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Thus, home prices in the Triangle are still relatively overpriced and have been for a very long time.
Overpriced compared to where? Just today I had some customers visit my neighborhood from NY that were absolutely SHOCKED that they could get a 2500 sq foot home for less than $250k. And I don't mean shocked in a bad way I mean they were smiling ear to ear as if they had just won the lottery.
We just got back from spending Thanksgiving in the Triangel (we're from New England) and here's what we noticed about housing:
In the neighborhoods with nice homes priced below $250,000 there were very few homes with For Sale signs, especially in Cary neighborhoods.
There were a lot of For Sale signs in outlying areas like Fuquay Varina.
There seemed to be a lot of homes priced between $300 and $450,000 with For Sale signs.
Generally, you can get a lot more bang for your buck in the Triangle than New England and prices are a steal compared to NJ
We noticed less new construction than we did on previous visits over the past few years.
Cary seems to be somewhat of an oasis when it comes to good town planning. The strip malls and shopping centers are set back and usually hidden by burms and tall trees and the subdivisions are well planned.
In other towns you could leave a lovely neighborhood and find yourself on a badly planned road surrounded by every ugly fast food joint and chain store imaginable without even an attempt at landscaping.
If we move to the Triangle, we would limit our search to Cary for this reason. Asthetics are important to a lot of people.
P.S. my mother in law wants to sell her house in Fuquay Varina and move to Cary to be closer to her kids. She invited a Realtor to visit and give her an idea of what to price it at and was told that she could expect to take a $40,000 loss over what she paid for it 5 years ago. It's a beautiful home with all of the bells and whistles imaginable and it's in a nice development. Needless to say, she's not putting it on the market anytime soon.
Last edited by LisaMc46; 11-27-2010 at 09:26 PM..
Reason: PS
I personally just don't see how selling 15 homes in 90 days is any indication of a 40% drop in SALES (not sales price).
Again, if we are indeed down 40% as the media "claims"
The data is from the Triangle MLS. I think you'd be hard pressed to convince anyone they have an agenda to sabotage the local housing market.
Quote:
Originally Posted by BiggJoe4181
Overpriced compared to where?
In context, this typically means compared to incomes or rent. Obviously the Triangle is less expensive than the most expensive areas in the country, just like the Triangle is obviously more expensive than the least expensive areas of the country. That tells you nothing about how affordable houses are to people who work and live here.
Overpriced compared to where? Just today I had some customers visit my neighborhood from NY that were absolutely SHOCKED that they could get a 2500 sq foot home for less than $250k. And I don't mean shocked in a bad way I mean they were smiling ear to ear as if they had just won the lottery.
Quote:
Originally Posted by KCfromNC
...
In context, this typically means compared to incomes or rent. Obviously the Triangle is less expensive than the most expensive areas in the country, just like the Triangle is obviously more expensive than the least expensive areas of the country. That tells you nothing about how affordable houses are to people who work and live here.
This highlights the exact misconception that still amazes me from supposed professionals in the area... These are the people advising the sellers and contributes to the overall issue.
RE shouldn't be valued as a "lottery win" because somebody relocates from a market that can support higher prices. Overpriced is overpriced.
Overpriced is not a comparative term and in this context, its not location based.
It is a assessment based on the job and income status/potential for an area.
This isn't great in the triangle and I don't see any signs that things are changing
Its a shame because this area has many things going for it and it would otherwise be close to an ideal place to live for many people and where they can make a future.
This highlights the exact misconception that still amazes me from supposed professionals in the area... These are the people advising the sellers and contributes to the overall issue.
RE shouldn't be valued as a "lottery win" because somebody relocates from a market that can support higher prices. Overpriced is overpriced.
So a positive attitude and REFUSAL to accept the fact that it's a "bad" market and the sky is falling is a misconception? Ok, well we're all entitled to our own opinions.
I personally don't believe that my attitude and forward thinking "contributes to the overall issue", I believe I am contributing to the solution. Again, it's just my opinion. So keep on posting about how overcrowded and overpriced the triangle is. How crappy the market is in this area. How no one in their right mind should even consider buying a home from the "supposed professionals" (like myself). I'll continue to tell every single person I sell a home to about how great the market is and how NOW is the best time to buy.
Generally, you can get a lot more bang for your buck in the Triangle than New England and prices are a steal compared to NJ
Providing you have better than average prospects in the Triangle of :
1. Having a job come to
2. Getting another job with similar earnings if laid off/you want to move on
3. You can earn at least $60K (for 2 people, no kids).
If 2 need to work to more or less make ends meet, I would not move to this area.
Its highly vulnerable to job losses.
IF work/job prospects are at least very good and the outgoings are well covered, or if you are a cash buyer, only.
Shhhh...I have 4 buyers closing on Monday and Tuesday. I don't want them to know that YOU think they should only be buying if they are paying cash. I'll keep that between you and I.
I don't know your situation so I can't say if now is a good time for YOU to buy or not. Sounds like it isn't. So, don't buy. However, how can YOU say what is good for someone else? You don't know their situation and therefore, it may not be a good time for YOU to buy but it sure is for those that want to buy.
However, how can YOU say what is good for someone else? You don't know their situation and therefore, it may not be a good time for YOU to buy but it sure is for those that want to buy.
Because jobs and mortgages and many financial considerations are the same for everyone who have these burdens.
Unless a buyer is in the luxury position of not having any financial concerns or job nervousness/needs, then of course, they don't have to put such things into their decision making process and buy unencumbered, as I have already said.
For such people, home prices can seem good at the moment but I think there is more price reductions to come, as we have to yet to feel the full extent of Barry's far reaching regime.
For the rest of us, the considerations are exactly the same ones and while prices may seem low now, the biggest determinate of home prices has always been the quality of jobs, the quality of job opportunities and of the quality of employers who offer such jobs.
These pivotal factors are affected by regional, national and global elements that few people can dodge.
Since these factors aren't great in this area or poised to be, I don't see how prices will even maintain their current levels.
People may want many things Vicki, but it doesn't follow that they can have those things.
Finally, you are a Realtor and so of course you are going to promote the market appropriately.
But it does not follow that your view is the true or right one, unless you also have time machine capabilities.
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Just today I had some customers visit my neighborhood from NY that were absolutely SHOCKED that they could get a 2500 sq foot home for less than $250k. And I don't mean shocked in a bad way I mean they were smiling ear to ear as if they had just won the lottery.
