Is this a good time to buy a house in Greensboro?

July 12th, 2007

With real estate being all over the news lately, and not in a good way, you may wonder whether buying a house now would be ill-advised.

Actually, just the opposite is true. At least here in Greensboro and surrounding areas. The thing is, while the news reports things from a national perspective, all real estate is local. And locally, this is a great time to buy.

Why? Because - partly due to the previously mentioned icky news - the normally active spring sales market was slower than usual. So, there’s plenty of inventory. Interest rates are still good - 6.5% - 6 .75%. Higher supply. Good financing. What more do you need?

Now, this doesn’t mean that any old body should buy a house. It is a painful but true thing that the financial responsibility of a mortgage is just beyond some people’s ability to manage. The fact that so many people who were marginal at best in regards to their money handling skills were loaned lots of money over the past 3 or 4 years is the very reason the news is so negative right now.

But lenders are getting their heads screwed back on correctly (my favorite lender always kept her head) and things will all shake out.

So, talk to a good lender, find out what you can afford, and dive in. It’s a buyer’s market now but this won’t last forever.

It never does.

« Maybe I’ll just buy a foreclosure..Yeah, that’s the ticket…I’ll get a deal!..
Is buying a house in Greensboro different than buying somewhere else? »

2 Responses to “Is this a good time to buy a house in Greensboro?”

  1. Patrick Beeson | 13/07/07

    What time of year is the best time to buy? Or does it matter?

  2. Casey | 13/07/07

    The best time of year to buy a house is when you can afford the house you like the best!

    No, time of year doesn’t matter. Spring usually finds more houses coming on the market, all fresh and hopeful. But there is nothing intrinsically better about a house that is for sale in the Spring as opposed to one that’s on the market on Thanksgiving Day.

    As a matter of fact, the more serious sellers - ones who really want/need to sell - are the ones who have their property listed during such “off times” as the Winter or holidays.

    Some Spring time listers are reverse tire-kickers. They want to see if someone will buy and may not be all that motivated.

    And interest rates are not usually impacted by the season. There are too many other financial indicators and influences that determine mortgage rates.

    So, again, if you can afford the house you want to buy THAT’s the best time of year!

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