Is it still a buyer’s market today in Greensboro? As experts in the Greensboro real estate market, we get asked this question a lot. Its all dependent on supply and demand.
The answer isn’t as simple as yes or no.
The State of the Market for Buyers in Greensboro North Carolina
It really depends on the property type and location.
Single-family homes in great locations that are priced well have been flying off the shelves. There’s a lot of demand in the market for certain areas, while others can seem like ghost towns.
Most Buyers are Looking for these things – good neighborhoods, access to transportation, shopping, good schools, close to work, etc. Properties that deliver all these are definitely a hot commodity and very hard to find. Sellers with a property in these situations are in control of the market and can get top dollar when the demand is high.
But for condos and townhouses – especially those a little off the beaten path, or with some unusual features – it can be quite a different story. Prices were down in certain areas of Greensboro, but seem to be rebounding as the rental market increases. These properties also usually come with HOA dues which can make them less desirable.
Investment properties are in demand. The massive amounts of foreign cash flooding in to invest in US real estate have impacted the Browns Summit market in unique ways.
Overall, those people in a position to pay cash for properties have been picking up the good deals in the marketplace.
Lots of sellers are trying out speculative prices just to see if anyone bites, but most investors are walking away from deals that don’t pencil out.
Financing is still a major obstacle for buyers. Banks are being incredibly strict, requiring lots of money down and even changing their terms at the last minute. It’s not uncommon for approved buyers to get their loans pulled right before closing escrow, although it’s getting better than it was just a couple of years ago. The interest rates have been rising steadily which makes the house payment much more than it would have been a year or two ago.
Overall the markets remain incredibly polarized – there is a lot of action at the very top and the very bottom, with the biggest challenges in the middle.
Sound confusing? It is. But We Can Help.
There’s a lot of shakeup in the US economy still taking place, and the markets are moving fast in lots of directions at once.
We’re investing in Greensboro because we believe in the community and the people here.
If you need to sell a property near Greensboro, we can help you.
We buy properties like yours from people who need to sell fast. We buy as-is, tenants or no tenants. Do you need to evict? We can handle that also. We are here to sole your real estate problem!