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If you check out centex website, they are offering discounts up to 35000 in some communities. We checked out Harrington Pointe cottages and they are offering about 30000 worth of discounts. Thats quite a bit. Didn't see that large disounts from other trac home builders (pulte, orleans, M/I etc). Wonder why. Centex new home inventory looks to be low as well!
Anybody have a clue? Housing market looks to be okay with resale houses selling in decent timeframes...
I noticed that many new homes in Bedford and Wakefield Plantation developments have fallen in prices. I am talking about 25K to 50K on a 700K homes. And that is just the offering prices that I can see in any MLS listings. Also, I noticed that there are many homes in the 600K level are staying in the market for long time. I have been carefully watching the market for the past 5 months.
On the high valued markets across the country, they are getting hit pretty hard these days. I don't think, because many areas of RDU are affordable, that the falling housing prices are affecting RDU greatly with exception to the high end prices. I think there that the lending practices have been tightened greatly nationwide preventing those people who could have possibly been qualified with no/low down, interest only loans unless their credit score is amazingly high. Even then, I think most people need to be able to qualify for 30 year fully amortized, even though they can still get other loans. Whatever it is, the lending benchmark is changing and, thus, preventing people from affording higher priced homes.
There are alot of the new homes that have large incentives as there is so much on the market right now. Seems builders will drop prices if their sales for the previous month were lower than expected or they have too much in inventory. "Too much in inventory" for one builder IS different for another.
There are certain price ranges that you can expect multiple offers...just sold two in the $150s and had to fight others for the house! One was my seller and one was my buyer.
Homes in the $300s and $400s in North Raleigh and Cary are going fast...lots of relocaters right now...Fidelity being one of them.
So...depending on the price range AND the neighborhood, there are some deals to be had!!!
Like JohnE, I've been avidly watching the market for many months. There really are a lot on inventory around at the moment. So many townhouses at one end and a lot of custom built 600K+ inventory at the other. Big houses are more fun to build apparently. Less thought has obviously been used on who would buy these mansions.
A community near my home was originally going to be a 1st American site, for houses starting in the 600s. Houses nearby have a value of 150-250K, with industrial estate across the road! A crazy proposition I thought. Who would buy a 600K house with a view of my little dwelling. I guess I was right as another builder now has the site and prices start in the 400s.
I have seen 25-50K discounts on the higher price ranges (600K). The houses in question have been on the market since late 2006 (when I started being an observer).
BigonNC111. I know Harrington Pt. quite well. The most likely reason that properties on this site are being heavily discounted is that only a few lots are left. For instance, have you noticed how close these lots are to 540? About 30 yards!
i have been following the market for quite some time, tracking specific homes and neighborhoods all over the area
the general trend that I am seeing in this area is that home prices are overinflated. while I agree we have a healthy job market and national attention with the accolodates (although it really depends on what news you tune into), all good things must come to an end eventually. Think back 4-5 years ago when companies in RTP were shutting down buildings left and right.
sellers are flooding the market now marking up their homes in an effort to cash out on profit before the market falls. for example, i commonly see homes purchased 3-4 years ago in the $400K range marked up appx $200K-$300K more than what they originally paid for it. You can see some examples by looking at Brier Creek, Wakefield, ITB listings.
However since there are signs of stalling, I have also seen resales sit on the market for several months without activity. I've also seen many drop prices $30-$50K recently.
Sure value is in the eye of the beholder, but I will not allow myself to be buying in on the high point and suckered into the one paying for someone else's unjustifiable appreciation, and then having a property that won't appreciate for years to come, or even worse, depreciate.
Of course the glut of northeasterners coming down with their wallets does not help the cause for us locals. I just personally think we are at the high point now. There are too many communities starting out in the $700s. Who can really afford them?
If you really want to invest in underpriced markets, look in Texas.
Like JohnE, I've been avidly watching the market for many months. There really are a lot on inventory around at the moment. So many townhouses at one end and a lot of custom built 600K+ inventory at the other. Big houses are more fun to build apparently. Less thought has obviously been used on who would buy these mansions.
A community near my home was originally going to be a 1st American site, for houses starting in the 600s. Houses nearby have a value of 150-250K, with industrial estate across the road! A crazy proposition I thought. Who would buy a 600K house with a view of my little dwelling. I guess I was right as another builder now has the site and prices start in the 400s.
I have seen 25-50K discounts on the higher price ranges (600K). The houses in question have been on the market since late 2006 (when I started being an observer).
BigonNC111. I know Harrington Pt. quite well. The most likely reason that properties on this site are being heavily discounted is that only a few lots are left. For instance, have you noticed how close these lots are to 540? About 30 yards!
Cheers
Bm
Big M, are you talking about the homes on Ebenezer Church Rd. just past Carmax? I live close to there and noticed the same thing the other day. I remember when the sign first went up advertising the $600k homes and was thinking to myself "who would pay that type of money here" (just moved from Northern Virginia where $600k was an average home). Well I just notced the other day that it is a different builder with homes starting in the $400's. I guess no one was interested in a $600k home in that location?
Thems the ones I was talking about! To be honest, I still think these new David Weekly homes will be a hard sell. They start in the HIGH 400s.
For everyone else, the land is about 9 acres in total. 24 houses originally were proposed on a max acreage of 0.3. If you live on the outside of the community your view will be of homes valued in the low 200s. Alternatively, you could live at the other end of the site, by Ebenezer church road and have the noise of that with a view of the industrial state opposite which contains a quarry. Nice!
I guess I'll never get hired as a realtor!
Bm
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Centex is offering pretty good discounts
