Myth Busted! Winter Real Estate Market Is Slow.
First of all numbers do not lie. The inventory in Guilford County, North Carolina is way down. To put it in to plain English we are about to switch to a (dare I say it) “SELLER’S MARKET!” So do you think it is a good time to sell your home here? Let me explain; in the world of real estate we use a formula called an “absorption rate” in order to let us know where the market is in our specific areas. As we all know Real Estate is a very hyper-local (regional) market. That market is different as you move from area to area. You can not base your decisions if you live in Greensboro, North Carolina on the market in Las Vegas, Nevada.
During the lowest part of the real estate crash of the last few years we here in Guilford County had almost 15 MONTHS of inventory on hand. Presently in Guilford County we are between 6 months and 7 months of inventory on hand. All of our market models tell us that if we drop below 6 months of inventory on hand the direction will change. We are already seeing many of our deals being “multiple offer” situations. This meaning that multiple buyers are putting in offers on the same house. At that point it becomes a “highest and best” situation where most of the time the home sellers get more then the list price.
RIGHT NOW we have below 7 months worth of inventory and if you look at the more specific market of single family homes in Greensboro, North Carolina we have approximately 6 1/2 months worth of inventory. So is this a good time to sell your home in Greensboro, North Carolina? Let me ask you if you wanted to sell your car and you had a choice of selling it on a lot with 15 other cars or just 3 or 4 other cars what would you do? It is the simple math of economics; SUPPLY versus DEMAND as the supplygoesdown (dropping inventory) demand goesup!