Our weekly peak at the three main types of residential properties for sale in Greensboro (single-family, townhouse and condo) shows us that not much has changed since last week. That is, roughly the same ratios.

• Single-Family – 2102 (72%)
• Townhouse – 439 (15%)
• Condominium  – 398 (13%)

Let’s get graphic:

Greensboro Actives & Pendings by Property Types*

* Data per info from Triad MLS (Multiple Listing Service) after passing through the tortured “sort, subtotal, Ctrl-c, Ctrl-v and other voodoo that I do so well.

Interestingly, to me at least, is that within these three types, the ratio of active to pending listinga is almost identical. For single/townhouse/condo, the percentage of active units are 85/88/85.

Sounds like my fat dog, Piper’s, measurements…

Again, these numbers are essentially unchanged from last week.

Since a foolish consistency is the hobgoblin of little minds  – or so wrote Emerson -  I’ll not dwell on this further. Just an interesting tidbit.

Tags: Greensboro housing statistics, Greensboro real estate, Multiple Listing Service

Since foreclosure activity is impacting real estate markets – and dominating news coverage – it’s helpful to look at the specific statistics for our immediate area. (Plus, it gives me something to do while I wait for clients to come back from the Witness Relocation Program or their undercover overseas missions or out from under their beds – not that I blame them for hiding out there!)

To that end, here’s some more data about new foreclosures that have come on the market in Greensboro. I’ve drilled down to information by zip code, property type, weekly historical data as well as the current status of foreclosures that have come on the market.

The news ain’t pretty, but the charts are colorful.

Here are the goods:

For Greensboro’s foreclosure listings during 12/1/08 – 12/7/08*:

Total new foreclosures listed: 21

• single-family: 21
• townhouses:    0
• condos:           0

by Greensboro zip code:

• 27401: 3
• 27403: 1
• 27405: 5
• 27406: 8
• 27407: 2
• 27408: 1
• 27409:
• 27410: 1
• 27455:

Last 12 week period:

As you can see, listings increased in the last week. *sigh*

And finally, what’s the status of foreclosures that come on the market over this 12 week period?

Total foreclosures listed since 9/15/08: 169

• Active: 112 (66%)
  
• Pending: 34 (20%)
  
• Closed: 23 (14%)

Status of Foreclosures Listed Since 9/15/08 in Greensboro

And of those they break down by property type:

• Single-Family: 136 (82%)
  
• Townhouses:    18 (11%)
  
• Condos:           13  ( 8%)

Foreclosures Listed by Property Type (9/15/08 - 12/7/08)

* All data from Triad Multiple Listing Service (MLS)

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.

Tags: Greensboro foreclosures, Greensboro housing statistics, Greensboro real estate, Multiple Listing Service, Triad MLS

As promised in my previous post, here is a breakdown of the listings in Greensboro, NC by property type. To be clear, for these purposes, I’ve collapsed cluster homes and modular – not to be confused with manufactured  (or ‘mobile’) homes – into the Single-Family category.

One might predict, and one would be correct, that there are far more single-family houses for sale in Greensboro than either townhouses or condominiums. Or even as these two categories combined. We’re just a ’suburby’ type of city.

Of the houses on the market -’actives’ and ‘pendings’ combined – the  numbers fall out thus:

• Single-Family – 2111 (72%)
• Townhouse – 448 (15%)
• Condominium  – 391 (15%)

And for the graphical fix:

Greensboro Actives & Pendings by Property Types*

* Data per info from Triad MLS (Multiple Listing Service). At least, my download, copy, paste, sort and subtotaling of it.

Tags: condomiums in Greensboro, Greensboro housing statistics, Greensboro real estate, Greensboro real estate market, Greensboro townhouses, Multiple Listing Service, Triad MLS

There is so much data available these days about housing on the market, it can be overwhelming. Let’s drill it down a bit.

Having examined the foreclosure activity in Guilford County I wanted to show the non-foreclosure listing figures. We’ll look at the the various cities and towns in Guilford County and will break down listings by property type :

Communities:

• Greensboro (largest city and county seat)
• High Point (2nd largest and home of the International Home Furnishings Market)
• Summerfield
• Jamestown
• Oak Ridge
• McLeansville
• Stokesdale
• Brown Summit (also written and Browns Summit)
• Whitsett

Property Types:

• single-family homes
• townhouses
• condominiums

So much to see! Off we go…

As of today, the total number of non-foreclosure listings in Guilford County is 3940. Most are in Greensboro (2295) followed by High Point (786). The rest of the numbers shake out like this*(Click on the pie wedge to see the number of listings):

Breaking down the numbers for the types of properties on the market in Guilford County it looks like this:

• single-family (3051)
• townhouse (526)
• condominium (363)

* Data is compiled from my reporting from the Triad Multiple Listing Service (MLS).

Tags: Greensboro condos, Greensboro housing statistics, Greensboro real estate, Greensboro townhouses, Guilford County real estate, High Point, International Home Furnishings Market, Multiple Listing Service, Summerfield, Triad MLS

You may have, just maybe, heard a news story or two (thousand) about the economy. In broadcast journalism, the practice of coining a few catchy phrases and repeating them ad nauseum, has become the rule of the day. You know what I mean. One begins to wonder if certain words can be uttered without certain others. Try to say “downpour” without saying “torrential”, or “controversy” without “firestorm of”. Or “credit” without “meltdown”.

Go ahead. Just try.

But the thing is, there can be downpours that aren’t torrential and not all credit is in meltdown.

There is mortgage money to be loaned. And the lenders want to make you these loans. They don’t make money unless they loan money. (Commercial credit, now that’s another creature and is not to what I refer here.)

The catch is that you have to have a job, a decent FICO score and some money to put down, none of which is unreasonable if you want to borrow money. And it’s the way it always was up until things got wacky in the lending world, what with the “no doc” loans, borrowers with FICO scores lower than their bowling scores and 0% down.

But things are mostly back to normal in regards to lending requirements. And rates are great. My friend and colleague, Christie Caldwell, sent out these rates a couple of hours ago.

Assuming a purchase price of $250,000 rates looked something like this, using the FICO/LTV/Interest Rate model:

• 680/95%/5.50%
• 680/90%/5.50%
• 680/80%/6.00%

• 700/95%/5.50%
• 700/90%/5.50%
• 700/80%/5.875%

• 720/95%/5.375%
• 720/90%/5.375%
• 720/80%/5.50%

• 740/95%/5.375%
• 740/90%/5.375%
• 740/80%/5.50%

If your FICO is below 680, you can still get a loan, but you’ll be looking at paying more for ‘points’. And a gold star to the first one to see where things may seem a bit odd in this. [HINT: put down more, pay higher rate?]

Keep in mind that rates can change frequently. As in, several times a day. But these are good guidelines for where things are in general. Also, a borrower’s rate will be impacted by the amount financed, debt/income ratio, etc.,

Again, these numbers are a guide for today. Around noon. Before I go get another cup of coffee.

Just know that the torrential downpour of news items covering the firestorm of controversy about the credit meltdown may be missing some of the facts regarding mortgages.

Tags: Christie Caldwell, down payment requirements, Elm Street Mortgage, FICO score, Greensboro mortgage lender, Greensboro real estate, interest rates, LTV, mortgage rates, qualify for mortgage

This is a most excellent question, and one about which I’ve been wondering myself. In Greensboro and surrounding areas, the selling price to asking price percentage has historically been in the 95% to 97% range. For buyers coming from other parts of the country, paying that close to the asking price has sometimes been really hard to swallow. Like, “50 peanut butter covered saltine crackers with no milk to wash it down” hard to swallow.

But them’s the figures. Or at least they were the figures until the current..unpleasantness…started.

So, surely buyers are getting to knock off 10, 15, 20 percent off prices and getting deals. Right?

Not so fast, Grasshopper. Let’s look at some figures for the year and half or so:

In Greensboro (and I’ll be looking just at Greensboro for these purposes, to keep my brain from breaking trying to pull data from the multi-county area that comprises the Triad MLS) the averages for CLOSED properties are:

June 1, 2008 – November 30, 2008* (the most recent 6 months)

• Average List Price:       $177,310
  
• Average Sales Price:     $171,527
  
• Sales/List Percentage:      96.7%
  

June 30, 2007 – May 31, 2008 (the 12 months prior to that)

• Average List Price:       $179,819
  
• Average Sales Price:     $174,969
  
• Sales/List Percentage:      97.3%
  

First we can see that the List/Sales price percentage is nearly the same. Second we can see that list prices in the most recent 6 month period are lower than in the preview 12 month period.

So, what gives? What’s with all the desperation and angst in the market we keep hearing about?

Well, it’s out there. Just not necessarily in the Greensboro city limits. If you read my earlier post you know that in the whole of Guilford County, of which Greensboro is the largest city and county seat, average prices have fallen more dramatically. But even with that the average sales/list price came in at about 95.5%

One reason for this is that there is another variable and that’s the original list price of houses. As homes have remained on the market and inventory has increased, sellers have reduced the asking price of their home. In the aforementioned time frames we see the following:

June 1, 2008 – November 30, 2008 (the most recent 6 months)

• Average original list  price: $191,138
  
• Average final list price:       $177,310

June 30, 2007 – May 31, 2008 (the 12 months prior to that)

• Average original list  price: $186,437
  
• Average final list price:       $179,819

Thus, we can see that sellers have – on average – already reduced their asking price by about 7% recently before hitting the number that produces a sale whereas a year or so ago, all other things being equal, that owner would have reduced by only about 4%.

All this having been written, it is clear that while some deals are being made with great price concessions being made by sellers, it’s still not fire sale time. Not in Greensboro, anyway. Other parts of the country are experiencing very different trends.

Just know that low-balling an offer may get you a deal. Or it may get you an irritated seller who feels they aren’t interested in being reamed and won’t deal with you. One never knows.

Each transaction is unique to the individuals involved. There is no absolute in the purchase or sale of a home. It’s exciting and traumatic and scary and exhausting for those on both sides of the table. And keep in mind that there are humans involved. Some in not so great a place.

Be nice. And if you can’t be nice, be humane.

* Again, all data is pulled, compiled and possibly jacked up by me, but I’ve tried to keep it as clean as possible and is all from Triad MLS (Multiple Listing Service).

Tags: Elm Street Mortgage, Greensboro housing statistics, Greensboro real estate, Greensboro real estate market, low ball offer, Multiple Listing Service

December is upon us (Yikes!) and November 2008 is history. What do we have to show for it in regards to real estate sales*  here in Greensboro and the surrounding communities in Guilford County?

Looky:

There are couple of outliers showing here, like the very low Days on Market for the very high Average Sales Price for the Stoney Creek Community. There was one property that closed, and it was on the market only 8 days (congrats, Stoney Creek homeowner, whoever you are!)

The overall numbers for Guilford County are:

• Total Closed Properties: 197
• Average Closed Price:  $160,685
  
• Average Days on Market:  96

And how does this compare to last November? Let’s look, shall we?

The overall numbers for Guilford County for November 2007 are:

• Total Closed Properties: 465
  
• Average Closed Price:  $180,342
• Average Days on Market:  89

Frankly, I’d rather look at November 2007’s numbers than 2008’s. But this is reality, not whatever dimension certain extreme northern state governors occupy, so we must face facts. Fewer properties closed last month than the same month one year ago. And for a lower average sales price. But still, properties did indeed sell. About 48% fewer, but still. (Now, if only the membership of the Realtor®’s association would drop by the same percentage. But I digress…)

What’s a homeowner to do?

If you don’t have to sell right now, don’t. Many folks like to “test the waters” to see what their house will bring. It’ll only hurt your feelings. Sit tight for a few months at least.

If you do need to sell, get with a good real estate agent in an established company – one with resources to market your property to the fullest and with sufficient staff and agents to make appointments as plentiful as possible. (It can be a challenge for small companies to have staff available to make showing appointments with you and if agents can’t show your house they can’t sell your house).

Then look at the numbers realistically. Properties do sell. But they need to be priced properly, clean, free of odors – let a fresh nose sniff around for you – and ready to be shown at a moment’s notice.

Finally, don’t take it personally if someone ‘low balls’ you on an offer. Once you list your house it ceases being your home and becomes a product for sale. Thick skin is required.

If you’re a buyer – have at it. There’s inventory, great rates on mortgages and plenty of people who want to sell you their house.

Now, after looking at those numbers, please excuse me as I need another cup of coffee – or something.

*All information per MY interpretation of Triad MLS (Multiple Listing Service) data and is decidedly unproved and unscientific.

Tags: Greensboro housing statistics, Greensboro real estate, Guilford County, housing market, Multiple Listing Service, Triad MLS

Recently our daughter, Lindsay, married a grand young man, Patrick. Happily, they’ve started their lives together and immediately wanted to put down roots. After a bit of travel, much research and balancing options like job, climate and the all important access to me, they decided to remain in Knoxville, TN, where they have lived and worked for the last year or so. They’re just over the mountains from us – about 4 hours by car – and that’s great. Of course, not as great as if they had given in to my not-very-subtle requests that they move to Greensboro and buy a house next door.

Why, oh why, would a young couple not want to be next door to me and Mr. Durango? That’s a question for another day.

The point of this already rambling post is that Lindsay & Patrick have been working with a Realtor in Knoxville to whom I am grateful for guiding them so well. Also, this agent has a kicking website. Patrick was so pleased he wrote up props for her on his well read blog.

Understanding that it takes an artist to create but real genius to steal, I’m boosting some of her ideas. (I advised her of such and she said she was cool with it. Thanks, Suzy)

I’m irritated with myself for not having posted more stats before. Not that numbers are the be all and end all of research, but it does give one a framework from which to build.

All that having been written, let’s move on to some data:

Stories about foreclosures are all over the news and have been for a few months now. While Greensboro and surrounding areas in Guilford County haven’t been clobbered as have some other regions of the country (California, Michigan, Florida we pass along our good thoughts for things to improve soon) there have certainly been properties that have been taken back by the lender and put up for sale.

Looking at 2008, below are the number of listings of single family houses that were listed each month*”

Single-family houses listed as foreclosures in Guilford County 2008

*All info is pulled from the Triad MLS (Multiple Listing Service) for Guilford County only, single-family houses.

Well, that’s icky to see.

But the good news is that most of these houses (that is, those listed this year) have SOLD.  When we overlay the properties that have closed (that is, all papers are signed and new owner takes possession) it looks a bit more positive:

Showing foreclousures that have closed. Look at October!

Below, we can see the trend of foreclosures that are now “pending”. which means the seller and buyer have come to agreement on terms and the sale is awaiting final closing.

As you can see, there were few that went under contract during the first months of the year but the number has increased precipitously in the last couple of months:

Adding the number of properties that went under contract each month.

What does all this tell us?

First – There are many, many people who have been through some really rough months. They are more than stats on a chart. And we should all hope that our country never goes through this on the present scale again.

Second – There are many motivated sellers out there. And banks are included in that as they have no motivation to own these houses.

Third – LOTS of buyers are stepping up to take the opportunity to buy.

And keep in mind that these foreclosures are only a small percentage of the houses currently on the market. There are plenty of great buying opportunities out there. Interest rates (hovering below 6% this morning) are good.

Suffice to say that this is a Buyer’s Market like none we’ve seen in decades. No joke. If you have decent credit and the hankering to own a home, start your engines.

If you’re in the Knoxville, TN area and need a Realtor, call Suzy Trotta. And if you see Lindsay & Patrick, newlyweds and new homeowners, tell them to give this ol’ woman a call. I miss them!

Tags: Greensboro foreclosures, Greensboro real estate, Multiple Listing Service, real estate statistics, Triad MLS

So you’re doing the right thing, getting your financing in order so that you can take advantage of this historical buyer’s market, and your lender has told you how much of a loan you can afford, what your monthly payments will be and what your costs on the day of closing will be. Good for you.

What, though, are all these line items on the “Good Faith Estimate”. Of course, your lender will be able to explain all of them. But perhaps you want to verify wheat you’ve been told. Or you just need a bit more explanation. Maybe you’re just shy about asking. (So many of us feel we should be knowledgeable about everything and it’s just not possible. NEVER refrain from asking questions. A professional, conscientious lender, agent, attorney, inspector will welcome being able to answer you.)

All that having been said, what are those danged charges? Follows is a partial list of some of the charges you may find when you buy a house. These are the costs that are generally considered charged to arrange the loan itself. There are other costs regarding taxes, insurance, revenue stamps and attorney fees that will be addressed in subsequent posts.

[NOTE: Legitimate charges can vary by region, the type of loan and the lender. When in doubt the reason for a cost, ask]

Origination Fee: The lender charges this to cover the cost associated with setting up the mortgage. Often it will be expressed as “1 point, ½ point, 1.5 point, etc.,”. A point equals 1% of the amount financed.

Loan Discount Fee: This is a charge paid if you decide to may extra for a reduced interest rate. Doing so is not always a good idea as you need to weigh whether the cost of the discount fee (again, usually expressed in terms of ‘points’) is made up by the reduction in monthly payments. Ask your lender to calculate the savings and how long you’d need to stay in the house for the discount fee is ‘paid for’.)

Appraisal Fee: The appraisal is required by the lender to ensure the property is worth what is being loaned. This is one fee the lender will generally require in advance.

Credit Report: The lender requires this in order to make sure YOU are worth what they’re lending. It will show your payment history, total outstanding loans, open lines of credit, etc., this lender will also probably require this up front at the start of the application process.

Application Fee: Strictly a fee charged by a lender and will vary widely depending on the lender. Some lenders don’t charge on at all.

Commitment Fee: Another lender fee. Varies greatly lender to lender.

Document Fee: See previous two items.

Flood Certification Fee:  Covers cost to evaluate whether property is in a flood plain and whether flood insurance will be required.

Tags: Greensboro real estate, loan discount point, loan origination fee, mortgage terms, real estate terms

…it actually gets horrendous. Biblically bad, financially speaking. Instead of frogs raining down or a plague of locusts or 40 days and nights of rain we have investment banks that have been around since the 1800’s on the verge of becoming a pile of quivering, gelatinous muck instead of the hard-as-granite institutions that have been the beacon of financial stability and responsibility around the world. Some of these companies managed to weather the storms of two world wars, the Great Depression, assassinations of our leaders and even the age of disco and leisure suits.

But they could not survive the crummy, hands off, non-leadership of the past eight years. Our banking system is just as much a part of our physical and social infrastructure as our highways, water systems, schools, libraries and armed forces. They must be regulated and made to function properly. Too much rides on them to allow the CEOs have reign over the assets of the country without being accountable. Apparently, at least $700B rides on them.

That’s $700,000,000,000.

Greed is not good. And unchecked, unregulated, unsupervised greed sucks.

Things will improve. This country has the human and natural resources to rebound. But this has got to stop. Things must change. We have an unnecessary war, people stranded in our own country for weeks and months at a time after storms, a once vaunted financial system that was the envy of the planet now reduced to this grotesque episode of bail out and fraud. All led by a man who is barely verbal and his party who cynically says and does anything to remain in charge.

Enough is enough.

Tags: Greensboro real estate, Real estate market