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Summer is almost around the corner, and for real estate experts, it means that it’s the best time to sell your home. According to real estate research company ATTOM Data Solutions, sellers earned the best during late spring and early summer.
If you live in Pickens and are planning to get the most out of your home, it might be a good idea to take action right away. But before you do, it’s important to learn about the latest real estate trends in Pickens, particularly in the second quarter of 2022, to help you make better decisions.
Real Estate Trends in Pickens for July 2022
In Pickens, real estate trends say that population growth has averaged 0.07% a year for the last decade. In comparison, the state average was 1.09% and the national average was 0.69%. Over the past decade, Pickens’ population grew by 0.61%, while the state grew by 9.85%, and the national population grew by 6.23%.
The current median home value in Pickens is $119,600. As a comparison, the median value for the state is $154,800 for homes, while the national indicator is $204,900. Pickens’ house prices have gone up by 0.21% per year over the last 10 years. Throughout that time, the average home value grew 0.23% per year. The national home appreciation rate was 0.13%.
Real Estate Strategies to Try on Your Pickens Home
If you’re looking for real estate investment opportunities in Pickens, consider the type of real estate investment strategy you use to make the most out of your home. Here are some strategies to make the most of your real estate property.
1. Buying and holding
Buy and hold involves buying real estate in Pickens and keep it for a long time. To improve your returns, you rent out that home or introduce improvements to the home. If the value of the asset goes up, you can sell it.
However, you need to consider a number of factors when choosing this strategy. These factors will determine your returns and whether buying and holding is good for you in the long run:
- How long and high the home appreciates
- Property taxes
- Median population age
- Employment industry diversity
- School ratings
- Natural disasters
2. Long-Term Rental (BRRRR)
BRRRR is an abbreviation for a long-term rental strategy — Buy, Rehab, Rent, Refinance, Repeat. It is a proven way to increase your investments. But in order for the strategy to work, you have to qualify for a “cash-out” refinance.
The After Repair Value (ARV) of the asset must be higher than the total acquisition and rehab costs. Then you get a cash-out refinance loan based on the higher market value, and you pocket the difference. With the cash-out, you buy your next rental home and start over. You add income-producing assets to your balance sheet and lease revenue to your cash flow.
3. Short-term rentals
Short-term rentals are furnished Pickens apartments where renters stay less than four weeks. These rental homes are always more expensive than long-term ones. With so many renters coming and going, short-term rentals require more frequent maintenance and cleaning.
Holidaymakers and corporate travelers who are stopping over in the city for a few days love short-term rentals. With online home-sharing websites like VRBO and AirBnB, anyone can make their house into a short-term rental. Because of this, short-term rental is a viable way to invest in real estate.
4. Selling for cash in Pickens
Compared to the traditional way of selling your home, selling for cash is fast and straightforward. All you have to do is call a Pickens cash buying company and have them evaluate your home. Once you agree on the terms, you’ll receive cash in a matter of days since the buyer doesn’t have to wait for financing to be approved. Selling for cash will also save you money since cash buying companies buy the home without requiring repairs.
Sell Your House Fast in Pickens, SC
We work with you to find the best way to sell your house quickly, unlike other cash home buyers. Our process begins by gathering information about your home and talking to you about your current situation. We’ll come up with solutions and give you a fair cash offer. Once you accept it, we’ll work on your closing schedule.
We’re serious about buying your house if you need to sell it fast. To learn more about our services, call us today at (864) 428-9197.