Here are 10 things that buyers need to know when buying a home in 2023 in Greensboro, NC:
- The housing market is still very competitive. The median home price in Greensboro is currently $296,900*, and a of homes are continuing to sell for above the asking price. This means that you may need to be prepared to make a quick offer, and be creative in your offer in order to win a bidding war. (*data: Triad MLS July 2023)
- Get pre-approved for a mortgage. This will show sellers that you are a serious buyer and that you are financially qualified to purchase a home. Its also a good thing to know upfront what you are actually able to afford. This will save heartache down the line when you realize you can't actually afford your dream home.
- Be flexible with your timeline. It may take longer to find a home in this market than it would in a normal market. Be prepared to be patient and flexible with your timeline.
- Consider all of your options. In addition to buying a single-family home, you may also want to consider buying a condo, townhouse, or manufactured home. These types of properties may be more affordable and easier to find than single-family homes. Also, rethinking your area of choice, there may be a great home that checks all your boxes but is in a sub-division or neighborhood you may not have considered, or been aware of. keeping an open mind goes a long way in this market!
- Be prepared to compromise. You may not be able to find a home that has everything you want on your wish list. Be prepared to compromise on some things in order to find a home that you can afford and that meets your needs. Having a Needs vs. Wants list can definitely help you to prioritize what you may be ok to forgo.
- Do your research. Before you start making offers, it is important to do your research and learn as much as you can about the market. This includes understanding the current prices, trends, and what to look for in a home.
- Hire a real estate agent. A good real estate agent can help you navigate the buying process and find the right home for you. You need to have a Realtor in your corner who will guide you, support you and help you. Someone who can advocate on your behalf and understands you!
- Get a home inspection. A home inspection is important to identify any potential problems with the property before you buy it. Other inspections include pest/termite, well & septic and radon. I have a trusted network for these people who do an amazing job and deliver excellent services.
- Be prepared to negotiate. Once you find a home that you like, be prepared to negotiate with the seller on the price and other terms of the sale. Again, your Realtor will facilitate this but also requires you to be open-minded over what could be genuine requests vs unreasonable demands!!!
- Don't give up. The housing market can be challenging, but it is important to stay positive and persistent. If you keep looking, you will eventually find the right home for you. There is a HOME for everyone out there!
Here are some additional things to keep in mind when buying a home in Greensboro, NC in 2023:
- The city is growing rapidly, which is driving up demand for housing.
- The cost of living in Greensboro is relatively low, making it an attractive option for buyers.
- The city has a strong economy and a diverse job market.
- There are many schools and amenities in Greensboro, making it a great place to raise a family.
If you are considering buying a home in Greensboro, NC in 2023, it is important to be aware of these factors and to do your research before making an offer. If you would like more information, or a copy of my Buyers pack, I would love to help you!! Please feel free to drop me a line!
