3 Reasons Spartanburg Real Estate is Making a Comeback

3 Reasons Spartanburg Real Estate is Making a Comeback

20 Jan 2014

3 Reasons Spartanburg Real Estate is Making a Comeback

While the economy is not what it once was, there are signs that the economic outlook is slowly starting to improve which is good news for those looking for Spartanburg Real Estate.  We put together a few tips which show that Spartanburg Real Estate is indeed making a roaring comeback.

  1. Interest rates are still very low – While interest rates are not as low as they once were, they still are at historically low rates.  As of January 2014, the average 30 year fixed mortgage rate was 4.5% and the average 15 year fixed mortgage rate was around 3.5%.  Buyers that are able to secure these low rates can enjoy lower monthly payments which means more money in your pocket each month.  These lower interest rates also allow you to pay down more in principal each month on your Spartanburg Real Estate which is an added benefit to help pay down your mortgage.
  2. Unemployment rate is falling – For the first time in a number of years, the unemployment rate is slowly falling.  While it is not as low as we would like, it does mean that more people are entering the work force and therefore earning a paycheck.  Having more individuals earning income is a huge benefit for Spartanburg Real Estate.  As the economy continues to improve, the outlook for Real Estate in Spartanburg continues to be bright.
  3. Properties are selling faster than in years past – Because of a reduced inventory, real estate agents are excited about the Spartanburg Real Estate market.  In years past, there was a large number of foreclosures and bank owned properties which drove down the average sale price of homes and commercial properties in many South Carolina neighborhoods.  Now that many of these properties have been sold, prices have begun to rebound which is a good sign for sellers as well as property owners looking for their property values to rise.

At Spencer/Hines Properties, we are excited about the emerging trends in Spartanburg Real Estate that seem to point to a successful 2014.  If you would like more information on the real estate market in Spartanburg, we would be more than happy to sit down and talk with you.  We offer a wide range of property management services and have decades of experience in the Spartanburg Real Estate market.  Contact our office today at 864-583-1001 or fill out our online contact form.

CONTACT US

Choose Spencer/Hines Properties as the professionals
to help you sell, buy or lease your commercial property.
  • Spartanburg

    Spencer/Hines Properties
    380 South Pine Street
    Spartanburg, SC 29302
    864.583.1001
    864.585.6188
  • Greenville

    Spencer/Hines Properties
    500 E. North Street, Suite F
    Greenville, SC 29601
    864.991.8077
    864.585.6188
  • Spartanburg

    Property Management Division
    347 E. Blackstock Road, Unit B
    Spartanburg, SC 29301
    864-573-7273