Of all the things that impact the housing market in any region, inventory may be the most important. The number of properties available for sale is what drives a market being dubbed “buyer’s” or “seller’s”. As with any other commodity, if there is much more on the shelves than buyers in the aisles, prices are impacted.

Unlike the price of apples, though, when a community has too much housing inventory, the impact can be widely felt. After all, properties whose value drops  will be taxed less. (You can read how property taxes are calculated in Guilford County here.) While lower taxes sounds great for the homeowner, lower tax revenues across a large area mean drastic changes for the entire community.

At any rate, tracking the housing inventory in Greensboro shows what everyone probably knows: There’s a great many properties for sale. As of June 5th, per our local Multiple Listing System (the database all properties listed by area Realtors) showed there are 3304 residential properties on the market. These include both ‘active’ and ‘pending’ listings. I include those units whose sales are pending because until they close, they’re not sold. And there has been many a fumble twixt contract and key exchange.

Compared with the same week last year, inventory is up. This week last year there were 3024 homes listed.

At the same time, the average list price is down from the same week last year. $222,871 this year versus $244,812 last year.

These prices are averages across all property types, across all zip codes. The ‘price of apples’ in some zip codes is decidedly more robust than in others:

Of course, some of those 3304 listings are indeed slated to close. Keeping a good thought towards that, the break down of active/pending listings in property types is this:

And active/pending by zip code is this:

Sadly, there is a portion of these listings that are foreclosures. The breakdown of the percentage of foreclosures in the overall numbers follow:

Eventually, there will be more buyers and fewer available properties. Until then, maybe we should get used to applesauce.

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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) and is only as good as the information entered, which is done by humans, who make errors. The information is only for those residential zip codes for Greensboro and does not include the surrounding communities.

One of the most popular topics on this site is that of foreclosures. With all the carpet-bombing news stories about the distressed economic system, distressed banks, distressed real estate markets and distressed home sellers one could understandably be, well, distressed.

For sure, there is pain out there. True, real, flesh and blood people in tough positions.

But when we drill down to Greensboro foreclosure numbers*, we had another good week.

During the week ending 4/12/09, only 5 foreclosures were listed. That’s the fewest weekly total since tracking of the numbers started on this site. And of the 9 residential Greensboro zip codes, three have had no foreclosures listed in the last weeks. (27403, 27408 and 27455)

More importantly, there is a decided trend in the rolling 12-week periods of foreclosure listings. There were 12 fewer in the 12 week period ending 4/12 than the previous period. That’s a huge drop.

There has been a moratorium on foreclosures by some financial institutions, and those moratoriums are coming to a close. So perhaps the numbers will go the other direction in weeks to come. If they do, you’ll read it here.

But for now the trend is clear. There are fewer foreclosures in Greensboro than there were. And that means fewer stressed home sellers, which may lead to less stress on the real estate market, banks and the economy in general.

Let’s hope so because until they start putting Xanax in gumball machines, we all need less stress.

As always, whether the news is good or bad, you’ll see it here.

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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) and is only as good as the information entered, which is done by humans, who make errors. The information is only for those residential zip codes for Greensboro and does not include the surrounding communities

I’m not trendy, but I know a trend when I see one. And there is a definite trend in the foreclosure listing activity in Greensboro.

It’s a downward trend, and that’s good. In order for the real estate market to rebound, there must be a reduction in inventory overall, and in the number of foreclosures specifically. That’s because foreclosures are the real estate equivalent of single celled organisms – not really productive in the grand scheme of things, taking energy the environment and are often slimy.

And I mean that literally. Some of these places look like they’ve been rode hard and hung up wet.

So, the first step towards economic evolution and advancement is to get these distressed properties off the market. And that’s what appears to be happening.

Looking at 12-week rolling periods, the week ending 3/1/09 has the lowest total since I started tracking, which was the beginning of September 2008.

That’s the first bit of good news.

The second is that, of the 146 properties listed in the last 12 weeks, the fewest yet are still on the market (comparing to other 12 week periods) and more are closed or pending than other periods.

Not only that, but of ALL the foreclosures listed since 9/8/08,  nearly 2/3 are closed or under contract..

This is a trend – unlike botox injections – behind which I can get.

[NOTE: It has been requested that I include numbers for  Summerfield, a 'bedroom' community north of Greensboro in Guilford County. I appreciate the suggestion and will start compiling the data and will post as soon as I have done so.]

For those who like to see the numbers for your zip code, here you go:

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). Weekly fluctuations of the numbers can happen as the data is impacted by the promptness of input by members, properties that are temporarily withdrawn from the market, etc.,

It would be easy to believe that no one is buying houses, what with all the horrendous scary disgusting sober news out there. I don’t know what its like in other markets, but the fact is that according to my decidedly unscientific pull of data from the Triad Multiple Listing Service (the database into which all transactions involving Realtors in our area entered) shows that between April 1 – September 30 of this year, nearly 2000 properties closed, just in my city of Greensboro, NC. (Our MLS reaches across the Piedmont Triad area of North Carolina which includes several counties and cities.)

Now, for sure that number is lower than for the same time frame of last year – just over 2500 properties – buy there are still people buying homes. And they are getting some good deals. It’s a good time to buy.

Are there down sides to buying now?

That depends, as it always has, on your particular situation. If you have stable income, have a good credit record and won’t be looking to move in under about 2 or three years then it’s a good idea to start looking. This is a historic “buyer’s market” and it won’t always be such.

If you are having trouble paying your car loan, don’t have any savings or wonder every day whether your job will be there when you walk in, then perhaps you need to sit things out until things settle down for you.

But this is not new. These are basic questions a buyer should always ask themselves before getting into home ownership.

So, check your credit (go to this site to get started), check out your bank balance and put some money by for a downpayemnt, and call a Realtor to start looking.

Go on! You don’t have anything to lose. And you may find your next home, just waiting for you.

…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.

Wow. The news is really hard to hear and read sometimes, even when you’re being quoted directly!

I recently was contacted by a reporter for the New York Times and asked about the real estate market here in Greensboro, NC. He had apparently come across this very blog, thought I had some interesting things to say and wanted to speak directly to me.

I was pleased to do so. After all, getting me to talk is only slightly more difficult than getting me to eat.

And he, Nelson Schwartz, asked good questions, some of them pointedly about the effect of gas prices on home-buying (not much, in my experience), whether foreclosures have worked their way into more upper priced neighborhoods (yes, but not in a “wholesale” way as can be found in some other parts of the country) and so on.

I spoke to what I’ve been seeing and how it ranks in comparison to my experience. Pithy comments, thoughtful commentary, wit all the way around it seemed to me. He asked if I might know of others to whom he could speak – appraisers, lenders, etc., I passed along several names, after confirming with each that it was ok to be contacted by the reporter. And he got other names from other contacts.

Due diligence done right.

The next week Mr. Schwartz came to town and met with many, many people, including me. It was really interesting to see him take notes, which questions he pressed on. Let’s face it, some dude from the New York Times shows up and wants to hear your opinion is cool. It was to me, anyway.

Nice fellow. He called to confirm a quote he was going to be citing, the spelling of my name and what “title” should be used for me (‘broker”, “real estate agent”, “Realtor”.

I suggested “Real Estate Queen”. He settled on “Broker”.

And on Sunday, sure enough, there was an article about our city on the front page of the business section of the New York Times.

Most of the people who read it and talked to me about it thought it was nice to get a mention in the Times. And it was hardly news that things are slow, that there’s higher than usual inventory and that some buyers are getting good deals.

But there are some folk – namely, other real estate agents – who are less than enthusiastic about the article. Not because they don’t know that things are tough if you’re trying to sell a house right now. But because there were more negative stats than positive. Because all the numbers don’t reflect that houses are continuing to sell. Because the article doesn’t reflect the many positive things that are going on around here.

I may be persona non grata for a bit, having gone on record stating that buyers are making offers lower than they did a year or so ago. But I’m quite sure I’m not the first person to notice this. It would be hard to miss – like my rear end.

Facts are facts, and as I’ve been writing here for many months, all this translates into this is a fantastic time to buy.

And it’s about time buyers got a break, eh?

So, my 15 minutes of fame didn’t even make that threshold. More like 9 seconds.

**shrug** It ain’t nothin’ but a thing, as we say ’round here.

Well, lots of reasons, actually.

Granted, if you’ve always wanted to be featured on an episode of “Flip That House” or “Property Ladder” or the lesser known “Watch Me Get In Way Over My Head About Something I Know Very Little About”, the ship may have sailed on you. But that’s not necessarily a bad thing.

The truth is, buying a house makes sense now just as it has for generations and for the same reasons: stability, pride of ownership, security.

Yes, security.

“Crack Kills”, you may be thinking to yourself. But no. I’m not high. There is security in owning your own home. As much security as in anything. Where things have gotten of track in some markets is that some folks started thinking of their houses as slot machines wired to come up a winner on a regular basis instead of thinking of them as….houses.

Buy a home, stay in it for an extended period of time, expect a modest increase in value, and when you sell you should have built equity and walk away with cash in your hand.

But even if you break even after selling, you are still a winner. You will have enjoyed the impressive tax benefits of deducting mortgage interest and property taxes. And, unless you are living in your parents’ basement rent free, you have to pay to live somewhere, right? Better to pay your own mortgage than pay your landlord’s mortgage.

Talk to a good lender, borrow within your means, look at homes you can afford, pay your bills and start relaxing about whether it’s time to buy a house. Because, if you qualify for a mortgage that is comfortable for you and you will be in the same place for a few years, it’s time to buy.

Really.