All About Greenville SC Real Estate

The real estate market is dynamic and exciting in various parts of the country. Although every area is different, there are similarities throughout the country. Buying a home is one of the most important investments that a person can make. The current real estate market trends are preventing some people from buying a home.

•         Lack of Inventory
•         Rising Housing Prices
•         Relaxed Lending Standards

Lack of Inventory

One of the biggest trends in the market today is a lack of available inventory. There are numerous buyers who want to purchase a home in many areas. However, there are simply not enough homes on the market. Home builders are not building enough new homes to keep up with demand from buyers.

The current lack of inventory is causing several changes to the market. Not only are prices increasing, but the average loan value is increasing as well. The most difficult type of home to purchase is a starter home. Young people are having the most trouble finding a home to meet their needs. As a result, many young people are renting instead of buying. This is a trend that is expected to continue in the years ahead.

Rising Housing Prices

Housing prices across the country have increased considerably in the first half of 2018. There are some areas of the country where real estate prices have increased much more than others. Affordable housing is more scarce in large cities.

If housing prices continue to increase, some people may decide to continue renting for the foreseeable future. Although a healthy real estate market is a great thing for people who currently own a home, it is difficult for some people to afford a home right now.

Relaxed Lending Standards

Another trend for 2018 is relaxed lending standards from banks. After the last housing crash, all of the banks became much more stringent in their requirements to get a loan.

Over time, these standards have slowly relaxed. There are numerous different loan types that buyers can choose from. No longer do you need more than a few percents as a down payment. Some real estate experts fear that this is going to lead to another housing crash.

The housing market has continued to get more expensive in most real estate markets so far in 2018. This is causing a lot of stress for young buyers who want to purchase their first home. Until more inventory is on the market, this is a trend that is going to continue.