The Winston-Salem, North Carolina market is revitalizing itself with a upgraded downtown area complete with shopping, restaurants and entertainment, but local Realtors say the area is still in a buyer's market, despite low interest rates and an improving economy.

"Winston-Salem has a small town feel, and offers in-town and out-of-town properties," says Realtor Penny Boyles. The outer limits of the city offer a rural feel with established neighborhoods and new construction."

She advises, "Currently the Winston-Salem area has 1679 properties for sale ranging from $30,000 - $1,269,000 for an estate property. There have been 1143 properties closed since January 1, 2003 with an average sales price of $147,000. Average days on market for these properties was 109. The local housing markets have been strong for several years because demand has been driven by record low mortgage rates. Reports indicate that market is slowing, and that buyers continue to have the upper hand."

Says Realtor Kay Hunkins, "I'm wondering if the fear of possible rising interest rates is prodding more buyers to take the plunge? Which could cause a change in the balance of supply and demand, and affect pricing? We've been in a buyer's market in our area (like many parts of the country) for a long time, but things could be changing.

She adds, "New homes, with all their builder incentives, have become "best buys," as tremendous competitors to sales of existing homes. It's difficult for a seller of an existing home to compete with large monetary incentives. These sellers also must pay a Realtor fee to get their home sold. As well, the "pristine clean" of a new home is hard for a buyer to turn down, isn't it? I wonder if this situation is affecting the value of existing homes?"

Hunkins says, "Neighborhoods where there is an ample supply of homes for sale might be a better environment to find a "best buy." In condo and townhome neighborhoods, there can be multiple units for sale at the same time. Often these units can have the same, or very similar floor plan and size. The decision as to which one to buy may be a simple price evaluation - and require some smart negotiating."

She advises, "If you're a buyer shopping for the "best buy" in a home in the Greensboro, High Point, Winston-Salem and surrounding area of central NC, you're in luck! You're in the batter's box - most of the time, at least. You can get a "best buy" in any price segment of the market; but you'd better speed up your searching a little, because there seem to be more buyers out there lately - picking away those choice homes."

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Published: June 9, 2003

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