If you’re looking to break into the real estate market, it’s always best to buy at that right time. Striking while the iron’s hot in a buyer’s market and landing your mortgage while prices are on the downswing decreases loss risk in your land. And in Spartanburg home and land prices are swinging pretty low.
Land for sale in the region is now going for well under $5,000 per acre. Keeping in mind South Carolina is among the fastest developing states in the country, and projected for increasingly dense development in the coming decades, purchasing land in this economic climate is pretty low risk. Over the next 20 years, seeing a 20% return on your land purchase is very realistic.
Since June of this year, real estate prices have dropped 8.5% by an average of $10,000 across the Spartanburg area. With this, median sales price dropped to only $107,000. Additional statistics, released by www.Trulia.com, indicate the average price per square foot was only $67, down 2.9% from the year ago period. These price drops for real estate was thanks to the number of home sales having dropped 7.2%.
Opportunities to buy low and sell high make the basis for successful investing. And talking to agents and land developers to get a grasp on real estate projections are helpful. But like all investment markets, real estate fluctuates and if you don’t get while the getting’s good, you could be left holding the bag.