Hello everyone and Welcome to another

episode of Selling Greenville your

favorite real estate podcast here in

Greenville, South Carolina I'm your host

as always Stan Mccune I'm a realtor here in

Greenville you can find all my contact

information in the show notes if you

need to reach out to me for any of your

real estate needs please just a reminder

as always if you like this content

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those things I'd appreciate if you guys

could go ahead and do that as well

but I just want to say just right off

the bat I appreciate all of my listeners

so thank you for listening regardless of

whether you do that but an extra thank

you for those of you that have gone

out of your way to to take those

additional steps today I want to talk

about something a little bit

different and this is a topic that

applies to outside of of the Greenville

area but as I tell you guys we we T

touch on some national subjects here

but it's always through a Greenville

lens when when I do that and so I don't

want you know things get twisted here

everything I say real estate is

hyperlocal and everything I say about

real estate is through a Greenville lens

I'm sorry my my filter for for

my computer here because I'm recording

this for YouTube It's kind of wigging

out with with my microphone so I just

moved my microphone hopefully that

didn't mess up anything but I want to

talk today about

specifically what what I'm going to call

localized market bubbles in real estate

so last week when we talked about the

market stats I mentioned that even

though home prices as a whole in the

upstate are increasing you know as we

track what's happening with the median

price point and all that kind of stuff

that doesn't necessarily mean that every

area of the upstate and every home in

the upstate is seeing home prices go

up in fact even though home prices

Nationwide are still ticking up there

are some major areas that are seeing

prices crash two of The Darlings of the

covid real estate boom boisey and Austin

although Austin's boom had already

started pre-co but it was still one of

the boom towns of the co era those

two cities in particular I keep hearing

and a bunch of others as well but I keep

heing that there are some major price

Corrections that have happened the past

two years in Austin and Boise among many

others I'm going to screen share with

those of you who are watching this on

YouTube I'm going to screen share a

map this map is courtesy

of resi

club which provides a lot of a lot of

really great data for Real Estate

now this okay so I've got it pulled

up here if you're on YouTube you can see

it so this is a map that Aggregates

data based on zillow's home value

index now zillow's numbers on a micro

level I.E individual homes tends to be

garbage right if you're looking at at

Zillow to get your home value you're

probably not going to get a very useful

number but if you look at Zillow data

from a macro level which is what's

happening here because this data is

aggregated it can be a lot more useful

right a lot of data that's not useful on

a micro level is much more useful on a

macro level because you can see changes

over time and all of that and as you can

see so so the map that I'm looking at

for those of you that are listening it

shows areas of the up areas of the

entire United States whether home

prices since their Peak their respected

peak in

2022 whether they've gone up from the

2022 Peak through through today and

actually this is home prices through

February of 2024 so through last month

or I'm recording this through last

month whether they've gone up or

whether they've gone down since the 2022

Peak on the map if it's blue that

means they've gone up and if it's red

that means means it's gone down now for

those of you listening that you can't

see this much of the map is blue I would

say probably about 60% of the map is

blue and about 40% is red so about 60%

of the US is seeing prices still going

up from the 2022 Peak and about 40%

seeing prices go going down from that

2022 Peak and it's very interesting

for the most part in the eastern part of

the United States it's heavy heavy blue

whereas the western part of the United

States is heavy heavy red and Texas in

particular is really really red what

that means is that home prices have come

down predominantly in Texas and the

western part of the us since their peak

in 2022 whereas in the eastern part of

the United States and also I would

include The Miz West as well home prices

have for the most part gone up now if

you're watching on YouTube You'll see a

little arrow that I put on here and that

little arrow points to Lauren County

lawen county is one of the dark red

counties in the upstate of South

Carolina and this is the only County

that that I personally do frequent work

in that is in the red Greenville County

is in the blue sponumberg county is in the

blue Picken county is in the blue but

laurren county is in the red and and in

the dark red mean that Lawrence County

has lost at least 15% of its value

based on this Zillow home value index

since the peak in

2022 and for those of you not familiar

with lawrens it's a fairly rural area

with a ton of shopping options not a ton

of like really great like white collar

working opportunities and quite frankly

not a ton of blue collar working

opportunities either it it's that's

just not what lawrens is it's out in the

country and it's a lot of older homes

in that area and it's an area that

people have traditionally targeted if

they a can't afford to be closer to

Greenville you know they want to be in

the upstate you know they'd love to

be in Greenville but they just can't

afford it so they're just pushed out

you know can't go to Simpsonville can't

afford Simpsonville can't afford

fountain in keep going further south

ultimately they end up in lawren County

maybe in in greay court which I

believe is in lawren county or or maybe

in lawren proper in Clinton a variety

of options

and as so that's one option one

target buyer who can end up in

Lawrence County the other one is people

that actually just want to experience

raal living and or have an affinity

for for large Lots older homes Etc and

they don't really care where they are

they they want to be kind of generally

speaking in in this pocket in the

upstate of South Carolina but the

precise location is less important than

all of these other

details now Lawrence County

definitely experienced a covid boom

between 2020 and 2022 this is really

undeniable during that time I had

multiple closings in lawren County

there were frequent multiple offers

quirky homes that would normally be

unsellable that were just finding a

desperate buyer willing to Overlook the

quirks and things just selling

dramatically quicker than normal and

that was in the upstate as a whole but

the lawrens market was traditionally

known as a slow market right not a ton

of demand in Lawrence County

traditionally speaking well that

changed really overnight into an area

that that really rivaled some of the

hottest areas of the upstate so lawrens

County you know when we had this Co

boom happen mortgage r went way low

demand

skyrocketed a ton of demand ended up

getting pushed down into Lauren County

and it I mean I've told the story I

think a few times but there was I had a

client that was looking in a lot of

different areas of the upstate that they

were first-time home

buyer and we were just struggling to

find them something that they could

afford and they were going all over

the place a lot looking at a lot of

different areas and I was showing

them a lot of homes in Lauren County

because it was a lot cheaper than going

into Greenville or even parts of SpartanBurg

County and there was one home

actually there was multiple homes

that that I went to show them and and

by the way lawrens county is not a a

short drive from where I live like it

was taking me like 45 minutes round

45 minutes one way to get down there

often times from where I was coming from

and it wasn't a short drive for my

client either multiple times we got all

the way down there only to find out that

the home we were looking at was already

under contract and that was immensely

frustrating and I have never

experienced that any other time in

Lawrence County that was just a very

unusual thing that happened during that

one period of time when demand was the

highest that had had probably ever been

in the

upstate but that was 2020 through 2022

since mortgage rates have been

skyrocketing since 22 we have been in

a deao housing recession right basically

the past two years and lawrens has come

back down to earth and it turns out that

lawren County like the cities of Boise

and Austin experienced a covid bubble

that burst when interest rates started

going up now the reality is that nobody

wants to buy a home at its peak price

only to have it then immediately lose

value in upcoming years so it's

immensely important to me that when we

we see an area suddenly become hot we

take a step back and assess whether a

bubble might be forming in that area

because it seems very clearly that

Lawrence County you know it the upstate

is not immune to these sort of of real

estate bubbles we have one right in in

our backyard lawren County was clearly a

bubble Market and I and I by the way

I ran some other data to see if this

Zillow data was accurate and I concluded

that the Zillow data

is in fact accurate when it comes to

this so what are the indicators that a

localized area is experiencing a bubble

versus one that is actually going to

continue growing and seeing home price

appreciation right if if we see a market

that traditionally hasn't been a super

hot Market but all of the sudden it

just got really really hot how can we

be sure and we might not be able to be

but what can what are some

considerations at least that we can

consider when looking at whether or

not a a market might be going through a

bubble maybe we just need to wait it out

or is it a market that you know all of a

sudden had this influx of demand but we

can expect that demand to be sustained

for for a while for for years or

perhaps even decades so I I've come up

with several several different scenarios

here that that I want to discuss with

you on how to

assess localized

submarkets to kind of determine if it

might be a bubble or not and so I've got

I've actually got some some notes

here in front of me where I look at the

bubble reason for the bubble and then

maybe on the flip side if there

is not going if there's an argument for

it not being a bubble what what would

that argument be all right so let's just

start with the first one here one of the

most common ways that a bubble forms in

a in a localized real estate market is

when it's an area that people or areas

that people are getting pushed into

because they are getting pushed out of

more desirable areas due to Rapid

unaffordability this is exactly what

happened during covid specifically

with regard to Lawrence County in my

opinion this is the the exact

dynamic when demand slows down enough

that buyers can play in a more desirable

sandbox in in other words the people

that were just getting out bid on

everything that was remotely affordable

in Greenville County got pushed down to

Lawrence guess what once demand slowed

down in Greenville County enough that

people didn't have to do that they

stopped moving to Lawrence people didn't

want there was artificial demand in

Lawrence County by virtue of the fact

that that people weren't in the area

that they wanted to be they wanted to be

in Greenville County but for one reason

or another one

second sorry about that computer got

unplugged there and and I don't want

my computer to die on me mid

recording because that would be very

frustrating but as soon as as soon

as demand started to slow down in

Greenville and Greenville became you

know a possibility again for all these

people that were getting push to lawrens

they just started moving back to

Greenville County and and that's

something that we've seen in a lot of

other areas right not that's not just a

I'm not just trying to you know make fun

of lawen County that's not at all what

I'm doing that's it's a great area to

live as long as you as long as that's

the type of Market that you want to live

in but I believe that this is why

Lawrence County has busted and and why

it was a bubble was that they're just

wasn't the the demand was never going to

last unless you know Greenville kept

going on this insane Pace which it

never was we were never going to keep

seeing 20% year on your appreciation we

were never going to see 15 offers on

every house that that came on the market

that was never going to be sustainable

and so when that all went away when

things calmed down a little bit

lawrens kind of saw the bottom fall out

of of of the market and again I'm

talking in Broad Strokes if you're from

Lawrence County or from that area and

you're just like that didn't happen

remember it may it's not going to happen

in every single neighborhood in Lawrence

County it's not going to happen every

single home in Lawrence County it's

we're talking on a macro level here but

on the flip side you what about you know

what would it look like if sustained

appreciation could

actually be reasonably expected for a

market like this I would make this

argument we've seen this in the upstate

if you have areas that are cheaper but

are inherently desirable for one reason

or another that is a good indication

that's an area that is going to see

sustained appreciation even if it

happened overnight right we saw this in

the Riverside School District in Greer

that part of Greenville County and I

I think there might be some parts of of

Riverside School District might be in Sp

County but most of it's in Greenville

County but that section of Greer was

a lot of Farmland you know 15 20 30

years ago well they started building

started building out there and guess

what they're building around an

award-winning School the Riverside

School District a series of

award-winning schools out there and

and guess what demand immediately was

there because these homes were cheaper

right they're out in the boonies but

they had something going for them they

had a a a really strong desirable

school district and so things just

started organically building up around

that area and so that's something to

look at we've seen this in Fountain Inn

one reason why I I'm not concerned about

Fountain Inn being in a bubble

because that was a prime candidate was

there was you know

a lot being invested in building a new

elementary school down there and all

sorts of things happening investing in

in Fountain in's little Main Street and

all of that so those are the kinds of

things that you can look for if you see

if there's an area that is kind of on

the outskirts right we're not even

talking about the suburbs we're talking

about past the

suburbs what happens is if they're going

to see sustained growth that area

essentially has to become the suburbs if

it never becomes the suburbs and I can

tell you lawren County nobody considers

Lawrence County to be the suburbs of of

the upstate if it doesn't if

there's not something there that will

promote and continued growth in that

area continued growth isn't going to

happen and if there is a ton of demand

that's a bubble and that bubble is

likely to burst at some point here's

another one areas where investors are

gobbling up real estate to store money

that is a bubble Market okay if you have

an area where investors are just

gobbling up tons and tons of real estate

just because they need a place to store

money that should be a red flag in

your mind now there are two aspects to

this one is when the conditions that

made an area attractive to investors

changes for instance low interest rates

a new community with with no rental

restrictions better opportunities to

use Capital outside of Real Estate Etc

and so then the investors pull out in

that situation and then demand plummets

I I should I should clarify what with

regard to the interest rates when

when it becomes a situation where it no

longer makes sense for investors to be

able to invest in an area perhaps the

demand was artificially inflated by low

interest rates and once rates go up the

demand goes away for the investors

and because the numbers no longer work

and same thing with you know a new

community pops up in a desirable area

with no rental restrictions might get a

bunch of investor money pumped into

it and then that Community gets tapped

out and now there's investors are not

interested in the other options these

types of things happen and then demand

goes away another option another aspect

that I see of this happening is that

investors tend to not keep up with their

properties as well as owner occupants do

like let's just be honest here and so

oversaturation of rental properties can

happen in an area and that is bad for an

area long term so investors gobbling up

real estate to store money can cut two

ways right one is when the reason why

they're gobbling up real estate no

longer is a factor and so those

investors all pull out and all of that

demand goes away and the other one is

when investors oversaturate a market

with rentals and then that just hurts

that market because rent because an

oversaturation rentals generally isn't

good for an area

now as far as well but we know that

not every area that has investors in it

is are are doing poorly right a lot of

Greenville has heavy Investments even

from other countries in it and so

what does that mean how do we assess

whether this bubble is actually

happening you know in other areas

well I would say look for areas where

investors are

targeting that specific area not merely

because of cheapness but because of the

longterm prospects I think that's super

super duper important because a lot

of times investors Target an area just

because it's affordable right and and

the numbers work and it's like all right

here we go we're going to dump money

into this area because of affordability

but some investors

oftentimes Savvy investors are not so

focused on just trying to find the

cheapest rental that they can get and

just get that under contract just get

some cash flow going a lot of them are

looking longterm and they're looking for

the area so great example would be

the area around like Unity Park in

Greenville there's a lot of investor

money going into that area and the

village of West Greenville and all of

that a ton of investor money going into

that area and I don't believe personally

that that's a bubble I I think that that

is happening because people see that

this is going to be a desirable area

longterm and investors want to be a

part of that long-term desirability of

that area so the investor money going in

is not going to impact it because the

the desirability was there before the

investors were right that's the

important detail areas where that are

not inherently desirable but that are

getting investor money are probably

areas that are getting investor money

just because they're cheap or or one

reason or another like that and that

those are the areas that are more prone

to being in bubbles that will burst all

right scenario number

three bubble potential bubble

areas are areas where people are having

to do 30 plus minute commutes to work

okay now this I need to absolutely

caveat this is definitely Greenville

specific if you're listening from

certain parts of the Northeast certain

parts of you know California if you're a

listener listening in on this because

you're interested in Greenville you

probably think a me pointing out a 30

plus minute commute is you know

that's insane that that would be an

indicator of being in a bubble because a

lot of people in big cities in United

States are are doing like a 30 minute

commute would be a dream come true

they're doing an hour 2hour commute

so let me just say for those of you

that are not native to Greenville a 30

plus minute commute in Greenville is

extremely rare and people generally

don't want to do it they they move here

in part so they don't have to do that

and it's pretty simple to identify an

area that that requires a 30-minute

commute right you can just look at

economic data for an area you can look

at the Employers in that area and so you

can very easily look at an area that is

having a bunch of demand and identify

whether this area is is perhaps prone

or or perhaps more likely to be in a

bubble on the basis of the commute and

this ties in a little bit to the the

first point that I made but it's a

little bit more quantifiable right you

can look at okay what's the likelihood

people move down here what's the

likelihood that they're having to

commute to work there's a lot of data

points that you can look at on the flip

side areas that have a good mix of blue

collar and white collar businesses

within a 15-minute commute are the areas

that are much more likely to see

sustained appreciation so again look

at Fountain in use that as as an example

fountain in cute great little town down

there a lot of people a lot of people

like it there are some working options

but then also you can just hop up 15

minutes into Simpsonville and

Simpsonville is a larger city and and

there's options there not too far from

there is Malden a lot of options there

not too far from there is The Donaldson

Center which is a big employer a

government employer in the area so

there are tons of of different

options from fountain in so this is why

we've not seen a price correction in

fountain in in my opinion was because it

even though if you look at it you know

if you're just looking at the upstate

and looking at Fountain in in

relationship to Greenville you would

think wow really far away

and and it would be a 30 minute

commute for for certain parts of

fountain in to go into certain parts of

Greenville but if you look at it more

closely you realize wait no fountain in

is actually in a perfect location for

people that don't need to be right near

Greenville County or right near

Greenville

downtown but want to be in the upstate

still want to work still want shopping

nearby still want restaurants nearby it

checks off all of those all of those

boxes number four scenario number four

here is areas where substantial new home

construction is going up rapidly okay

and the operative word is rapidly if

you're in the Greenville area listening

to this you're probably like well that's

the the entire

Upstate no and I'm jumping ahead a

little bit I'm going to come back to

that but that is not what I'm talking

about now I will probably do a

different episode on this one specific

point at some point I don't know I've

gone back and forth in my mind over it

but there's data coming out and

coming in that very clearly shows that

the more housing is built the more

prices come down and while our local

politicians here in Greenville County in

the City of Greenville in a lot of

other County and City councils

surrounding Greenville believe that only

dedicated affordable housing built for

people at specific income ranges which

we talked about before that that is the

only way to make housing affordable

Studies have shown that all housing yes

including luxury housing that is being

built brings down the cost of all

housing there is no such thing as

affordable housing I cannot say this

enough all housing is Affordable if you

build luxury housing you are creating

Downstream affordable housing for

someone there is a a domino effect

and there is data behind this domino

effect and if you guys are are

interested in me talking about that let

me know as I've said before my contact

information is in the show notes but I'd

be happy to to discuss that if

there's enough demand from you guys for

me to discuss that now is this a risk

for Greenville no no again I'm talking

about rapid new home construction rapid

apartment construction and we are well

below the numbers we need for housing to

keep up with a number of people moving

to the upstate of South

Carolina but there are areas that I've

already mentioned like Austin Boise even

Nashville I keep hearing from Nashville

that have been that have have been

developed to the point where prices are

coming down and if you're on YouTube I'm

going to share another thing with you

this is an analysis

of zip code

hopefully you guys can see this this

is an analysis of of the top 25 zip

codes that are experiencing apartment

construction now this is very

interesting I just mentioned Nashville

number one the number one ZIP code for

apartment construction is Central

Nashville the 37203 zip code had

7,43 one Apartments that were in

under construction as of OCT October

2023 I've been sitting on this data for

a while trying to figure out when I was

going to use it and and so we've

got ZIP cod in Nashville in New York

City in New Jersey Charlotte several in

Charlotte actually Atlanta Denver Austin

Miami Dallas Phoenix San Diego DC

Seattle Huntsville and Orlando those are

basically and and I if I didn't mention

Philly or Raleigh those those are in

here as well so those are the top

markets for apartment construction now

Greenville is nowhere to be found on

here now you're probably thinking well

those are all much bigger cities in

Greenville you would be correct but I

will point out that this is broken down

by ZIP code okay and so that takes

out some of the elements of okay this is

a way bigger city etc etc and I

have actually analyze the data down to

ensure that I'm not just saying that off

the cff so the person that provided

this this

data which is someone that I

follow on Twitter I actually asked

him hey can you provide the data for

Greenville which he generously did

and the Greenville data the the top

Greenville zip code is 29601 that's

downtown Greenville and 29601 as of when

this data was published last year had

563 units under construction with a

population of

13,000 okay for comparison on this data

that we're looking at if you if if

you're looking on YouTube you can see

South End of Charlotte zip code

28203 had

3,324 units under construction with a

population of 18 th000 okay so

Greenville had 13, with 563 units under

construction in

29601 and Charlotte and 28203 had

3,32 3,30 and chain I can't talk 3,300

and change apartments with a population

of that was less than 50% higher than

than the 29601 population okay what's my

point being we are way way behind in

Greenville County and Greenville city

with regard to development and

specifically with with regard to the the

development of Apartments people think

we need more Parks not more Apartments

not true that is not true and again

there is there is data behind this

that shows that even when you build

apartments that that makes single family

homes more affordable for people people

don't they don't understand because

they're they're just seeing the

apartments and they're like who wants to

live there that's what I keep hearing

who wants to live in an apartment you'd

be surprised a lot of people want to

live in an apartment people like

maintenance free lifestyle centrality a

lot of Apartments you know that are

being developed now have nice

restaurants at the bottom of them I

went to this was a while ago now but

there's a there's an apartment

complex that has like a bar buritos

which is kind of like a Chipotle down

in the bottom of it I ate down there and

it it was interesting to see all the all

the tenants just coming down there

grabbing Barberitos and just going back

up the elevator back up to back up to

their apartment there is definitely

demand for for that type of of Lifestyle

if it's if you're saying well I would

never want to do that well obviously it

wasn't built for you right it was built

for for other

people but but it's very

interesting to to look at this data

right that we are we are behind

generally speaking in Greenville County

and in the upstate as a whole so I

don't think that this is going to this

specific scenario where substantial new

home construction is growing rapidly is

something that we have to be thinking

about with regard to our Market being a

bubble this is not one of the scenarios

that I see happening in in any part of

the upstate lawen County Greenwood

County aone County any any of these

other counties because there is so

much nimbyism happening where

people are trying to block as much

development as possible now

where would what would be the scenario

where I could see you know a lot of

construction going

up but they're still being sustained

appreciation again it's really hard to

quantify I think we have to compare it

to some of these other areas so we can

we can see that Nashville built so

much you could argue maybe they built

too much it depends on what you're

looking at right if your number one goal

is housing affordability Nashville did

exactly what they were supposed to do if

your number one goal is is home price

appreciation well then

if you're in if you have housing in

Central National you're probably

freaking out right now and so that's

something to consider but I don't think

we need to worry about it right in the

upstate this is not happening we've got

anti-development County Council in

particular City councils not not as

anti-development but even so our

apartments that are being built within

the city are are just not enough and

there's such a focus on affordable

housing within the city that that it

does even though they're they're not

as aggressive with blocking developments

in the city they are very aggressive

with forcing developers to do certain

things with their developments

that it maybe it is going to scare off

some developers quite frankly and so

so that is something that is

happening in in the Greenville Market

I don't think we need to worry about

there being a new construction bubble

causing causing any significant

impact on prices anytime soon we are

decades away from that being a

problem Point number five and this is

my last Point actually

as far as the the the aspect where we

can can see a bubble is areas where we

see a mass migration from a very

specific area to a very specific area

and I'll give two examples first

let's talk about Austin again right I

keep I keep bringing up Austin but it's

just Austin is just a very interesting

City to study with with regard to this

so prior to co Austin saw an influx of

people moving there from Silicon Valley

so again it was a covid boom town but

it was a boom town before covid and

guess what from what I've heard I'm not

in that market but from what I've

heard eventually there were no longer

enough people left to move from Silicon

Valley and that pipeline more or less

dried up and guess when that pipeline

dried up that caused demand to go way

down when demand goes down and and

guess what they were still building a

ton of housing prices ended up going

down as a result in the Austin area

prices skyrocketed and then they

corrected a little bit I don't think

they're anywhere near back down to what

they were a few years ago they're still

very high I'm not saying that I'm not

saying prices are are affordable in

Austin but just that they the the

bubble did

burst here's one that hasn't happened

yet but I believe will and that is North

Jersey where I am originally from New

Jersey and specifically the areas

that are close to New York City are from

my understanding experiencing a true

influx of people just getting priced out

of the city right people that would love

to live in New York City they're just

priced out you know they used to be able

to afford Brooklyn or or perhaps even

queens or some of these areas now they

can't afford anything let alone

Manhattan now in this case You could

argue that that this rule of of

people you know migrating from one area

where they're working to another area

where it's more affordable perhaps fits

the 30 plus minute commute rule that I

already mentioned and there is some

overlap between these two for sure but

remember that that was a rule

specifically for for Greenville people

who work in New York City frequently

have a long commute regardless of where

they live even if they live in the city

you know they might be going from one to

the next it might it could easily be a

45 minute to an hour

commute but the big influx into New

Jersey I believe is unsustainable and I

believe a bubble is forming there and

eventually demand will push prices in

Jersey to a point where it's no longer

affordable for people to live in New

York City or North Jersey now maybe

those people then push into Central

Jersey or or God forbid South Jersey

that would be a tremendous commute

into the city or or or perhaps they keep

moving West perhaps they stay in North

Jersey and keep moving West closer to

the Pennsylvania border I I don't know

the specific New Jersey submarkets like

I said I'm from there but I haven't

lived there in 20 years so I can't speak

to specific areas but if I had

investments in New Jersey real estate

which I of course don't nor will I

I'd be doing a ton of research right now

into the demographics and make up of

the of the demand for the area where I

had real estate holdings and how that

compared to preco cuz like I said there

there could be people that are perhaps

on the eastern part of North Jersey that

end up migrating to the western part of

North Jersey so these migrations you

know I'm using North Jersey very Loosely

but that's that's a very large area and

there could be even migrations from from

within that area happening and that is a

red flag when these migrations start

happening and prices just keep going up

that is a red flag that a bubble might

be being created now in Greenville

what's really nice from this standpoint

is that yeah we have people migrating

here from a lot of areas but they're not

specific areas right this isn't New York

City people moving to North Jersey this

is people moving from all over the

country coming to South Carolina and so

that is a much different story so again

this is one that I don't believe that we

can classify as something that is a risk

to the Greenville or the upstate of

South Carolina areas as a whole but this

is as I was thinkinking through what are

the scenarios that I can think of

that would that where we' potentially

identify a bubble and I've got a lot of

listeners from outside of the Greenville

market so I wanted to make sure this

wasn't so Greenville Centric that I

didn't benefit you guys or give you guys

a tool in your toolbox in order to

assess your specific markets or maybe

you have real estate in Greenville

Nashville New York some other places and

you're trying to figure out which of

these assets are at risk hopefully this

gives you again another tool in your

toolbox to consider some of these things

I'm could be a concern with some

submarkets in the upstate as I've

already mentioned lawrens has had a

correction so we know it can happen but

some of these also in my opinion

specifically these last two with the

new home construction growing rapidly

and mass migration from a specific area

those are not two the I'm I'm concerned

about currently with Greenville but the

landscape is always changing and these

are always things that we need to keep

up with to make sure that we're

staying on top of the market and if I

see a trend developing that I'm

concerned about or that I think could

impact maybe I'm not concerned about it

but I think it could impact things you

guys my listeners my Watchers if you're

watching will be the first to know so

that's all that I have for you guys

today I appreciate you guys watching I

appreciate you guys listening as

always my contact information is in the

show notes if you need to reach out to

me for any of your real estate needs if

you like this incredible

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get this show out to as many people as

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use me as your realtor if you purchase

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will talk again next time