"It’s a Great Time To Buy Real Estate In Greensboro NC!”
Selection, Selection, Selection. Just a few years ago the resale inventory in Greensboro NC dropped so low that a buyer was forced to make compromises if they were going to locate the home of their dreams. Regardless of the price range a buyer desires, there are plenty of houses from which to choose. There is a great selection of attached homes, condos, and townhouses. You can find large lots, small lots, or lots that can accommodate your boat or RV. There are lots of options in this market.
No Bidding Wars. In the recent past, clients were forced to make offers on multiple properties due to the 'feeding frenzy' that existed. Other buyers would bid the properties up substantially from the original listing price. There were escalation clauses where buyers authorized their agents to outbid other offers by thousands of dollars. There is no competitive bidding in this buyer's market.
You can make a reasonable offer. A few years ago when you made an offer, the only question was how high above the list price could the buyer reach in hopes of being the best offer on the table. Today the sell price list vs. price ratio is about 96%. A seller will not be insulted if you make them an offer they can't refuse.
Patience is tolerated. In a hot seller's market that existed everything was rushed. Find a house before other buyers did. Hurry up and make the offer. Today, buyers can take their time. Look at several homes and think about their decision.
Due diligence is welcomed. In this market a buyer is encouraged to obtain a home inspection, termite inspection, and appraisal. During the seller's market many buyers waived these contingencies in order to gain an advantage with multiple offers.
Repair requests are welcomed. After a buyer completes a home inspection, they are allowed to submit a repair request to the seller. In the past a seller might insist the home was sold 'as is'. Many times, there were back-up buyers waiting for a primary buyer to upset the seller whose home was increasing in value almost daily.
Few, if any investors. It is estimated that one third of all sales in 2005 were to investors. These investment buyers caused the market to inflate and affordability to decline. Mortgage fraud became commonplace. Now it is a great time to buy without having to compete with hundreds of prospective landlords.
Location, location, location. Greensboro and surrounding areas present a wide variety of options for home buyers. Today's buyers can find homes closer to work or school. In this market, reasonably priced homes are within biking or walking distance to schools and mass transit.
Real financing is available.The 'wink, wink' zero down, no doc, adjustable, sub-prime loans are gone. Fixed rates are back. FHA financing, first time homeowner bond programs, special loans for teachers and police officers are back in business. It is a great time to buy real estate in Greensboro NC! ~ Chris
(This article is a collaborative effort with Chris Stanley and Dave Lanzi of Keller Williams Realty - July 2008)
With First Quarter Results in, Purchasing Real Estate In Greensboro NC Still Makes Good Sense. Updated July 2008
With almost 800 homes sold (closed) in the first quarter of 2008, it reflects a 22% drop from this point in 2007 and a 5% drop from the 4th quarter of 2007. There were 2486 homes on the market (currently 2675, a slight increase), which at the current rate represents just over a 12 month supply of inventory. Meaning that if no other homes came on the market, it would take us 12 months to sell what we currently have for sale. The average sales price was $188,619. In 2007 there were just under 3500 houses sold, with an average of 92 days on market, sold for 93% of what it was listed for, was 2104 sf, had 1.5 floors, 2.4 baths, 1.8 garages, was 23 years old and 76% were in the city limits (34% of which were in NW Guilford County). When you check the current inventory of house and perform a price breakdown, you can see that market segment with the fewest number of available houses are priced under $150K. This represents the section of homes in our market that have the first time home buyers, which represent 42% of all home purchases. This means that the section which has the smallest number of available homes also has the largest number of potential buyers. Residential construction declined with a 25% decline in county issued building permits in the first 2 months. Foreclosures rose by almost 12% from the same reporting period one year ago. Since 1997 existing homes prices have risen on an annual average of 2.1 percent (hardly a real estate housing bubble by any stretch of the imagination).
In a nutshell, the Greensboro NC housing market continues to be a good area to invest in real estate. Buying opportunities are still prevalent and it's a good time to consider making a purchase. We have not been witness to super highs nor ridiculous lows which are portrayed in our media. What we have seen are gradual increases and sometimes slight decreases which create the current buying opportunities that we are experiencing.
Exquisite 4 bedroom/3 baths/2 car garage home featuring a solarium overlooking a gorgeous wooded area. Double-sided fireplace between great room and solarium. Huge master suite. Extra large bonus room. Wonderful custom features throughout. Agent owner.
3 bedroom, 2 bath home in outstanding location, just between Lake Jeanette and Irving Park. Double lot, extends to Kings Road. New stainless steel appliances, new roof, new floors, fireplace. No closet in third bedroom, value that makes sense. Move-in condition. Must see!
Prestigious home for sale in popular Armfield community in Summerfield NC. This home boasts of 5 bedrooms. 4 1/2 baths, 3 car garage and over 4,400 square feet of elegance to include fireplace, top of the line kitchen appliances, pantry, hardwood floors, dining room, den/office, ML master suite, screened porch and much more.
$11,000 under tax value! Priced to sell quickly. Lovingly maintained 3 bedrooms/2 bath, two story condo. Appliances (stove, refrigerator, dishwasher, washer & dryer, and disposal) are included. Must-see! A turn-key opportunity worth investigating further. Call Chris for additional details 336-547-6529 or visit our website.
Enjoy the comfort and openess of this 4 bedroom/3 bath/2car garage home in Greensboro, NC. With over 2,300 square feet, this home boasts of vaulted ceiling, fenced in backyard, 4 generous sized bedrooms, master bath with vanity, separate shower and picture window over the garden tub. two oversized walk-in closets, custom paint, chair rail molding in dining room, granite countertops in bath and kitchen, upgraded cherry finished cabinetry in the kitchen, and much more. This home is full of character and charm and is a must see! Call Chris for an appointment today 336-547-6529!
Feel right at home in this bright and open 3BD/2BA house. Located in popular Remington Trace, this home has a great floor plan with plenty of sunlight, fresh paint, gleaming new hardwood floors, master bedroom has double closets, and much more. Plus, there is great storage space in the attic. Call for an appointment today!
Great Townhome Living in a Quiet Neighborhood. Gas Logs, Skylight, Vaulted Ceilings, Ceramic Tile and Laminate Flooring. Master suite has walk-in Closet and Garden Tub. All Appliances Remain, Home Warranty included. The Seller is Motivated so call today for a showing!
Real Estate blog for the Guilford County Greensboro North Carolina area. Featured postings include home for sale in the Triad area, buyer and seller tips, and overall information on real estate market conditions in and around Greensboro, North Carolina.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
Selection, Selection, Selection. 
Today the sell price list vs. price ratio is about 96%. A seller will not be insulted if you make them an offer they can't refuse. 
;)
;)
