearer it's easier to see if if a
property is contingent or pending or
whatever but it'll say on there what
that status is so we have contingent
is one of them that just means there is
a contingency on the property that
could be a variety of things financing
repairs
inspections appraisal etc
etc and then there's pending well
pending doesn't necessarily mean that
there's no contingencies but it can mean
that means different things to different
people some Realtors as soon as a
property goes under contract they
automatically change it to pending some
of them automatically change it to
contingent and then keep it as
contingent until it sells and then they
change it to sold others will start it
when goes under contract if it has
contingencies under contingent as
contingent and then at some point in the
process we'll change it to pending
that's that's what I tend to do I feel
like that's the most accurate thing to
do usually once we're kind of past
the main milestones in the process of
the listing U such as the inspections
and repairs and all of that that at
that point I will switch it over from
contingent to pending so all that to
say 1,497 homes the past 24 hours got
switched to pending that could be new
homes that went under contract that
could be homes that got switched from
another status over to pending there's a
lot of different things that could
happen the point is that in the past 24
hours more homes went to pending than we
have homes on the market and that is
absolutely insane
absolutely insane again I've got I've
got no category for that I'm not happy
about that by the way a lot of people
are like this must be a great time to be
a realtor no it's a terrible time to be
a realtor are you kidding me having to
every buyer client I'm having to do
three four five times the work I
normally do to get them to closing you
know we have to to show how many houses
put in how many offers it's discouraging
it's def it's defeating for a lot of
them it's a very difficult time to be
a realtor in many respects it's not
as difficult I'm sure as it was in 2008
2009 from the stories I've heard from
others when you know we were in a major
major housing recession but it's hard
it's it's not the easiest time to be a
realtor we would pref prer that the
market eases up a little bit those that
only do listings that don't represent
buyers okay they're having a great time
right now as long as they can get the
listings but those of us that do both
like myself I represent buyers and
sellers yeah for my sellers it's it's
great for my buyers which is a lot of my
clients it's pretty difficult and so
that's just something to keep in mind
if you're thinking about becoming a a
realtor I would wait this one out bit
okay let the let the dust settle a
little bit you might be able to poach
you know a buyer client here or there
but you're going to be spending a lot of
time with those buyer clients just FYI
now we've got
1,241 active listings in the Greenville
MLS here's a little breakdown of what
these are 912 of those so about what 34s
of those are regular houses single
family houses
okay 3002 of them so about
the roughly the other quarter of them
are condos Town Homes apartment types of
properties and then only 27 of them kind
of the the table scraps are Mobile Homes
modular or other types of property so
the basic breakdown we don't have a
whole lot for sale 3/4 of what we do
have for sale is basically regular
homes mobile homes Modell Etc
and about one quarter of them are condos
Town Homes some type of De of attached
property that is attached to another
Unit A multi-unit type of property not
multif family not like a duplex again
I'm not including those there's not very
many of those for sales as I already
said but homes that are individual homes
that that are for sale but that are
attached those are what are deemed
condos town home H Etc so if you're
looking for a condo or a town home
you only have 300 to choose from that is
not very much not a whole lot to to
choose from here if you're looking for a
normal house a single family house 900
to choose from that's also not a whole
lot gets worse though I hate to say it
so of all of these so again 1241 active
listings almost
half of those are new construction
610 of those are new
construction now I mention that because
most of the market is not looking for
new construction what I find myself
doing is I find myself not pushing my
buyer clients towards new construction
but but focusing more on that than I
have in the past and and helping them to
see okay it's crazy out there right now
if you're looking to move and you you
have some flexibility in terms of your
time frame new construction might be the
way to go Now reminder as a buyer's
agent I represent clients on new
construction I highly recommend you know
you don't have to use me but but get
representation the the Builder is
okay with you having an agent they're
not going to reduce the cost of of
the house that you purchase that you
have built with them because you don't
have an agent get someone on your side
that can actually represent you all
right that aside basically half of
our inventory is new construction and of
that 610 new construction
534 of those either have not been built
yet or they've been started but haven't
been completed and again that's not
for everyone some a lot of people
they're looking to move they're looking
to move now they don't want to get you
know into this whole new construction
thing
so here your the numbers are even lower
now we're talking about out of
everything that is on the market only a
little more than
600 of the things of the of the houses
that are currently on the market are
actually like you could move in today in
theory if you bought it today or you can
get it under contract and potentially
close in 30 to 45 days we're talking
about some somewhere between 6 and 700
listings total that are on the market
that fit that criteria that's crazy it's
crazy there's no other way to put it
and and one thing that we keep seeing
over and over again in in recent
weeks is Builders now be what's
happening as people do start to go
towards these Builders now they're
becoming overwhelmed and now they have
to pull back and say you know what we're
so far behind and and construction
costs keep going up there's volatility
with building costs and so there a
lot of these Builders Meritage SK
I think Enchanted variety of of them
actually aren't accepting new contracts
so it's actually making it even worse
I hate to say it because now the
builders are having this influx of
buyers that normally would not be
looking at new construction but are
because they don't want to be out there
in the marketplace where it's just crazy
they'd rather just go ahead and just
build a home and just you know go that
route the builders are getting
overwhelmed and so that's just going to
create more issues I I hate to say it it
it's just making it more difficult but
we need to just be honest about the
situation here all right let's break
this down a little bit more all right of
those active listings 19 of them are
less than or equal to $100,000 so
obviously we've known this for a while
there's not a whole lot on the market
below
$100,000 and like I said some of
those would be properties that are for
rent rather than properties that are for
sale the point is there's not there's
basically nothing on the market below
$100,000 between1 and $200,000 we
have 160 for sale also not very much
almost all of those I shouldn't say
almost all of those but a lot of those
are going to be fixed or uppers and
the ones that aren't going to be fixed
or uppers are going to go under contract
very quickly very quickly between 200
and 300,000 so this is the sweet spot
right this is kind of Greenville the
greater Greenville area sweet spot is
the 2 to
300,000 range that's where the most
demand is that would be 535 homes
that are for sale in that range 220
between 300 and 400,000 and then
everything else 400,000 above is the
equivalent of
466 active listings so over a third
of the active listings are homes that
are over $400,000 this is why and and
over half are over $300,000 remember
the median price point in greater
Greenville area is like I say 250,000
it's probably closer to like
240 but but generally speaking you
can think of the average home that
gets sold in this area as being about a
$250,000 home right now well less
than half of the homes that are for sale
are even close to that over half the
homes that are for sale are above
300,000 so that's the problem so here
we go this is the way the market is now
we've talked about this before but I
just want to mention real quick this is
why it's important to have a good
buyer agent just a Shameless plug cuz I
am a realtor I don't just do this just
for fun I do enjoy doing this podcast
but I don't just do this podcast just
for fun this is a way for me to
promote myself and so just a Shameless
plug I have gotten a lot of clients
under contract over the years in
multiple offer situations and I also
understand
what the balance is between going way
above what a home is listed for which we
have to do sometimes right now or how
much wiggle room for negotiation do you
have now at the end of the day I I'm not
pushy so I won't push my clients to go
way above the list price at the end of
the day it's up to you how what is this
house if you're looking at a house
what's it worth to you is it worth it to
you to go 10 $15,000 above what it's
listed for is is is it worth it to you
is this a very unique house you don't
think that you're going to find another
house like this then you you should
probably consider going above the list
price if it's a house that you're like
I like it but I'd be okay if I lost
it then you don't have to to take that
strategy so there's not a one-sized
fits-all strategy it really just depends
on what you do but I try to be very
honest and very forthright in terms of
okay here's what I think you would need
to do to get it that it might not be
worth it to you to do that and I'll
submit your offer even if it's not an
offer I think will be accepted but here
is what I'm what I'm seeing in the
market and right now I don't really
see anything that sells below what
it's listed for it's just it's just not
happening unless the house is on the
market for a really long time and
then if it's on the market for a really
long time you have an opportunity to go
and potentially to get the price down a
little bit unless it's a builder if if
it's a builder you're not going to get
them to come down too much on their
price a big production Builder don't
even think about it there it's like
going to a store and buying something
you you don't go to Walmart and start
haggling them on the price that's the
way the the big production Builders are
around here in terms of the homes that
they have for sale so all that to say
it is a difficult Market to be a buyer
in but if you have someone doesn't need
to be me just make sure you have a
realtor on your side that understands
how to get homes under contract in this
market that doesn't push you every time
to go way above the list price
because that's not the right way to do
it either you there's a lot more that
goes into that than just saying well we
got to go above the list price we got to
go above the list price you might
need to go above the list price to get
the house but you also might not feel
good about it and if you don't feel good
about it then you shouldn't do it so
there's a lot to consider there but
it it is a it is a challenging Market
but we can persevere I've got a lot of
buyer clients right now and I'm getting
a lot of them under contract if you're
looking to get into the market looking
to buy you need to make sure you've got
a buyer agent
that understands how to get you under
contract in these difficult times I've
talked about this a little bit in my
previous podcast so I'm not going to get
into the weeds I'm also not going to
tell you all my secrets and have all
those other agents that are listening to
this seal all my secrets all right
let's just be honest here but we've
talked about this a little bit in the
past we' talked about escalation Clauses
and and how to word contingencies and
how to make your offer a tight offer
something that's attractive and
appealing to the seller etc etc you
can go back and listen to past podcast
where I talk about that right now I just
wanted to give you guys a quick snapshot
of the market yes it is still a very
crazy sellers Market but don't let
that discourage you from buying it's not
like prices are going to go down anytime
soon it's not like mortgage rates are
going to go down I don't anticipate
mortgage rates are going to are going to
go below what they were in 2020
they're they're going to keep going up
almost certainly almost certainly
and so really you have two choices right
if you're looking to buy you can either
choose
to take advantage of the lower mortgage
rates and all of that But realize
that it's a difficult market right now
or you can wait it out knowing that
you're going to have homes that continue
to go up in price and probably mortgage
rates that continue to go up as well so
you're going to be spending more you
might have less competition it might be
a little bit of a more pleasant process
of buying but you're going to end up
spending more in the long run all right
that's all I've got for you guys I
hope you guys have a great week we have
a little cold front coming in the
weather's been great we're going to have
a little cold front coming in is what I
understand I think it'll still be nice
weather I'm looking forward to it trying
to get outside as much as possible
but I love you guys I hope you have a
great rest of the week and stay safe
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