It’s a lovely day here in Greensboro. Trees are budding, birds are nesting and – in another tradition of approaching Spring – houses are going on the market.
I cannot say that this is as welcome a sign as the daffodils this year, but facts are facts. And there is plenty of inventory available for buyers who are ready.
What buyers may want to take note of, though, is that while national news stories report of home prices dropping faster than a middle-aged woman’s tush, list prices in Greensboro have risen from their lows of the 4th quarter 2008 and have remained very stable for weeks now.
What this means is that, with some exceptions, there doesn’t seem to be a lot of benefit to waiting to buy if you are indeed in the market. Unlike prices for electronics, one can’t count on housing prices to be lower in 6 months than they are now.
Also, way back in early December when I first starting tracking this data, the percentage of listings that were ‘pending’ was 11% of the total listings. That number has steadily risen to the point where this week, the number of listings ‘pending’ is 17% of the total. This is further evidence that waiting may cost you – if not in dollars then in missing out on the house you want.
That, along with the $8000 1st time buyer’s tax credit and all the inventory on the market means that sitting on the fence probably won’t save you any money.
And almost certainly isn’t comfortable.
Now, those fancy charts:
As always, whether the news is good or bad, you’ll see it here.
_________________________________________________________
If you have questions, comments or a good joke to share shoot me an email. I’m a full time Realtor®, I love what I do and would be thrilled to hear from you.
* All data from Triad Multiple Listing Service (MLS). “Single-family” does not include Duplexes or manufactured homes.
