Triad Housing Market is Steady and Strong
The housing market goes hand in hand with our moving business, and since we are passionate about our community, we realize, especially in our ever-changing world, the importance of keeping a finger on the pulse of the marketplace. As a locally owned business, we know firsthand how the local economy affects everyone’s business. To that end, we are happy to share our findings, as well as perspectives from industry experts.
To begin, we have said it before and we are proud to say it again — Greensboro is a great place to live. With a population of over 290,000 people who live in more than 75 neighborhoods, Greensboro is the third largest city in North Carolina. Our community has a rich array of cultural offerings, great educational options from preschool to kindergarten to high school, 6 institutions of higher learning, and lots of amenities. To top it all off, the overall state of our economy is positive.
Greensboro real estate agents agree with this assessment. “The state of the market is steady based on 2018. The market is holding its own, but people need to be very aware of pricing when listing their home. There is exciting inventory that could be happening in 2019,” said Katie Redhead, a principle with Tyler, Redhead & McAlister Real Estate.
The Triad saw a steady stream of new job announcements in 2018, which will lead to a net gain of more than 5,000 jobs. Businesses moving to the area or expanding are strong indicators of a healthy, growing economy and confidence in our local market.
These exciting, new job announcements mean there will be a greater demand for homes. Fortunately, due to transitions in the corporate arena, we should be seeing a greater inventory of available homes in the coming months, especially those priced $500K and above. This move towards a buyer’s market is good news for people who are planning to upsize or move to the Greensboro area.
This market shift indicates the opportunity for increased business in other industry and service sectors as well. In addition to more activity for local realtors, there will be an increase in demand for all businesses and services related to home sales, including move management companies, mortgage lenders, home builders, inspectors, interior designers, landscaping companies and home improvement businesses.
Since the housing market can be a strong barometer of the local economy, paying close attention to the current state of this sector is important. Adam Moore, Branch Manager of Movement Mortgage said, “The current housing economy of the Triad is extremely healthy and what we could consider as stable. We have seen the market recently make a shift from overdrive to a consistent new norm, which is still extremely strong.”
Michelle Porter of Berkshire Hathaway Home Services shared her perspective, “Our local market is following the national trend and is slowing. We are seeing fewer homes come on the market and limited inventory, especially in the lower price points, where we are seeing a strong demand. There is a strong demand for rentals, especially executive rentals.”
Adam Moore added that baby boomers and members of the younger generation are great influencers on the local economy. “Baby boomers are helping the inventory as they look to leave family homes not practical to their lifestyles and younger generations seem to be more drawn towards established homes and neighborhoods. This trend is great for our area… Buyers have the ability to get into established neighborhoods and rehab a home all financed together, which is more economical than many new construction options.”
Although the first few months of the year typically sees slower real estate activity, the forecast for the entire year is good. Christie Caldwell, Branch Manager of Highlands Residential Mortgage said, “We noticed a slowdown in the fourth quarter of 2018 due to rising interest rates and lack of inventory, along with the normal year-end slowdown. January and February will be slower but we expect an increase in activity in March as the spring market begins. Our expectations are that overall sales activity for 2019 will be similar to sales in 2018.”
On any given day in Greensboro, there are more than 1,000 homes on the market representing all price ranges in a wide range of family-friendly neighborhoods. With the recent job announcements and anticipation of more to come, Greensboro residents can feel optimistic about the outlook for our local economy. This information, added to all the wonderful things about our city, make the forecast for 2019, particularly the housing market, one we can all feel good about.
Careful With The China is committed to staying abreast of the local economy, as well as the climate of our state and nation. We believe that when we share knowledge and support each other, Greensboro thrives as a community, a great community.