"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)