Spartanburg, SC

According to National Association of Home Builders these are the top five items that consumers want in their new home. Having this information could be very valuable if your considering some updates or remodeling either for yourself or if you plan to put your home on the market.

Top 5

Bathroom Features Kitchen Features

Linen Closet 89% Walk-in Pantry 86%

Exhaust Fan 88% Kitchen Island 80%

Separate Shower 79% Built-in Microwave 72%

Water Temp Control 79% Filtered Water 69%

Whirlpool Tub 66% Special Storage 66%

If you plan on selling your home you should consult a Realtor to see what your return will be for various home improvements before investing.

Price Range Months of Price Range Months of (Thousands) Inventory (Thousands) Inventory

$0 - $100 8.50 $350 - $400 37.80

$100 - $125 10.01 $400 - $450 19.41

$125 - $150 13.65 $450 - $500 24.77

$150 - $200 14.75 $500 - $600 62.25

$200 - $250 15.80 $600 - $750 56.40

$250 - $300 22.80 $750 - $1M 180.00

$300 - $350 23.56 $1M and Up 564.00

If inventory is 4 months or less it is considered a "Sellers Market", if it's 8 months or more it is considered a "Buyers Market". These numbers are an improvement from the last report with the exception of the $750K and up homes. For a more detailed analysis in your area contact a Professional Realtor®.

Although ‘supply and demand' have a large impact on price and days on market, positioning of your home is extremely important in both reducing the days on market and improving your net proceeds. Positioning is simply showing more value to the consumer than your competition does. It involves improving curb appeal, staging the home, making repairs, fresh paint and in some cases updating the home. We have found that homes that are properly positioned sell as much as 5 times faster than those that are not properly positioned.

If you plan on selling your home, call us for professional guidance in getting your home ready for market.

The Gardner Team Yvette 864.706.3660

Yvette & Dennis Gardner ygardner@HomesInTheUpstate.net

REALTORS®, ABR, CRS, GRI, ALHS Dennis 864.641.5859

Keller Williams Realty dgardner@HomesInTheUpstate.net

The announcement made this week (5/13/09), that the $8,000 Tax Credit can be used for down payment and closing cost is a real incentive for first time home buyers. Most first time home buyers have trouble getting the money for a down payment and now that barrier has been removed.

The program is scheduled to end December 1, 2009 so first time home buyers need to begin the process now as it will take some time to find and purchase their new home.

•· Obtaining financing qualifications 1 week

•· Finding their next home 2-3 weeks

•· Negotiating agreement, price and terms 2 weeks

•· Repairs 2-4 weeks

•· Final Loan Approval 2-4 weeks

•· Closing FINALLY!

It could take 3 months or more for the process from beginning to end and if purchasing new construction it could take even longer for the builder to complete the home.

Also, don't wait until the last minute. Many closings are held up a day or more with paperwork, so scheduling your closing no later than November 25^th (Thanksgiving is the 26^th) to make sure you close before the program ends.

The Herald-Journal reported (May 13^th) that the median home prices dropped for the first quarter of 2009. These statistics were indeed accurate, but do they indicate a trend? The answer may lie in the monthly numbers rather than the quarterly numbers.

Last May we reached our high median price for the year at $130,000. The economic landscape began to change in the fall and by the first of 2009 the bottom fell out. As a result, the January median price was $109,000 and February $95,000, resulting in the low first quarter numbers. Bouncing back, the median prices for March and April were both $114,000 and a look at May closings and pendings indicates that the median price will again rise to the mid $120's.

Have we hit bottom? A lot will depend on the quantity of foreclosures and how many new home buyers enter the market. The upward trend is very welcomed news but it will likely be the end of the year before we have enough data to know for sure that there is a sustainable upward trend in residential home sales.

If you have lived in Spartanburg County for any length of time you have noticed the growth in population in our area. Ever wonder where they come from? According to the National Association of Realtors 2007 survey there were 5,680 relocations to the area. Although many were SC residence, 54% moved here from other states. Leading the way was North Carolina followed closely by Florida.

For those who remained in the state most came from or immediate area. Cherokee, Union, Laurens and Anderson counties were at the top of the list but Greenville was by far the largest group with 1228 relocations to Spartanburg County.