Real Estate News
Some good news from CoreLogic, home prices up in March: 4.5% year over year.
Here are their home price trends through March 2020
- Following the spike in homebuying activity in the first two months of 2020, home price growth continued to accelerate in March
- Closed home sales fell 26% in the last two weeks of March as the economy officially entered a recession
- The HPI Forecast predicts home prices will increase by 0.5% from March 2020 to March 2021
It is a good time to buy a home. Real estate agents across the country have become very creative using technology they have on hand that allows purchasers to virtually view homes, meet with a mortgage professional, and consult with their agent during the buying process. This can all be accomplished using safety protocols.
Mortgage rates have also been a factor in keeping the real estate market moving. As of May 5th, the popular mortgage rates looked like this.
- 30-year fixed-rate 3.219%
- 20-year fixed-rate 3.120%
- 15-year fixed-rate 2.656%
- 5/1 ARM rate of 2.844%
- 30-year fixed FHA rate of 3.375%
- 30-year fixed VA rate of 2.938%
- 30-year fixed jumbo rate of 3.250%
- 15-year fixed jumbo rate of 3.000%
If we look at last year’s rates which were 3.94% on average compared to today’s average of 3.33%, we can see it is a great time to buy. The reasons for buying and selling will vary. Some people need to move whether it be for death, birth, divorce, hardship, job transfer or another reason.
The bottom line is if you need to sell or buy, reach out to me and I will be glad to help you out.
Local Area News
Greenville SC has been allowed to reopen their outdoor dining spaces. The servers will be wearing gloves and masks. To protect customers, there have been these outdoor seating guidelines put in place.
- Tables must be 8 feet apart
- Limit groups to 8 people
- Eliminate gatherings in buildings
- Maintain strict social/physical distancing guidelines
Some restaurants are using disposable silverware so they can throw it out instead of worrying about cleaning it.
It looks like the reopening of outdoor dining has been a hit as the streets of downtown Greenville SC filled up with diners looking for options. People are really ready to return to “normal” but I have to wonder if there will be a new “normal.” With Mother’s Day coming on Sunday, many people will be looking for dining options. However, think about what your personal situation is before heading out to public dining.
The mayor of Greenville SC reopened the Swamp Rabbit Trail on May 4th at noon but surrounding parks and playgrounds and public restrooms along the trail in the city will remain closed for now. There are 35 neighborhood parks in the city that did not close and remain will open with social distancing reminders posted.
With Falls Park staying closed, there is a signed bypass to guide trail users around the park and around the Cancer Survivors Park portions as well. Pedestrian traffic will be allowed on Cleveland Park Drive and Lakehurst Street. Daily use of the trail will be monitored. Please use it as a thoroughfare with no stopping, sitting, or congregating. The use of a face covering is recommended.
Consider if you have any chronic diseases or underlying conditions like heart disease, diabetes, hypertension, and others that you may want to stay put and wait for the curve of cases to drop significantly. Throughout this pandemic, one thing we do know is those people who have these conditions and end up on ventilators are then dying without ever recovering.
Victoria Cottle is a Realtor® in the Greenville South Carolina area and if you, a friend, or a family member need assistance with selling or buying a home I can help. Referrals and people needing relocation assistance are welcome! Search Single Family homes in Greenville. Search Condos and Townhomes in Greenville.
Please contact Victoria Cottle by email thevictoriacottlegroup@gmail.com or call (864) 275-3953 for your real estate needs in the Upstate of South Carolina!