August 2018 Market Update
Trying to decide whether to continue renting or buy a home of your own? I share great insight that could help you make a decision in this week’s blog post…
The number of properties sold in Greenville, South Carolina, last month continued to decline, following a high in May. This is likely due to the ongoing struggle for potential homebuyers with low inventory and high prices, combined with rising mortgage rates.
Nationally, this combination is leading many Americans to postpone purchasing a home, choosing to rent instead. According to real estate website Trulia, it’s still 26 percent cheaper to buy than to rent nationally, but that number is down from about 36 percent a year ago. Rents have declined 1.1 percent, while home prices have surged 8.1 percent. In fact, the advantage of buying over renting is at a six-year low nationally.
Still, Greenville, South Carolina, ranks among the 10 markets across the country where the greatest savings come from buying instead of renting.
In Greenville, it’s an estimated 43.4 percent cheaper to buy than to rent. And with that kind of benefit, it’s clearly worth navigating the limited inventory to make a home purchase.
This is where I’d be happy to help. As a top realtor agent with Keller Williams Real Estate, I have plenty of experience in combing through the available options to find you a home that you’ll not only be excited to buy, and that will also benefit you financially long term.