I am in the elevator and I notice the gentleman next to me is watching me. We had a few floors to go, and nobody wants to be rude, so I glance back, with a smile.

“How’s the market?” he asks. My shiny REALTOR/Broker name tag has given me away again. I must hear this question at least five times a week. But, it is an important question. “How is our market in the Triad?”

It took us a while to catch up to the market decline that so much of the country has been experiencing. We even thought we might escape from its grasp. Did we? Sadly, no. Have things slowed in NC? Yes, they have, but not nearly to the extent of what you see and hear about on the news.

Why is that? Well, we didn’t have the real estate boom that so many places like Florida, and Arizona experienced. Our appreciation held steady so we don’t have as far to go to stabilize.

The reality is sellers in the Triad do need to recognize that their home is not worth what it was a year or two ago, and if they want to sell they need to be priced to sell. How do you do that? Seek the advice of a REALTOR. We research your neighborhood and surrounding areas, and know what the competition is. Folks, some of those competitors are banks-you know the dreaded FORECLOSURE.

Before the change in the market appraisers didn’t use foreclosures for comps (real estate lingo which mean “comparison”). Why is that? They were not the norm, but now in some neighborhoods half of the homes that have sold in the past six months are foreclosures. The new norm is that foreclosures are used as comps, and yes, they do bring the value of your home down if there is one in your neighborhood.

Its not all bad news though. I have heard speculation that April will be or that October could be our bottom. I am just looking forward to going back up-whenever that might be. I would never proport to know when we will be out of this, only that I can tell you what to do while we are in it to either get a deal on a home or to be able to sell in such a competitive market.