Strike While the Greensboro Market Is Hot

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The Greensboro real estate market in the first quarter of 2016 is off to an unprecedented start. Closed units are up almost 15% from 1,200 last year to nearly 1,400 this year. The number of homes closing this year looks like it will continue into the second quarter with 14% more units going under contract.

We’re also seeing fewer homes come onto the market; with only 2,193 new listings, that figure is down more than 10% compared to 2015.

Right now, the market is swiftly changing from a buyer's market to a seller's market. Sellers are seeing more showings and more multiple offer situations than I have seen in all of my 18 years in real estate! This has also caused the sales-to-list ratio to rise to 93.1%. As a seller, you need to consider getting your house on the market ASAP, because the right houses in the right condition that are priced correctly are in high demand. Your chances of getting top dollar for your house are the best we have seen in years.

This type of demand is why forecasters are predicting a full 1% rise in mortgage interest rates. A 1% rise in interest rates is like a 10% jump in sales price from an affordability standpoint in monthly payments.

As a buyer in the Greensboro real estate market, be prepared for a multiple offer situation. Act fast when you see a house come on the market that meets your criteria; go to see it the minute it comes on the market! You may not have much time to think about it before making an offer.

A solid pre-approval from a lender is a must-have. Be ready to increase due diligence fees and earnest money deposits, and make sure your inspector can go quickly to keep due diligence days as short as possible.

If you have any questions, now is the time to ask! Feel free to reach out with an email or phone call and I’d be happy to work with you.

Should You Rely on Zillow in Greensboro?

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Today, I’ll discuss why Zillow cannot accurately price your home in the surrounding Greensboro area.

According to the LA Times, Zillow is a good start for finding a home price. However, the value they provide can be as much as 10% to 12% off! That can be incredibly inaccurate.

What does that mean to you as a seller?

What does that mean to you as a seller? If your home is worth $300,000, it can be worth $336,000, but Zillow won’t be able to estimate that. You could be giving your home away for a steal and missing out on a huge profit. You could also be pricing your home so high that it drives buyers to other homes.

I highly recommend working with a professional, instead of an online algorithm. I’d be happy to assist you. If you’re thinking about buying or selling a home, reach out by phone or email at your earliest convenience! As a local real estate expert, I’m happy to answer any questions you might have and provide a free consultation.

How to Perfectly Time the Triad Market

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Today we will be discussing how to time the spring market in the Triad if you're trying to sell your home. Should you put your home on the market now, or wait until there is more activity? We're going to explain what you should do right now.

I always get asked about when the best time of year to sell a home is, and the truth is that it depends on a few factors. If you're trying to capitalize on the increased activity in the Greensboro area, you need to list soon. If you look at the 2015 numbers, you'll see in last March we had a 30% increase in sold units from the previous month. The thing you might not realize is that those homes that sold in March were on the market by Mid-January.

Right now, we are seeing the same number of showings as we did at this point last year. The only thing that could possibly put a damper on this is bad weather. Freezing rain and snow will put a slowdown on any activity in our area.

However, right now the weather's not too bad. If you're trying to sell for top dollar when that spring market hits, you want to consider putting your home on the market sooner rather than later. There are massive amounts of buyers out there looking and if you don't act soon, you could miss them.

If you have any questions for us, or if you're thinking of buying or selling in Greensboro, give us a call or send us an email. We look forward to hearing from you!