Median Rent Prices Skyrocket As Home Buyers Continue To Search

Dated: 11/10/2017

Views: 941

Consumer confidence rose to 125.9, which is the highest it has been in almost 20 years; however, moving into the 4th quarter, pending sales are down compared to 2015 and 2016. This is directly due to the lack of inventory, and the lack of supply is driving unadjusted house prices higher. 


Now is the time to sell in the GreenvilleGreer, and Spartanburg area. We cannot attribute the decline in pending sales to mortgages rates either, because mortgage rates were 3.97 at the start of the year and is currently at 3.94 according to Freddie Mac. Historically, the percentage of income needed to afford median rent has been 25.8% of the income. As listings fall in short supply, forces home buyers to rent driving the median rent percentage to 29.2%.  In contrast, the percentage of income needed to afford a median home historically has been 21% and is currently 15.8%. Affording a home is becoming easier and easier. 

Mark Fleming Chief Economist, First American, “If you’re renting and thinking of buying, then now is the time.”

Latest Blog Posts

Dont Miss Out On One Of Greenvilles Favorite Gems

Are you new to the Greenville area?Just like a growing number of families that are relocating, you are in good company. Some are coming from the North to escape the snow, while others are tired of

Read More

4 Reasons Why Summer Is A Great Time To Buy A Home

4 Reasons Why Summer Is a Great Time to Buy a Home!Here are four great reasons to consider buying a home today instead of waiting.1. Prices Will Continue to RiseCoreLogic’s latest Home

Read More

We Would Love To See You At Our Community Open House

We have been planning and preparing for a fun day in Greer! On Saturday April 28th we will have our first ever Wondracek Realty Group Community Open House sponsored by Advantage Inspection

Read More

Meet The Team Tuesday With April Hopkins

Today’s Q & A is with April, the Closing Coordinator with Wondracek Realty Group, an indie real estate brokerage located in Greer, SC.Q: How did you get your start in real estate?A: I knew nothing

Read More