Are Conditions Improving in Greensboro?

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Hey everyone, today we are excited to discuss the current market conditions here in Greensboro. At the end of April, we sat down and took a look at the numbers, and compared them to the figures we saw at the end of April in 2014. Here is what we saw:

• There are about 1,800 homes currently on the market for sale, which is significantly down from last year.
• There were more closings than a year ago, with 216.
• Inventory is down to 5.3 months, and dropping.
• Interest rates are still near all-time lows below 4%.

Overall, we are seeing a great seller's market here in Greensboro. This means homes will be harder to find for buyers. However, those low interest rates will make any home you purchase more affordable in the long run.

If you are thinking of buying or selling a home in Greensboro, give us a call or send us an email. We look forward to speaking with you!

What's the Secret to Surviving Multiple Offer Situations in Greensboro?

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As the Greensboro market continues to heat up, multiple offers have become more common. Today, we want to discuss how this topic affects both buyers and sellers.

As a buyer, it's important to understand that cash isn't always king. You need to make sure your agent asks the seller or the seller's agent what terms or conditions could help sway the seller in the direction of your offer! 

Writing a personal letter and sending a picture of your family may get the seller to emotionally connect with your offer. 

Additionally, having a pre-approval letter included with your offer will let the seller know you're a serious buyer. Remember, a pre-approval is not the same as a pre-qualification; a pre-approval is what you get when you turn in all of the documentation a lender needs to approve the loan, while a pre-qualification is the initial phone call to a lender. 

What can you do as a seller to prepare for multiple offers? We recommend getting your home pre-appraised and pre-inspected to give you more time to deal with your home's potential defects and find a third-party to support your price. The buyer will be more confident and you as a seller will have more realistic expectations for the deal. 

As a seller, you have to walk a fine line between accepting an offer too fast and waiting too long. Most often, our team sets a deadline for all parties to submit their offers and tells them to make it their highest and best. When selling, understand that the best offer isn't always the one that offers the most money. There are other terms that could be very important to you: closing date, type of financing, due diligence period, and the amount of deposits, among others. Does taking the offer with the most money cause more stress? If the answer is yes, you may want to look at another offer!

If you have any questions about this topic, or if you need real estate assistance of any kind, give us a call or shoot us a quick email. We're always available to make your life in real estate as smooth and stress-free as possible! 

Common Home Buyer Mistakes in Greensboro

Looking to buy a Greensboro home? Search all homes for sale
Selling your Greensboro home? Get a FREE home value report 

Today I'd like to speak about some of the more common mistakes that homeowners make when trying to buy a home.

One big mistake is not getting pre-approved right away. People will often get excited and start searching for homes that are way out of their price range. Narrowing your home search from the beginning is important, and speaking with a lender about what you can afford to buy will help you accomplish this. 

Another mistake is not getting the proper inspections before you move into the home. Your home is likely your largest asset, so why wouldn't you want to protect that investment with a home inspection?

Buyers also sabotage their own sale sometimes by making offers that are much too low, or being nit-picky about repairs. My advice is to repair the things that are important to you, and let the rest go. A few hundred dollars is not something that you want to lose a home over. 

I also suggest acting quickly in this market, because if you take too long to make an offer, the home may already be sold. 

We can help you avoid many of these pitfalls by having a one on one buyer consultation, where we will walk you through the process of buying a home. 

If you're thinking of buying or selling in Greensboro, please don't hesitate to give me a call!