July 15 - 28, 2021
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Northwest Guilford’s housing scarcity Council to reconsider Spurred by historically low mortgage rates, buyers are finding a shortage of houses for sale – even at offers higher than asking price by CHRIS BURRITT NW GUILFORD – In recent months, Realtor Gil Vaughan has put in offers for nine houses on behalf of a cashrich couple wanting to spend around $450,000 for a new home. “We didn’t get any of them,” said Vaughan, an agent with Keller Williams – even though the buyers were willing to put down half of the asking prices in cash and were pre-approved to borrow the rest. Earlier this week, they resumed their search for what’s emerged as a scarce commodity. The shortage of housing
multi-family housing rules by CHRIS BURRITT
SUMMERFIELD – Summerfield Town Council responded to several weeks of criticism this past Tuesday, July 13, when it decided to revisit regulations it adopted last month to govern development of multi-family housing. The council voted 4-1 during its monthly meeting to direct the Planning Board Adobe Stock photo to consider ways to improve It’s a good time to be a home seller, but the shortage of houses on the the definition of multi-family market and historically low mortgage rates have presented challenges to dwellings. It also instructed buyers who are often competing against multiple bidders offering more the board to recommend than asking price. an approach for calculating how many multi-family units across northwestern Guilagents we spoke with. can be put on a lot. Council ford County and Greensboro Not only are sellers asking shows no signs of letting up, for earnest money from buyers, member Teresa W. Perryman voted nay. as potential buyers lured by but some are also demanding historically low mortgage rates due diligence fees of thouThe move followed critiare finding themselves comsands of dollars that aren’t cism by some residents of peting against multiple bidrefundable if the sale goes to the council’s decision durders offering more than asking another buyer. ing its June 8 meeting to price, according to real estate ...continued on p. 32 reduce the minimum size
IN THIS ISSUE Developer, town staff to field questions .........2 Your Questions ....................................................4 News Briefs...........................................................5 Stokesdale Town Council meeting ..................6 Oak Ridge Town Council meeting ..................9 Bits & Pieces.......................................................11
NWO Business & Real Estate ...........................13 Proposed development draws objections ...14 Business Briefs ...................................................15 Business/Real Estate Q&A...............................18 Business Spotlight: Golden Shops................. 24 NWO Kids’ Korner ............................................ 26 Youth sync: Eagle Scouts ............................... 28
of lots for quadplexes. It was one of several steps intended to allow for higher density housing in Summerfield’s newly adopted unified development ordinance (UDO). (See related article in our June 17-30 issue.) The council approved the changes without public comment during last month’s meeting, drawing criticism from several speakers earlier this week. Summerfield resident Bill Triplett called the move “a serious error in judgment. I think it has shaken the trust of people in Summerfield.” The criticism echoed remarks during a June 24 meeting organized by Jolinda Babcock, a leader of Stand Up for Summerfield, a group that opposes higher density development. (See
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NWHS cheerleaders win it again .................. 29 Community Calendar .................................... 30 Grins and Gripes...............................................31 Crime/Incident Report ................................... 34 Classifieds ........................................................ 35 Index of Advertisers ........................................ 39 NWO On The Go .............................................. 40
