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The market sucks. My Mom had her house on the market from last September to This February. She had a lot of showings and was priced at $119,900 (starter home in Clayton). Well there were 3 other homes for sale at the same time and only one sold (at $107k). Now there are 3 different ones for sale priced at $108k, 106k, and 104,5k. Needless to say she is going to sit on hers as she will not take that big a hit in asking price.
Triangle home sales were worst than Nationwide sales in July
watching CNBC the July Housing sales were much worst than expected, but surprising to me with so many people still moving to the Triangle, that the Triangle fall of 33% was higher than the nationwide figure. Inventory of homes has increased to 12.5 months supply
Sales of previously owned U.S. homes dropped more steeply than expected in July to their lowest pace in 15 years, an industry group said Tuesday, implying further loss of momentum in the economic recovery.
The National Association of Realtors said sales dropped a record 27.2 percent from June to an annual rate of 3.83 million units, the lowest level since May 1995. June's sales pace was revised down to a 5.26 million-unit pace.
Analysts polled by Reuters expected existing home sales to tumble 12 percent to a 4.70 million-unit pace from the previously reported 5.37 million units in June.
I think it depends on the neighborhood. Some neighborhoods see more value lost than others. Our last neighborhood did not boom in price as much as others, so we didn't really see any major decreases in price....but the neighborhood around the corner that was appreciating at $30,000 a year until the economy hit saw a huge decrease in home values.
I think the overall lesson is to put at least 15% down that way you can sell fast at a lower price if you find yourself in a bind and absolutely have too.
Would you mind giving me the lottery numbers for this weekend?!!
Vicki
Why such a snarky response?
I don't consider the two activities the same. Predicting lottery numbers is a completely stochastic event with one data point, whereas predicting a housing collapse was completely deterministic, and very easy to do given a 2-3 year window of prediction and events leading up to it. I thought it was to burst in the triangle by 2008-2009 back in 2007, but it took 1-2 years longer for it to start catching up.
My parents sold their N Raleigh townhouse a few months ago. They bought the townhome new about 20 years ago and sold it for about 2.4 times their original purchase price. Based on comps, I'd estimate they missed the "peak" sales price of a similar unit by about 10%. Sales price was in the low $200K range.
The sales cycle was fairly lengthy, stretching over 9 months.
These figures are exactly what you would expect when you take sales from July and August and move them forward to May and June. June was an amazing month for home sales in Durham, July was equally as bad. We won't get a clear picture of how the market is doing until later this year -- September at the earliest.
There are still buyers.
They are looking for properties that are not severely compromised, and sellers are slow to grasp that they will take a real hit for dumb stuff they show to multiple buyers.
2011? You have a lot of time to study the market, trends, and to primp your home to perfection.
If you are in a good location, don't back to a highway or powerlines, or have a bad driveway slope, and are not married to some funky decor, and a few etceteras, you will have a decent chance to sell at a decent price.
It's good to hear this.
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Triangle home sales were worst than Nationwide sales in July
watching CNBC the July Housing sales were much worst than expected, but surprising to me with so many people still moving to the Triangle, that the Triangle fall of 33% was higher than the nationwide figure. Inventory of homes has increased to 12.5 months supply 
