Green Haven Gazette

Looking for buying and selling tips on real estate? Check out the Green Haven Realty Blog. We write posts on local real estate trends for Winston-Salem, Clemmons, Lewisville, Advance, Kernersville, Greensboro, High Point and surrounding Triad (NC) areas, as well as market reports for Forsyth, Davie, Davidson, Guilford, Yadkin and other Triad counties as well as Neighborhood Market Reports (If you don't see your neighborhood listed, just ask and we'll be glad to add it). Let us show you how the latest technology can make buying and selling your home easier and faster.

May 24, 2022

The Best Places to Raise a Family in NC

Best Places to Raise a Family in North Carolina

Once you decide to start a family, different things come into the focus. Safety from crime is in the first place, closely following good schools, essential amenities, plenty of open space, and affordability. Thus, it doesn't surprise at all that you'll find some of the best places to raise a family in North Carolina. It is one of the states that hits all the marks regarding the most requirements parents have. It's a beautiful state from the Mountains to the Coast.  But do you know which places in NC you should consider first?

 

One of the best places to raise a family in North Carolina close to a beach

 

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April 25, 2022

7 Low-Maintenance Landscaping Ideas for your Lewisville, NC House

How to Improve Your Home's Curb Appeal

Easy to maintain garden at Lewisville, NC house

If you are among the people who have migrated to the suburbs in the wake of the Covid-19 pandemic, you probably enjoy living in a home with a nice yard. Luckily, you do not have to be a landscape expert to maintain the exterior of your home in tip-top shape. You will surely find at least one helpful tip among our seven low-maintenance landscaping ideas for your Lewisville-Clemmons, NC house.

 

So, if you are planning to purchase a Lewisville, NC home, you are probably looking forward to spending your

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April 19, 2022

Recessions and Real Estate

How are Real Estate Values Affected During a Recession?

 

The media has been sounding the alarms on a potential recession this year for 2022, which has many questioning if it’s a good time to purchase a home.  When people hear about recessions, most remember the sharp decline in home prices during the housing bubble and "Great Recession" (December 2007-June 2009).  Many often mistakenly believe that the recession caused the housing bubble, but it was quite the opposite – the housing bubble led the U.S. into a recession.

 

What Does History Tell Us About Recessions and Real Estate Values?

 

 

Looking back at the other eight recessions since 1960, surprisingly, home values significantly increased or at least remained stable each time during and after the recession.  One of the reasons this occurs is because interest rates significantly fall during recessionary periods.

 

During the housing bubble, risky, non-verified mortgages were commonplace.  There was a glut of supply in the real estate market along with much lower buyer demand.  As a matter of fact, there would be over 1,000 foreclosures listed for sale in Forsyth County (NC) alone.  Now, there are currently TEN in the entire Triad MLS (one in Forsyth County), so it's a totally different market today. 

 

Not to say we won't see more foreclosures this year, because there are a number of homeowners behind on their mortgages due to Covid-19, but their homes have also appreciated, so they aren't under water like they were during the housing bubble.  In the Clemmons area, home values have appreciated approximately 30% over the last 3 years.

 

Today’s housing market is much stronger – there are 3 million fewer homes for sale compared to the housing bubble, and 14 million more households.  Once again, that is true in the Triad area with only 1,057 active listings on the Triad MLS. Strong demand and tight supply should continue to be supportive of home values.

 

 

 

 

Recession Indicators - Inverted Yield Curve, FED Rate Hikes

 

The yield spread between the 10-year Treasury and 2-year Treasury has been trending lower and has recently inverted for brief periods. Why is this significant?

 

Normally, you would expect to receive a higher rate of return for putting your money away for 10 years versus 2 years. But when there is an economic slowdown and fear in the markets, the yield curve can go inverted – meaning that 2-year yields are higher than 10-year yields, which is backwards or upside down. Looking back at the history of recessions, we almost always see a recession follow an inverted yield curve but it doesn’t happen right away. It could take months to a year or two for the actual recession to occur.

 

When the FED hikes the FED Funds Rate, this causes short-term yields to rise and can cause long-term yields to fall if it’s perceived that the rate hikes are getting inflation under control. Remember, the Fed hiked its benchmark Federal Funds Rate by 25 basis points at its March meeting.

 

Fed members are expecting six additional hikes this year according to their dot plot chart, with a 50 basis point hike expected in May. Thspread between the 10-year and 2-year should continue to narrow and invert as the Fed hikes the Fed Funds Rate, and again this inversion has been a reliable recession indicator.

 

Note that while a recession is not a great thing for the economy, one positive aspect is that periods of recession are always coupled with lower interest rates.

 

 

Should I Be Concerned About Buying a Home During a Recession or Threat of a Recession?

When "recession" is mentioned, many home buyers begin to feel nervous.  They wonder if the home they are considering to buy will go down in value.  That is understandable given what happened during the Great Recession and last housing bubble.  As we have stated, this market is totally different than that.  And over the last 60 years, home prices have remained stable or increased during recessions.  Given the low rates of return in traditional safe investment vehicles, the tight supply and high demand for housing, real estate is a great option to consider if a recession comes upon us this year.  Additionally, with North Carolina being a popular state for transplants, and the Lewisville-Clemmons area being in high demand, it's another solid reason to consider buying a home at this time. 

 

 

Richie Sorensen

AFS Loan Officer | NMLS# 1191232

* Email:   RSorensen@PRMG.NET

( Office:   951-547-6452

( Direct:  951-383-5350

APPLY NOW!

April 5, 2022

Buying a Home "As-Is"

 

What to Know About Buying a Home "As-Is"

While sifting through property listings, you might encounter a lot of surprisingly affordable property. You might be equal parts suspicious and thrilled, but then you notice that the property is being sold "as-is". Since buying a home does not happen every day, it makes sense to do your research and find out everything there is to know about buying a home "as-is". Luckily, we are here to clarify everything you should consider before taking steps to purchase such a home.

Buying a Home "As-Is"

 Explore your options before you buy an "as-is" home.

 

Most home buyers are absolutely terrified of this word as it implies there must be some hidden caveat to this term. Indeed, many sellers of as-is homes specifically target contractors or investors that can invest time and money toward a comprehensive rehaul of the property. Yet, in some cases, these homes can be highly comfortable, functional spaces. There are several reasons why a home seller might list a home for sale, disrepair being only one of them. Furthermore, even if the house requires a few renovations, other characteristics such as location might make up for its faults. The Lewisville and Clemmons areas would be an example of that.

 

Well, how can you then make sure that the property sold as-is doesn’t turn into a money pit? Read on to find out. But first…

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March 3, 2022

How to Choose the Best Time to Sell Your Home

Determining the Best Time to Sell Your Home

Analyzing the housing market seasonal trends is an essential first step when you need to choose the best time to sell your home. However, the choice to relocate is frequently an individual one. Other things to consider are your economic status, the present state of your home, whether or not you plan to make any adjustments, and whether or not the local market circumstances are favorable. This article will lead you through everything you need to understand about determining the best period to put your property on the market.

Home seller holding pending sale and sold real estate signs

When is the best time to sell your home?

For many sellers, the response is "as quickly as possible!" - but if you have the benefit of time and want to maximize

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Posted in Selling Your Home
Feb. 27, 2022

Will Russia/Ukraine Affect Interest Rate Hikes

The Russia/Ukraine Conflict Might Not Affect Proposed Interest Rate Hikes

Geo-Political

On Friday morning Russia said that they are willing to talk… IF the Ukraine army lays down their arms. This means they would be asking for an unconditional surrender, which is unrealistic. The US and Europe have imposed sanctions on Russia as a result of their invasion, with one key sanction that they are threatening to impose – The removal of Russia

How Will Russian Ukraine Conflict Affect Proposed Fed Interest Rate Hikes

 

from the SWIFT system, which is the dominant system for Global financial transaction. Putin said he would never attack a system he was part of, but if he was removed, would we have to worry about cyber attacks on one of the main global payment systems? In todays age, we not only have to worry about physical force, but also cyber.

Cyber Attack Hack Breach

 

Fed Interest Rate Hikes

Will the Fed change their plans on the amount of rate hikes this year due to the Russia/Ukraine conflict and drop in asset prices? Fed Governor and voting member, Chris

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Feb. 16, 2022

Advice for Lewisville-Clemmons Home Buyers

WHAT LEWISVILLE-CLEMMONS HOME BUYERS NEED TO KNOW BEFORE MAKING AN OFFER

For those of you who are excited about buying a home in the Lewisville-Clemmons area, and you’re ready to make one of the best purchases ever!  Listen up!

lewisville-clemmons homebuyers

Decide What Style of Home You Want

Before you start looking for a Lewisville-Clemmons area home, make a list of what features you want and rank each item by priority. Some things to consider are the location (always important for resale), inside the city limits or county, the style of home (Ranch/1-story, 2-story, Craftsman, Bungalow, Contemporary, Traditional, etc.), number of

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Feb. 10, 2022

Retrospective Appraisals

What is a Retrospective Appraisal?

Retrospective Appraisals

Most appraisals are prepared with a current “as of” date. In some cases, it is necessary to develop an appraisal as of a date from the past.  Retrospective Appraisals is an opinion of value as of a specific date in the past.  Retrospective appraisals are also known as Historical Appraisals.  A Retrospective appraisal value can be needed for property tax appeals, estate or inheritance tax matters, condemnation/eminent domain proceedings, divorce settlements, natural disasters or suits to recover damages.  These type of appraisals could be for commercial or residential properties.

retrospective appraisal

For estate purposes, the typical need for a retrospective appraisal arises when someone dies and a date of death valuation is required, or when someone receives a gift of property.  Typically, this is necessary for the heirs to provide to the IRS. 

What is the Definition of a Retrospective Appraisal?

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Feb. 4, 2022

Covid-19 has Fueled Migration from Major Cities to the Suburbs

The COVID-19 pandemic has Fueled Migration from Major Cities to the Suburbs

Woman carrying boxes out of Clemmons, NC apartment

The COVID-19 pandemic has caused so many changes in all of our lives. It changed the way we communicate with one another, how we go about our daily lives and work, and so much more. It's been almost two years since the initial outbreak and quarantine, and it seems like these changes have become the new normal. However, we're all still learning to live in this post-COVID-19 world. One of the many ways people are adjusting to this new normal is by fleeing big cities and relocating to the suburbs. In the rest of this article, we'll explain how and why the COVID-19 pandemic has fueled migration from major cities to suburbs and smaller areas like Clemmons, Lewisville, Summerfield, Oak Ridge.

The Initial Exodus

After the first wave of the pandemic struck the US back in March of 2020, many people took that opportunity to relocate from the city. The reason for that was simple: leaving the city meant leaving the big crowds of strangers behind and minimizing the risk of catching the virus. Moreover, once major cities started issuing lockdown measures, many people were left alone in their tiny, claustrophobic apartments. Those who had a balcony or any kind of escape into nature were considered the lucky ones. This, however, wasn't an issue in the suburbs, where people were able to continue living their everyday lives. If they needed an escape into nature - they had their backyards.

This is especially true for those with kids in cities who were going crazy staying all day indoors. While kids in the city weren't allowed to go to the playgrounds and parks and socialize with other kids, those in the suburbs had more freedom. They had their own backyards and swing sets.

 

While the need to be outdoors is what caused many people who had the means to leave their lives in the big city and move to the slightly more rural areas, such as the suburbs, it wasn't the only factor. Aside from this, there are a couple more reasons why the COVID-19 pandemic has fueled migration from major cities to the suburbs.

woman wearing a mask on a train

Many people left the major cities, running from the crowds and the virus.

Lower Costs

Once the pandemic struck, many people found themselves without a steady income. As some switched to remote work, others entirely lost their jobs. This means they had to leave their costly apartments in big cities they could no longer afford. The obvious solution was to move to a smaller, more rural environment where the cost of living was cheaper. And while some people sought lower rent, others were able to take advantage of an uncertain real estate market and buy a house in the suburbs before the home prices started to rise in July 2020.

More Room For Work & Hobbies

One big change we mentioned before that was caused by the pandemic was the rise in remote work and remote learning. People who were used to leaving home every day for their nine-to-five jobs were now stuck working from home. This means they needed their own workspace where they could focus. Small apartments in the city weren't enough to accommodate their needs. Instead, people realized they could relocate to any area and many started looking for bigger houses in the suburbs with a separate home office.

 

Aside from the need for an extra room, many people simply needed more space. A house in the suburbs not only allowed for more space for work, but it also made plenty of room for other hobbies and interests. And, if people saw this as a long-term solution and a place where they want to grow old, they used their free time to start renovating their home for the future, even considering aging-in-place home modifications.

a man on a couch with a laptop in his lap

Those who lived in small apartments in the city didn’t have an adequate home office when the pandemic struck.

More Storage Space

With more space for hobbies and work comes more storage space for clothing and other belongings. This means a lot to people who are used to minimizing their possessions so they can fit everything in their apartment or constantly living in clutter. Even if they rented or bought storage units for their belongings, those couldn't always fit everything. Moreover, some things just don't belong there, such as valuable items or important documents.

Peace And Quiet

You won't find much peace and quiet in a metropolis, from honking automobiles and screaming sirens to the overall hustle and bustle of ordinary urban life. Even if they loved the city life, after moving to the suburbs to flee the pandemic, many are now enjoying the serenity the suburbs have to offer. And, most of them are not quite ready to give that up.

Stability And Freedom

 

As we mentioned before, many people left the city looking for a more affordable alternative. However, buying a home in the Lewisville, Clemmons, Oak Ridge, or Summerfield is not only much cheaper than renting an apartment in the city; it's also a way to add more stability. While there will always be a discussion between buying vs. renting a home, no one can dispute that purchasing a property is a sound investment. It gives stability to one's life because you know you won't have to move out if your landlord decides to rent the place to somebody else or suddenly raises the rent. Moreover, you have the freedom to do whatever you want with the place. If you wish to paint the walls - you can do so. If you want to completely renovate the home - go for it!

A couple moving into a new house

Buying a house and moving to the Lewisville or Clemmons, NC is a great way to add more stability to your life.

Final Thoughts

There's no doubt that the pandemic affected us in so many ways we're not even aware of yet. However, it is obvious that the COVID-19 pandemic has fueled migration from major cities to suburbs and bedroom communities like Lewisville, Clemmons, Oak Ridge and Summerfield. While people who left major cities did so looking for a safer, cheaper, and more stable environment, the question of how long this is going to last remains. With things seemingly going back to normal, some speculate that many people are already making their way back into the city. However, this doesn't mean that many won't stay in the suburbs permanently. As the pandemic taught us, only time will tell what will happen in the future.

We have helped many out of state buyers relocate to lovely North Carolina.  If you're thinking about relocating from a larger city, to the beautiful Piedmont Triad area of North Carolina, don't hesitate to call/text us at 336.462.9544.  We're here to help!

July 27, 2021

Lewisville Clemmons Real Estate Market Report June 2021

Lewisville-Clemmons Real Estate Market Report

June 2021

The June Lewisville-Clemmons Real Estate Market Report is out.  The data tells us it's still very much a Seller's Market.  Even though we had an increase in the number of homes listed for sale, the inventory level dropped.  So the homes that were listed were absorbed (sold) very quickly.    

What Does "Low Inventory" Mean in Real Estate?