Well... The numbers show, it's definitely a buyer's market. I just finished looking at the quarterly numbers for the Greensboro area to post my market updates on my websites.
- The first quarter average value of existing homes sold in our market was off -1.1% from the last quarter and down -3.3% from the 1st quarter of 2007.
- The average price for an existing home sold in the Greensboro Market was $188,619.
- The number of homes on the market is up 11.8% from the previous quarter and up 9.9% from 1st quarter of 2007
- The average Days on Market were 91 which is about the same as usual.
What does this mean for the typical buyer in the Greensboro area?
- You can get more home for your money.
- There are plenty of homes to choose from.
What does this mean for the typical seller in the Greensboro area?
- You should seriously study and consider the market data presented by your broker before you put a price on your home.
- You CAN still sell your home in a reasonable amount of time, if you price it properly.
- If you are a motivated seller, then don't test the market and try it at a little higher price and see what happens.
- The first day on the market is when you want to have your home priced in line with "todays market" to make sure it sells quickly.
- There is a lot of inventory, so price your home at or close to market so you stand out from those that are just testing the market.
