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Where is the Upstate Real Estate market going?

November 13, 2020 By Robert

Where is the Upstate Real Estate market going?

At least once a day someone ask where do you think this real estate market is going?  First off, we live in a blessed part of the country!  Greenville and the surrounding areas have been experiencing a real estate boom for several years and predictions are that housing values will go up (year over year) another 10% ! That’s good news!
However if you are a real estate investor investing in single family, small multi-family there are some headwinds;
1. High material costs and an uncertain supply availability
2. Contractor and labor volatility
3. Inflation issues – Fed spending etc.
4. Eviction moratorium and rental issues
5. Foreclosures on hold

We can look at all of these and point to the ever present Covid as the cause. We are all living with it, and trying daily to dodge it. But here is the good news, you can do something about it. (Compare list below to the list above)

1. Work with your subs and source different materials if needed. Some Old School methods may apply here like reusing wood and repurposing other used items!

2. If you are flipping right now and have existing relationships with contractors push through the challenges and become more involved than ever before. Keep those relationships strong!

3. Inflation can be good for holding an asset like rental real estate long term! Things cost more but your rental rates could go up to cover some or all of these additional costs.

4. Eviction issues are sticky right now but the good news is most renters are paying their rent. Our client portfolios have been holding at a 1.5% default rate for the last few months. And nationwide the default rates even in states like New York are in the 7 to 12% range.

5. Banks were the cause of the last downturn so as long as the banks continue to use stimulus money and other methods to ensure their balance sheets stay solvent we should be good.   However the proverbial can, cannot be kicked too far down the road on both eviction and foreclosure delays before we begin to have larger issues.

So if the market is still going up it’s a good time to invest!  Money is still cheap!  Find the opportunity and the “deal” where and when you can! Strike while the iron is hot!  “One person’s headache is another’s fortune”.  Make sure YOU keep one eye open to the issues above but don’t let them get you down!
(Disclaimer, I am not a financial advisor and I did not sleep at a Holiday Inn Express last night!)

To your success!
Thank you for your business! Call us today about renting or selling your property!

Robert

Filed Under: Uncategorized

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Bobby H.: “Amazing staff to work with. Very Friendly, Professional and Caring. Highly recommended!!!”

Jessica D.: “I had such a great experience renting from Houses and Then Some. Everybody I interacted with was very professional and they helped me with anything I needed. They made sure I was comfortable with the location and ensured that the home was clean and move in ready for me. I highly recommend this company. I love that this is a locally owned company and that I’m supporting a small business in my home area. Thank you for all you do!!!””

Gwendolyn C.: “I have rented from houses and then some for over a year and a half. I have had great service from them. When I have an issue it has been taken care of immediately. They are very good to keep you posted on what is going on with your work order. Mary Rice is awesome to work with.”

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HOUSES & THEN SOME INC.
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