Greensboro Real Estate | Picking up when the Market is Down

Many interested people are keeping close watch on the real estate market in Greensboro. It is an up and down affair. Some experts predict the bottom to hit soon. Others say it already has hit. And still more think the market is beginning to rebound. What does this mean for investors? How does the conflicting news affect home sellers and buyers? The answer is as complex as the market itself. The best indicator is to see with clear understanding where it you stand financially. Capital, credit, job security and the promise of a strong loan, these are the principles that will determine for an individual when to buy or sell a home.

Sales of existing single-family homes in Greensboro rose in April for the third straight month, according to data prepared by Triad MLS, Inc. for the Greensboro Regional Realtors Association. The total dollar volume jumped nearly $13 million after an $8 million rise last month and the average sale price climbed as well.

A total of 439 homes were sold in Greensboro in April 2009, an increase from 357 in March but less than the 499 units sold in April 2008.

The average sales price of an existing single-family home rose to $149,149 in April from $147,878 in March. The median sale price also rose to $123,900 from $121,000 in March. Both figures were lower than the April 2008 median of $135,000.

The total dollar volume for all units in April was $65,476,529, up from $52,792,512 in March. Both are lower than April 2008's total dollar volume of $81,580,361.

Homes are selling at a brisker pace as well. The number of single-family homes on the market less than 30 days rose to 100. Only 68 homes moved in under 30 days in March.

2009 GRRA President Betty Smith commented on the April housing numbers: "The continued improvement in the local housing numbers is very encouraging to real estate professionals and their customers. A three-month increase heading into summer suggests more good news could be on the way, especially since mortgage interest rates remain at all-time lows," Smith said. "Buyers should remember that the closing process might be more stringent than it used to be, so it's important to be prepared and work with a Realtor to ensure you have a successful transaction." 

So there you have it, good news in a bad economy. Again, it is the individual's assets the matter the most. Look into your finances before committing one way or another. And work closely with a trusted real estate group. It's the only way to sell or buy a home successfully.

Michael Russell writes about a variety of subjects. This article discusses Greensboro real estate. For more information, visit the Real Estate Book.