The median price of homes dropped between 2007 and 2009 in every one of 43 ZIP codes located in Alamance, Forsyth and Guilford counties, according to an article in the Business Journal of the Triad.
The drops range from 5.5 percent in Clemmons to 15.6 percent in Summerfield.
Why? Too many homes and too few buyers. Triad real estate agents say that the majority of the decline in home values has come within the last year and they report that sellers and builders are finally dropping prices to help move their houses. Sales of homes above $400,000 are very slow while the most popular price point is under $200,000.
Since 2007, Guilford County has seen drops in median home prices with areas such as Summerfield, Oak Ridge, Colfax and certain Greensboro ZIP codes – 27455, 27408, 27401 and 27410 – falling by 14 percent or more. Forsyth County ZIP codes trended toward the middle of the list with prices falling 10 to 12 percent. Alamance County fared best with prices declining 5 to 9 percent.
No area lost bigger than Summerfield, the 27358 ZIP code. In 2007, the median home price was $191,457. Since then, it’s dropped more than 15 percent to $161,579.
What can you do? Prepare your home before you plan to sell it. List it for what’s fair in today’s market. Talk to any buyer willing to make a reasonable offer. There are simply not as many qualified buyers as we used to see and buyers have plenty of inventory to chose from. If you plan to hold firm on your asking price, you may not be moving for a long time.
