The Only Constant In This World…is Change

If I had a nickel every time someone asked me how the real estate market is doing, I’d have almost 5 bucks by now.

If you think about that question, what they are really asking is “how is OUR real estate market doing?” We all hear about Florida, and Texas and Arizona real estate falling, but that’s not happening here, is it?

Not quite. We are blessed here in the Upstate of SC by being the recipient of political and economic refugees from all over the country. This influx, together with low unemployment and a lower relative tax burden have kept home prices rising from 2017-2022 and sort of steady from 2022-2024 but now in 2025, there are some cracks beginning to show.

What I am noticing is that the inventory of homes on the market has risen faster than qualified buyers have emerged. Don’t get me wrong, there are plenty of wishing buyers, but qualified buyers? not so much. If you think about this strictly in economic terms, the answer is pretty obvious.

A 400K mortgage at the current rate of 7 pct with average taxes, insurance, HOA, etc. would require about 80k of income, a good credit rating and anywhere from 25 – 40k CASH for a deposit and closing costs.

And, when I say you need 80K of income, well that’s just to scrape by. No going to dinner twice a week with two car loans and 10-20k in credit card debt. For all that, you better be pulling down 100-120k + if you want to keep that house in Simpsonville, or Greenville, or Fountain Inn or Greer, etc. etc.

Simply stated, DEMAND is slowing, and SUPPLY is rising. Now stick with me here. There is only one way I know of to remedy this imbalance and what do you think that is?

If you said increase demand by lowering prices, give yourself a big pat on the back.

(Note: there is another way and that’s wild money printing like we saw during Covid, but please God, let’s never go there again.)

So why do a lot of agents tell you the market is great, it’s a good time to sell, date the rate and marry the house, etc.?

Easy, any realtor can look good in a rising market, or even a stable one. But a falling market, well that’s what separates the men and women from the boys and girls.

Do you think it’s easy to tell a home seller who paid 275K in 2019 and is now hoping to get 410K the truth? Say the house is almost 30 years old, has an original roof and plenty of deferred maintenance. In this case you might need to look that customer in the eye and get them to consider a number closer to 375K, and be ready to give back 5k+ when the inspection repair requests come in. Now if they bought that house 2 years later they might have paid 325K for it. You see the problem right?

I want to be clear, I’m not rolling over. I fight hard for the highest sales price and the lowest concessions possible in the current market conditions. Of course, there are exceptions, like that one of a kind lake house or a very well maintained and upgraded home, or certain select developments which are HOT!!! (you know who you are).

No matter what your exact circumstance, the truth shall set you free. You deserve the truth from your realtor and anything else is malpractice as far as I’m concerned.

I’d rather shoot you straight, show you the data and the let you toss me out if I haven’t made the case. At the end of the day

I advise,
you decide,
and where possible, I support.

If you are in the position of having to consider selling in this market, it’s not the end of the world. We’re doing way better than many other places, BUT for heavens sake, call someone who isn’t afraid to look you in the eye and tell you the truth.

You better call Sal.

Until next time,

Sal Busacca
Realtor
Keller Williams Greenville Central and
Dunrovin Properties SC
Mail: bettercallsal@kw.com
Website: www.dunrovinpropertiessc.com
Phone: 864 952-7251

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