The Greenville housing market is remarkably competitive, and inventories are chronically low. It looks to remain that way for some time, says Joan Herlong of Herlong Sotheby’s International Realty.
“Our market is still being driven by the historically low, COVID-era interest rates of 2020 and 2021,” she says. “Owners who bought or refinanced then don’t want to part with that interest rate now. Unless, of course, a buyer makes it worth their while.”
Herlong says even homeowners who don’t love their homes are willing to stay put.
“They know those low interest rates aren’t coming back – it’s more likely Godot will show up before the rates get that low again.”
In other words, never.
“But even if rates miraculously dropped, our market would be instantly flooded with buyers, which of course will drive up prices overnight,” she says. “Because while interest rates are transitory, prices continue rising.”
That means buyers who are waiting for that perfect home and perfect deal are probably going to wait quite a while. But Herlong is not concerned for her team or herself.
“People still relocate, they still have growing families, they get married, they get divorced,” she says. “There’s always a demand for premium homes in this market, and for brokers whose agents speak ‘client service’ fluently.”
Others might struggle.
“Brokerages that deliver average service are probably nervous, and they should be,” she warns. “Because in this market, average isn’t good enough. Client expectations are too high.”
