Is It a Seller’s or Buyer’s Market? Both and Neither

The Greenville real estate scene is living through one of its strangest chapters. Rates sink to once-unthinkable lows while inventory hovers near razor-thin levels. New listings can spark feeding frenzies—yet certain homes languish. Sellers feel powerful in a two-to-three-month inventory world; buyers feel oddly empowered by sub-3% mortgages. It’s a paradox with real consequences for pricing, timing, and strategy.

This episode of Selling Greenville explores why today’s market behaves like both a seller’s market and a buyer’s market—and at times like neither—and what that means for people who are planning a move, investing, or even just refinancing.

Is It a Seller’s or Buyer’s Market? Both and Neither

At a glance, the contradiction makes sense: mortgage rates plummeted after the Federal Reserve cut benchmarks. Initially, banks actually nudged rates up because they couldn’t process the tidal wave of applications. Once processes and staffing caught up, rates fell hard—into the low 2s for many 15-year loans and below 3% on some 30-year refinances. It has rarely felt like a better time to borrow.

Meanwhile, sellers are contending with exceptionally low inventory—roughly two to three months in many pockets—which is textbook seller-market territory. The twist: fewer people are listing, period. Pandemic uncertainty, election-year jitters, and general caution have kept would-be sellers on the sidelines, which in turn limits options for buyers. So the market is simultaneously terrific for selling and unusually attractive for buying—and fewer people are doing either.

What the Paradox Looks Like on the Ground

New Listings vs. “Languishers”

Fresh listings—especially under roughly $250K—draw outsized attention. If they’re priced right, activity hits early. But when a home sits, suspicion creeps in. In this climate, a listing that lingers for weeks (or crosses the 50-day countywide “average time to contract” that might have felt normal before) starts to feel stale. By the time the price is reduced to where it should have started, it often doesn’t get the same burst of attention it would have on day one.

Takeaway for sellers: price correctly from the start. Underpricing to force a bidding war often backfires in a value-driven market. Overpricing is worse: you lose the day-one momentum that the current environment rewards.

The Price-Point Divide

Homes at $250K and below keep seeing intense competition. Above $300K—by local standards a “top-end” segment—there are fewer active buyers than usual, so well-qualified purchasers can find room to negotiate and occasionally avoid bidding wars altogether.

Takeaway for move-up buyers: if it’s possible to leapfrog the “intermediate” purchase and go straight from a starter home to a “forever” home (think $325K–$375K, depending on needs), this environment can reward that move: less competition now, and a mortgage rate that may look stunningly good years from today.

How to Think About Pricing and Offers Right Now

• Ignore the list price as gospel. Today, list price often reflects a seller’s strategy more than the home’s ultimate market value. Some sellers “test” the market high; others list low to spark activity. One recent duplex example slid from $400,000 to $275,000—an extreme case, but proof that list price can be a moving target.

• Bid to your true limit—with structure. Decide what the property is worth to you. If it’s listed at $200K but you’d still be happy at $230K, consider an escalation clause that moves your offer up in response to verifiable competing bids (rather than leading with your max).

• Expect pushback on lowball day-ones. In a seller-skewed inventory backdrop, offers 10% under on a fresh listing are long shots—unless you’re presenting exceptionally strong terms (cash, minimal contingencies, quick close).

For Buyers Below $250K: Plan for Bidding Wars

In the most affordable bands, multiple offers are the rule more than the exception. That reality isn’t likely to change absent a broad economic shift. To compete intelligently:

1. Get fully underwritten if possible, not just pre-qualified.

2. Know your walk-away number before you write.

3. Use smart terms (flexible close date, streamlined contingencies) to boost appeal without simply throwing more money at the deal.

For Sellers: Win the First Week

• Nail the price. Not “high to test,” not “low to lure”—right. The first 7–10 days are disproportionately important.

• Expect selective patience above $250K. Higher price points may absorb more days on market. Don’t panic—but do watch traffic and feedback.

• Don’t fear realistic negotiations. In many cases, the best net comes from a clean, early, well-qualified offer—not from chasing a speculative bidding war that may not materialize.

For Investors: Buy-and-Hold Good; Flips Are Scarce

• Buy-and-hold: Low rates make long-term holds attractive, even as inventory remains tight.

• Flips: The pipeline of viable flip candidates has thinned considerably in recent weeks. Finding margin requires creativity—some are exploring direct-to-seller marketing just to source opportunities.

• Commercial caution: Uncertainty in the commercial space is elevated; many are leery for now.

Refinancing and HELOCs: Using Today’s Rates Wisely

Refinances are taking time (lenders prioritize purchases), but the math can be compelling. Some owners pursuing cash-out refinances have seen only modest payment increases thanks to ultra-low rates—effectively unlocking equity for projects or other goals. A home-equity line of credit (HELOC) is another route when you want to keep an existing great rate while accessing funds flexibly.

Looking Ahead: What Happens After the Uncertainty Eases?

The expectation is a release valve effect: many would-be sellers (and buyers) are sitting tight. When pandemic pressures and election-season uncertainty finally move to the rearview, a wave of listings is likely. That could tilt conditions a bit more buyer-friendly—especially if the surge of sellers outpaces new buyer demand. Seasonally, the Greenville market often heats up in April–June, so a lively spring following stabilization wouldn’t be surprising.

None of this is a guarantee, but it’s a reasonable roadmap: today’s odd mix persists in the near term; a more “normal” cycle may reassert later—with a lot of pent-up activity blasting out of the gate.

Practical Playbooks (Based on Today’s Realities)

If you’re selling soon

• Price precisely; count on the first week.

• If you’re in the upper brackets, plan for a longer runway and be ready to negotiate with well-qualified buyers.

If you’re buying soon

• In the sub-$250K tier, prepare for multiple offers and write with conviction and clarity.

If you’re an investor

• Keep underwriting conservative and patient; great buy-and-hold deals exist, but they’re behind a thinner supply wall.

• Flipping likely demands non-traditional sourcing—MLS alone may not cut it right now.

If you’re staying put

• Consider a refinance or HELOC if the numbers add up and the timeline (longer than usual) still works for your plans.

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Bottom Line

This moment defies the old labels. Is it a seller’s market? Yes—inventory is thin and fresh, well-priced homes move fast. Is it a buyer’s market? Also, yes—rates are extraordinarily low, and top-end segments come with less competition. In truth, it’s both and neither: a paradox that rewards precise pricing, disciplined offers, and long-term thinking. If the move is right for your life and the numbers work, there are smart plays on both sides of the closing table.

Ien Araneta

Journal & Podcast Editor | Selling Greenville