The real estate news is SCARY!

If you’ve been hearing or reading the news about real estate from the national media lately, you may think that your opportunity at catching the American Dream of homeownership has just passed you by. It sounds like home prices are falling through the floor, lenders are going belly up and anyone with an idea of buying would be better off sticking their money in a coffee can buried in the backyard. (Of course, if you’re still renting, you’ve just sunk even MORE money in someone else’s property if you do that..)

The truth is that, while some real estate markets are going through what has to be seen as a necessary correction, our market in Greensboro, NC and surrounding areas didn’t have the no-holds-barred ramping up of prices like some places over the past few years. Just a nice, stable, SUSTAINABLE increase of around 4%-5% every year. Some places more, some less. But the point is that because our property values increased reasonably, they aren’t having to come down in order to find their correct levels. We’re pretty much there. And there is another side to the news that doesn’t always get much attention. This is a a great time to be a buyer in many areas, Greensboro included

As for lenders with their own financial problems, well, many of them loaned money to people who were just bad risks. Hey, if you can’t pay your Visa bill on time, don’t sign on for a mortgage for at $150K. Get your financial house in order. THEN get your actual house.

Bottom line: It’s a great time to buy a house in Greensboro and surrounding areas. Rates are still good, there’s plenty of inventory, and you can take advantage of the jitters that the rest of the county is suffering. Keep your head while those around you lose theirs!