Greensboro NC Market Snapshot

The Greensboro NC Housing Market Update

The real estate market in the Greensboro NC area continues to experience the repercussions of a lagging economy caused by shady lending practices and the corporate greed on Wall Street.

The encouraging part is that, locally we have not seen the dramatic fall in home prices experienced by other major metropolitan markets. As with most corners of the US, we have pockets where homes continue to sell, typically in the starter home arena. Luxury housing continues to lag with anywhere from 12-15 months worth of inventory on the market.

First time buyers have been stimulated by the availability of up to $7,500 in tax credits from the federal goverment and interest rates which continue to hover around 6%. Builder incentives are also readily available.

In this type of market, PRICE is the key component that will drive the PROBABILITY that your home will sell while LOCATION and CONDITION will influence PROFITABILITY.

Home sellers need (1) to have their homes in pristine condition, (2) price their home based on the last 90 days worth of comp sales, (3) price as aggressively as possible to attract the few buyers that are in the market today.

Finally, now is not the time to "test the market" to see if you can sell your home. If you are not truly motivated or need to sell, wait until the Spring and consult your local real estate professional for advice on current market conditions at that time.

Feel free to comment or visit me at www.triaddreamhomes.com