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A friend of mine owns a townhouse in Greensboro that she's been renting for the past 5 years. Her tenants just left, so she's wondering if now would be a good time to sell. I have no idea what the market is like. Any opinions?
It's too property specific a question to answer without an address
and most importantly knowing condition issues after 5 years.
Thank you for the comment.
I know my original post was very vague, but I don't live in the Greensboro area and was curious to see if anybody had any strong opinions about the housing market there in general.
To be more specific, the home is on Cottage Place, off of Lake Jeanette Rd. It's probably around 30 years old and is in need of some updating just to rent it (dishwasher, counter tops, paint job) and if she were to sell it she'd also need to replace the ancient AC unit, and new carpets would probably be a good idea too. She barely breaks even by renting it out and it's overall a big pain in the backside, but she's also hopeful that if she continues to rent it the price will go up significantly in the next several years, and then sell it. If it were me I'd do all the upgrades now and sell it just to be rid of it, but I am admittedly clueless when it comes to things like this.
In my opinion, your friend should talk to a realtor. I do not think she is going to see significant price increases in the next few years, just the same steady appreciation she should have seen in the past 5 years or so. Greensboro isn't growing fast enough to produce large price increases. If it were me, I'd consult a realtor, fix it up to the level he/she recommends, and sell it. Overall, Cottage Place is a desirable location.
In my opinion, your friend should talk to a realtor. I do not think she is going to see significant price increases in the next few years, just the same steady appreciation she should have seen in the past 5 years or so. Greensboro isn't growing fast enough to produce large price increases. If it were me, I'd consult a realtor, fix it up to the level he/she recommends, and sell it. Overall, Cottage Place is a desirable location.
Thanks BC1960.
I will tell her to talk to a realtor so she can get an idea of what the upgrades will cost, what the listing price should be, etc. I forgot to mention that there isn't a lot of competition from other homes being for sale on the same street right now, so that's good. When she first tried to sell, several of her neighbors were also selling and all she ever got was one low-ball offer. I just read an article published in May of last year that basically said that in Greensboro there were more buyers than homes available. But it would be best to talk to a realtor.
With the highway coming in over there and downtowns growth id hold on to it for another 5yrs
Thanks for your input. I think my friend is actually leaning towards holding onto it. I'll let her know what you said.
I'm glad Greensboro is doing well. I lived there briefly and visited family there all my life, and it's always been one of my favorite places. If I could I'd buy my friend's house!
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