| January 24, 2013 "We're very optimistic." That's the response you get from triad area builders and Realtors when you ask them what the outlook is for the Real Estate industry in 2013.
Angie Wilkie of Allen Tate Realtors put it this way: "The Real Estate market in the Greensboro and surrounding areas is seeing positive signs to a rebound. Inventory is low, new construction is back in full force and foreclosures are down."
Wilkie said she's seeing new home sales on the upswing in Greensboro and Summerfield, and that's very exciting.
Michelle Amador, broker in charge of Coldwell Banker Triad, Realtors' Greensboro office, said she agrees with Wilkie. Amador said she feels that the Real Estate market has hit bottom and is now picking up. And with interest rates at phenomenally low levels, it's an excellent time for buyers. Both new home sales and the sales of existing homes are on the rise. There are fewer foreclosures and short-sale homes in the inventory, and that bodes well for people who want to sell their current home. Although home values have not increased a great deal, homes are now selling faster than they had been.
Allen Tate Realtors' Betty Smith said that people have more confidence now, although they are still very conservative. She said they know we're not out of the woods economically as yet, but they can be assured that homes that are priced for the market will sell.
Smith said one of the reasons Greensboro's Real Estate market has fared better than many other areas in the country is due to the fact that Greensboro is an ideal location for those she calls "tweeners."
Tweeners are people, generally over 50, looking to relocate from the Northeast or Midwest. They want to get away from the cold winters in the north, but they don't want the volatile weather extremes of Florida (too hot, too humid, hurricanes, etc.) The triad is the perfect "between" location for these people with its wonderful cultural, educational and outdoor amenities. Add to those its temperate climate and proximity to both the mountains and the sea and you have some of the reasons North Carolina is high on the list of desirable places to live and retire.
Smith said she also feels that many of these tweeners are attracted to maintenance-free living. They want the freedom to travel and pursue interests that don't revolve around taking care of a house and yard. Smith said she believes that once we get through the first quarter of 2013, the sales of maintenance-free homes will probably pick up. Tweeners and down-sizers will then have the confidence to sell their large homes and move to a maintenance-free lifestye.
Despite the large contingent of tweeners and down-sizers, there are still those who are looking for either their first home or those who want a bigger house, yardwork and all. Triad area builders like Don Mills and Rich and Kathy Dumas are ready and able to fulfill their needs.
Mills said: "People are tired of sitting around waiting; it's time to move." He's helping them do just that. He is in the process of building four custom homes right now, and there are more on the way.
"I couldn't be busier. I couldn't be any happier," Mills said.
As chairman of the 2013 Spring Parade of Homes, Mills said he is enthusiastic about the Real Estate market here in the triad and sees it doing very well. He is expecting a lot of entries in the Spring Parade of Homes this year. Along with his houses, he anticipates about 40 homes will be showcased throughout the triad during the parade.
Echoing Mills' enthusiasm and positive outlook are Rich and Kathy Dumas of R&K Investment Properties. They said they feel they have weathered the economic downturn that put so many of their fellow builders out of business. Now they are seeing their sales growing once again, and after a very successful 2012 are looking forward to a great 2013. Kathy said, "people are beginning to realize that prices are rising since the economy is turning around. By locking in early, they'll get good prices."
Rich pointed out that the building industry has a definite impact on the economy. "Whenever you have the building industry picking up, all the businesses that contribute to the building of the house pick up as well, for example, lighting, plumbing, interior designers, furniture sales. It's a domino effect. When housing picks up, everyone has more business. Prices go up with demand, especially since there are not as many builders. Many builders didn't weather the economic downturn. Some are now coming back, but many can't."
Like Don Mills, Rich and Kathy Dumas said they are looking forward to the Spring Parade of Homes. They are planning on having three, perhaps four homes in the parade, and Rich is already looking ahead to later in the year when they'll probably have five homes in the Fall Parade of Homes.
The building industry is an important economic driver because it creates manufacturing and professional jobs that cannot be performed overseas. So growth in the Real Estate and building industries is good news for the triad. And the optimistic outlook of both local Realtors and builders speaks well for the triad's economy in 2013.
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