Kirkwood Neighborhood in Greensboro, NC continuing to rise in market value and demand.

I live right next to a vibrante little neighborhood made up of classic little bungalows and homes that are usually at least 50 years old. This neighborhood has homes under 2000 square feet that are commanding prices of up to $240,000! Now of course for that price the homes have been totally redone with all new kitchens, bathrooms and additions. I presently have buyers that are looking for a classic home in an older neighborhood such as Kirkwood. Now within Greensboro, NC there are several of these classic older neighborhoods. Kirkwood is just one of them. Kirkwood is though on the lower scale price wise of an older established neighborhood.

Now I have been pulling all the old comps for the neighborhood and have found that the market prices for these homes have been rising. Now while the homes have been getting improved what I am finding is that the good ole fashioned economics principle of supply and demand is driving most of this. With such a small neighborhood there is limited supply. Henceforth the demand spikes. Well, we are presently negotiating with a for sale by owner and moving closer and closer. The homeowner has done their homework but, my buyers have me to do theirs. They know this is a buyers market so they want a "deal". It is my job to get them that deal. Now of course I have asked them the classic question of are they ready to walk away from this home? That is one of the issues. We have already come up past their previous ceiling. So I am going to take them to some more homes in the area just to keep everything in perspective. I will let everyone know.