Confused about the real estate market in our area? Wondering when a good time to sell is?
This is a chart showing the 27410(our best selling zipcode by far) zipcode in Greensboro for the past few years. You can see that we have held steady for the most part (even through the giant bubble that affected most of the United States). The only real dip was mid 2011 and into early 2012. Then out of nowhere…BAM…the market is back up to over where we were in 2008.
In my opinion, we never really lost too much value in Greensboro because we never really had the huge spikes like in Florida or Arizona. A friend of mine in Florida bought a home for $130,ooo and then 9 months later it appraised for $250,000 and he pulled the extra money out of it with a cash out refinance. Well, let’s just say he lost on that one, lost the home, and it is now worth $110,000 maybe. I saw the same thing in Arizona and homes that were in the low 100’s shot up to the 300’s seemingly overnight. When it dropped back down to reality, many of those folks lost their homes, and it flooded the market with foreclosures.
Greensboro though, we held steady. We may have gone up a little and then down a little, but overall the values are fairly similar to where they were. Some areas were hit harder than others. We did have quite a few foreclosures for awhile, but many of those were due to loans that people should most likely have avoided.
RIGHT NOW….we are very low on inventory in Greensboro. We are at least 25-30% lower in houses for sale than in the past few years. What this does is create competition. 4 of the last 5 foreclosure listings that I have had have gone into multiple offers and have sold for full price or over asking. Many sellers feel like they want to wait out “this market” and see what it is like in a couple of year. Since they are not listing, there is less available. I have heard from many of my agents that this is frustrating for their buyers, as they cannot find enough on the market.
What does this mean for YOU? It means that if you have a home to sell, now would be a really good time to list it!!!! There are some exceptions to this. I recently pulled a home from the market for some great friends of mine. The home is beautiful, smelled terrific, had some great upgrades, and was only $128,000. The problem was that 4 homes popped up in the neighborhood as foreclosures and the banks listed them 30-40k under value to sell them. So my folks pulled their listing and are going to wait to sell, once the values rise again. This is a specific circumstance, and I feel that if you want to SELL your home….RIGHT NOW is the time to do it!
Hope that helps a little with the market and where we are. If you have any questions, feel free to contact me and we can chat more.
Here are some fun facts:
Estimated median household income in 2009: $38,694 (it was $39,661 in 2000)
Estimated per capita income in 2009: $24,982
Greensboro city income, earnings, and wages data
Estimated median house or condo value in 2009: $143,800 (it was $104,700 in 2000)
Mean prices in 2009: All housing units: $191,107; Detached houses: $202,910; Townhouses or other attached units: $139,012; In 2-unit structures: $145,264; In 3-to-4-unit structures: $120,715; In 5-or-more-unit structures: $116,909; Mobile homes: $53,889; Occupied boats, RVs, vans, etc.: $58,842
Median gross rent in 2009: $714.
Read more: http://www.city-data.com/city/Greensboro-North-Carolina.html#ixzz2ZsPmDGsm