Real Estate Tip:   Knowledge is Power 

The old adage "knowledge is power and he who holds the knowledge holds the power" couldn't be more appropriate when it comes to real estate.  There is currently a "crisis of consciousness"  in Real Estate when it comes to the state of the market.  Many will either say, think, or feel that the market is either tanking, terrible, or all out brutal if they are evening news watchers, newspaper or magazine readers.  Everything we see, read, or hear continually reports the results of the "sub-prime" markets and foreclosures being on the rise.  As much as these issues are real and true, they only represent a small portion of how the market is really doing right now, especially in Greensboro and surrounding areas.  

You almost have to approach the housing marketing  like watching or listening to a weather forecast.  Though it can be sleet & snow falling in Alaska at 20 degrees, it's sunny and 70 degrees in Florida,  raining and foggy in Seattle at 60 degrees, all while a storm front is developing on the eastern seaboard.  While these weather conditions are accurate for the corresponding regions of the country they represent, they do not automatically set the tone for weather across the country.  The same holds true for the housing market.  There are pockets of the country that have been hit terribly with the affects of sub-prime lending and foreclosures, while other markets are thriving and some are status quo.

Real Estate is a LOCAL MARKET phenomenon just like the weather. So check your LOCAL forecast before you make plans based on predictions and reports from across the country. I don't say this to make light of the situation or act like it doesn't exist, because the real estate market nationally, Has had some devastating results.  What I am trying to bring to light is the fact that many potential home buyers and sellers are focusing on the national results so much that they fail to realize or acknowledge that the housing industry always has and always will be cyclical.  We experience ups and downs and one way or another, it always bounces back. 

The essence of what I am saying is simple—now is the time to arm yourself with knowledge. Regardless of what you hear, you have to do your homework in today's market.

Many feel that maybe it’s best to just sit back and wait to see what happens before they make a move on a sale or purchase of a home.  On the selling side of things, that could be a smart move if you are not willing to be realistic about your home’s value or what it really needs to sell RIGHT NOW.  On the buying side, it is absolutely the wrong mindset to take right now.  The Greensboro real estate market is not a terrible or tanking market right now, but it is a BUYER'S market.   Those in the market to buy right now could not have chosen a better time to do so.  Interest rates are still relatively low (but starting to gradually rise again just this week), inventories are up and demand remains moderate in our local market.  Buying opportunities are available now that were unheard of just a few short months ago (and do not promise to last for the long haul).  Builders and sellers of existing homes are offering huge price reductions and closing costs incentives to make their homes stand out in a sea of inventory.  For a buyer, it’s like cherry picking, find the one that looks the best and go for it.

Again, all of this is about being armed with knowledge, if you don't take the time to either work with someone who is knowledgeable about your local real estate market or the national housing market, you may miss out on opportunities available now that in 5 years you could really be kicking yourself… My Pastor and mentor always says "The difference between the haves and have-nots in life is information executed".  You can't execute a decision on information you don't have, so ask questions, arm yourself, and work with a knowledgeable local expert in all of your real estate decisions.  Chris