News

Monthly Indicators U.S. sales of existing homes recently fell to a 13-year low, dropping 2.0% month-over-month and 15.4% year-over-year as of last measure, according to the National Association of REALTORS® (NAR), as surging interest rates and elevated sales prices continue to make homeownership unaffordable for many prospective buyers. Purchase activity is down significantly compared to… Read more »

Municipal elections were held this week.  Four Western Upstate Association of REALTORS® members were on the ballot yesterday.  This is how they fared: Below are the results of all the elections in the Western Upstate. Races in Anderson County Pendleton City Council Pelzer Town Council Two At-Large Seats: West Pelzer Town Council Two At-Large Seats:… Read more »

Hello REALTORS®, The local government scene has been quieter than normal, but that is because most of our cities are planning for elections on November 7.  Every city in the Western Upstate except two—Anderson and Clemson—will hold elections in less than two weeks.  Later this week we will send you a Voter Guide in a… Read more »

Hello REALTORS®, Last week, Realtors from South Carolina, North Carolina, Tennessee, and Kentucky gathered in Savannah for a unique event—the NAR Region IV Conference.  The highlight of the conference, at least from the perspective of a wannabe economist like me, was Dr. Lawrence Yun’s 2024 forecast. Interest rates have had a negative effect on real… Read more »

Hello REALTORS®, Fortunately, the Federal government didn’t shut down on September 30.  Former House Speaker Kevin McCarthy struck a deal with Democrats to fund the government until November 17.  That deal included a short-term reauthorization of the National Flood Insurance program as well.  And then the House members removed McCarthy as Speaker of the House…. Read more »

Monthly Indicators National sales of existing homes recently fell to a 7-month low, as surging borrowing costs, rising sales prices, and limited inventory continue to keep many would-be buyers out of the market. Borrowers have become increasingly sensitive to fluctuations in mortgage rates, which have remained above 7% since mid-August. With fewer buyers able to… Read more »

Hello REALTORS®, I hope by the time you read this Watchdog Report, you won’t need to read this Watchdog Report.  If no action is taken, the Federal government will shut down on September 30.  The Federal government has shut down 14 times since 1980.  Most of those were in the 80s, and most shutdowns have… Read more »

Monthly Indicators Higher mortgage rates, along with elevated sales prices and a lack of housing inventory, have continued to impact market activity during the summer homebuying season. The average 30-year fixed-rate mortgage has remained above 6.5% since May, recently hitting a two-decade high in August, according to Freddie Mac. As a result, existing-home sales have… Read more »

Hello REALTORS®, I know when you read about Flood Insurance, many of you are reminded of the movie Ground Hog Day starring Bill Murray.  I feel your pain, but unfortunately the National Federal Flood Insurance Program (NFIP) is set to expire, again, on September 20, 2023. The National Association of REALTORS® joined the CCIM Institute,… Read more »

Watchdog Report Hello REALTORS®, NIMBY: Not In My Backyard.  I am sure you have heard the term.  Most of us have been a NIMBY at some point.  It is understandable.  We like our neighborhood, and we don’t want it to change.  Sometimes we become concerned about our property value, although that hasn’t been a legitimate… Read more »