All About Greenville SC Real Estate

Covid-19 Has Dramatically Changed the Greenville Real Estate Market

If you are buying or selling real estate in Greenville, South Carolina, it's important to be aware of the impact that COVID-19 has had on the real estate markets. As with everywhere else in the country, the economy in the Greenville area has slowed down during the pandemic, which has led to decreases in real estate values. 

However, the markets are beginning to rebound as the re-opening begins, but progress could be impeded by another round of shutdowns. Here's what you need to know about the effects of COVID-19 on the real estate market:

1. Job Losses Are Common During the Pandemic

Job losses have caused many potential home buyers to suffer severe economic hardship, which has led to foreclosures and reduced the number of home sales. The increased supply and lack of demand has caused real estate prices to drop considerably. Many people who've lost their jobs have chosen to sell their homes in an attempt to avoid foreclosure, but the reduced number of buyers makes this more difficult than usual. As a result, some people have settled for a lower price than they would ordinarily accept, which drives down the values of real estate in Greenville. 

2. There Are Signs of Recovery

The economy hit a major low point during April, which was a side effect of the lockdowns early in the pandemic. However, these restrictions have been lifted, which means that more people are out and spending money. This has led to improvements in the economy, which are likely to continue as people become more willing to venture out to local businesses. This will stimulate the economy and help to bring jobs back, and it will benefit the Greenville real estate markets. 

3. Mid-Range Homes Are Doing the Best

Mid-priced homes are doing the best during the pandemic, which is because many white-collar professionals are able to work from home. This means that there aren't as many job losses in this sector of the economy, and this means that the number of home buyers and sellers has not changed as much from pre-pandemic times. This has kept home values in this sector of the market fairly stable. 

4. Non-Payment of Rent Is Placing a Strain on the Markets

Many workers in the restaurant and customer service industries have lost their jobs during the pandemic, which has caused numerous business closures and job losses in these sectors of the economy. This has led to evictions, which means that there are many vacant apartments. This has forced many landlords to sell their property, which has flooded the real estate market with homes for sale.