Greensboro, NC Real Estate Larry Story's Blog of the Triad!

Here is the letter I have just sent out to all my on the fence buyers. Some are looking hard and ready to buy. While others are simply shopping and have not really committed themselves to the facts.

Ed & Karen, I am sending this message out to all of my buyers that are considering buying in the near future. As the prime lending rates have gone up and down they are now at the rock bottom 0%. That means free money for the banks from the federal government! So they have money to lend at rates that have not been this low in decades! I stay close with several lenders and here is an excerpt from an email that I received today; "The rate is 4.50 remember __________ has a Float Down Option they put in place shortly after rate fell to 4.875, So if you have buyer on the fence get them off at 4.50" I can remember when I bought my first home over twenty years ago and I was happy to have a 12% rate at that time. This in combination of the fact that the inventory of homes for sale is at a historic high 10 months, this equates to very low prices and low payments on those loans. There are even lots of foreclosure properties to chose from with walk in equity of sometimes tens of thousands of dollars. Now for those of you that are not ready to buy do not worry it will take a few months for the housing inventory to dwindle down even if everyone starts to buy. I am of the opinion though that those that can buy are going to buy very soon. With an interest rate of 4.5% and the deals that can be had there is no good reason not to if someone is able to buy. I do believe that at least in the interim the rate will remain low for at least a month or so but I am unsure as to what will happen after January 20th and the new administration takes over. So let me know if you need anything and happy house hunting, Larry Story

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.

I have heard time after time that the banks are not lending any money. I find it real hard to believe since I already have four closing for this month and more in process. We have seen some lenders tightening up their process. This is nothing more then the fact they are making very sure everyone is dotting every i and crossing every t. This morning while driving to meet another buyer I have to hear on my satellite radio FOX New interviewing someone saying that people cannot get car loans and home mortgages. I am not sure who these people are but, my clients are having no problems. Heck, I have lenders calling me, emailing me, texting me to give loans. They have money, they want to make the loans. THE MEDIA IS LEADING THE SHEEP BLINDLY AWAY.

I mean just like earlier this year when the media was saying how bad everything is and the DOOM & GLOOM brigade just saturated us with bad news. Well, of course the public is going to listen DO WE HAVE A CHOICE. Actually the answer is YES. If you really want to buy a home get out and look for yourself. There are some AMAZING deals out there. Between the foreclosures, and the builders with too much inventory I am making deals left and right. Chalk one up for some of the banks to they have learned that the best way to get money instead of the government is to sell the real estate they now hold. I turned in an offer and within 36 hours had a signed and executed contract back to me. Frankly, I was blown away. We may even be able to get this first time home buyer in her home BEFORE CHRISTMAS! Everyone say a prayer! You talk about Christmas miracles!

In the end it is no one but yourself that can ever tell you what you can and cannot do! So until you look in the mirror and say no you just keep on saying YES I CAN. Because here in Greensboro, NC yes you can get financing and YES YOU CAN BUY A HOME OF YOUR OWN!

HAPPY HOUSE HUNTING!

OK I am really getting tired of moaning and groaning going on with all the agents and brokers out there that are wishing for business and not WORKING FOR IT!

I am the doing nothing but, getting busier and busier every day. I have been writing contracts at the rate of one about every two to three days. My buyers are coming off the fence and getting in the game quicker then I can replace them in the pipeline. There are so many deals out there to be had it is pathetic. I had a builder's listing agent send me a spreadsheet with a sale price on it. There was a list of their inventory and it had cuts as much as almost 30%! So why these agents are whining about no business when all they have to do is walk out the door and talk to someone about what is out there and possible.

So all I can say is SHAME ON YOU!!!!!! The business is out there just waiting for you to get it. Rates are at a historic low!! I can't say it enough there is an absolute ton of business out there to be had so GO GET IT!!!

OK today I received yet another sales notice from a builder in Davidson County, NC. This not a small builder with just a few homes though. We are talking about discount of anywhere from 5.9% to as much as 27.3%! Take for example a home that has four bedrooms and four and a half bathrooms that originally listed for $407,360 is now on sale for only $295,990! I mean WOW! I have been very busy sending this list out to all of my buyers. Believe me I have been getting emails already about this. Then the best part get this after the column on the spreadsheet gives the new sales price in red in the column next to it they put Make An Offer! All I have to say is MERRY CHRISTMAS!

So what do you have under your tree!? Or better yet where would you like to put your tree?! I just had a very happy buyer sign a contract today. I being realistic about the loan process put the closing as the 29th of December. Well, I spoke the lender today and leaned a little bit and if our luck holds we will have her in her new home BEFORE CHRISTMAS!

So can you think of a better early Christmas present then your very first home!