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Are You Ready for the RUSH! Greensboro, NC's market is starting to turn!

By Larry Story ALC

Real Estate Broker/Owner with Total Care Realty NCRE# 257455

April 04, 2009 03:20 PM

I have been working with multiple buyers in the $400,000 to $500,000 range. We have been looking at new construction because let's face it we all think it is still a buyer's market right? We put in one offer on a home that the custom builder had four properties when we started looking at one. When we went to put in the offer they had contracts on three of the four homes (IN THE SPACE OF TWO WEEKS!) I also have been keeping tabs on the other markets I have a client that she and her husband are getting their home ready for me to list. Well she works for a national builder in our area in their office putting in contracts. I will let her words speak for themselves. This is just talking about the immediate Greeensboro area and several of their communities. " Things have definitely picked up. XXXXXXXX had 22 sales in March. It was slow at
first then BOOM. I was going crazy last week trying to get everything entered".

Now back to the higher end market it seems everytime we looked and added one or two to our list one of the ones on the list went under contract.

So let's hear it how is your market doing out there. Here in Greensboro, North Carolina we are getting close to no longer having a "buyer's market but even until it becomes a SELLER'S MARKET!

The Author:

Larry is a Greensboro Residential Broker, CARTUS Certified Relocation Specialist, Previews luxury homes trained, SRES & CHMS who can assist you with the purchase and/or sale of real estate in the Piedmont Triad Area that include but, not limited to Greensboro, High Point, and Winston Salem, NC. If you're relocating to or from any other area of the country, Larry connects you with a member of our national team of relocation specialist in your destination or exit city of choice. The destination service is of no cost to you! The Coldwell Banker Triad's service guarantee puts us way ahead of the competition by providing customer service that is equal to none. Your complete happiness is our top priority! Larry Story - Coldwell Banker Triad Realtor's - 336-327-1841 also at http://www.storybookhomes.ws

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Lenn Harley

Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA

Real Estate Broker - Virginia & Maryland

Now, the question is, how many of those contracts will close?

Builders in my area are writing, but get a lot back in inventory too.

New home sales are very price sensitive and builders, in my area, reached the bottom about 6 months ago. They're not offering "loss leader" models.

Apr 04, 2009 11:23 PM

Larry Story ALC

Total Care Realty - Greensboro, NC

Beneath it all is the Land, Covering all of NC

So true Lenn but, that is information from just a very small number of sources so if the trend is true across the board then even if 70% of them close it would be a dramatic jump in closings.

Apr 05, 2009 02:52 AM

Going by our present absorbtion rate we are now at 7 1/2 months of inventory on hand. Now if we do have a dramatic jump up then we could possibly drop below 6 months and be looking at a Seller's market and the values may begin to rise.

Apr 05, 2009 03:10 AM

Not a real person

San Diego, CA

It seems the new home builders here are either bankrupt, have closed down work in some areas, or are moving much more slowly. Home sales have been up for eight consecutive months and even home prices went up for the first time since April 2008.

Apr 15, 2009 10:15 AM

Are You Ready for the RUSH! Greensboro, NC's market is starting to turn!

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