Too Much Demand for Housing in Triangle? (Raleigh, Creedmoor: wood floors, real estate market)

[twingles]

Originally Posted by MikeJaquish

New listings in February:

Year new listings YTD
2010 4290 8417
2011 3587 6826
2012 3182 6330

.

Wow, that's a big drop.

[MikeJaquish]

Originally Posted by twingles

Wow, that's a big drop.

In addition, it is interesting to execute an MLS search and pull up 100+ homes, and then see a cluster of homes at up to 50 Days On Market, and another cluster at 200+ DOM, and scattered results between those two.

[Sherifftruman]

I wish this would trickle over to my neighborhood, where the two idiots that bought the $315,000 2500 sf house next to me for no money down in 2006 as a rental investment and then proceeded to rent it to scumbag after scumbag, most of which left owing thousands in back rent in the middle of the night have finally had enough and kept it on the market for 6 months and still have not sold even though it is well cheaper than any recent sales in the neighborhood. According to what one of them told me they are facing having to come up with $20k each to get out at the price they are asking.

It did need a fair amount of work before and instead of doing it up front they waited till they had a buyer and then had to do all the work anyway after agreeing to sell for less money than they should have. Of course that buyer fell through and they are below that price.

I told the guy from the beginning they would be better off sitting on it and fixing the things that were broken first and waiting until the spring, but nope, they just had to put it on the market at the end of October with carpet replacent and drywall parching/painting still in the works and pieces of siding missing like the idiots they are. Then of course they wait till the weeds are 3 feet high before mowing and people either drive by or assume they can get a super low offer accepted. Their realtor is not really doing them (or me) any favors IMO. I've honestly thought about getting a bunch of the neighbors to try to form an LLC to just buy and hold the thing for a year till things get better. It's not like this is an undesirable area.

[evaofnc]

Yuck, we have a house like that in our neighborhood. I don't know the full story on it but the public records show the owners live in Virginia, it has sat empty FOREVER, the lawn and landscaping are all overgrown and awful looking, and there's building supplies just sitting in the driveway. A neighbor told us it used to be a rental but no one has lived in it awhile. Last week they pulled out the overgrown bushes in front of the house, but now instead of overgrown bushes you get to see rotting siding. Lovely. I like to think they're getting ready to sell but there's been no activity on the house since the bush pulling escapade so who the hell knows what they're doing.

[Bpobill]

I think many areas across the US are seeing a low inventory of houses. Im a broker in Metro Detroit (soon to be Raleigh) and most homes that come on the market here are going to multiple offers within the first week of being listed. Even the tri level and bi level homes that would have had a hard time selling a few years ago are selling above list price. There are a lot of buyers and not enough properties on the market.

[Vinny536]

Originally Posted by evaofnc

Yuck, we have a house like that in our neighborhood. I don't know the full story on it but the public records show the owners live in Virginia, it has sat empty FOREVER, the lawn and landscaping are all overgrown and awful looking, and there's building supplies just sitting in the driveway. A neighbor told us it used to be a rental but no one has lived in it awhile. Last week they pulled out the overgrown bushes in front of the house, but now instead of overgrown bushes you get to see rotting siding. Lovely. I like to think they're getting ready to sell but there's been no activity on the house since the bush pulling escapade so who the hell knows what they're doing.

call your local real estate investors. They'll find out if the owner will sell, rehab the house and sell it to someone who would take better care of it

[TheBigKahunaNC]

I wouldn't want to try to sell my home right now, BUT...my friend just sold his in 3 days. We watch real estate in our general area, and many of the better deals get snatched up very quickly. The ones that seem drastically overpriced, sit.

[boocake]

Wish this was happening in my neighborhood in N. Raleigh too. Based on similar home sales, I think I've lost around 5-8% of the value compared to what we paid in 2009. Maybe things are starting to turn though.

[NewbieRdu]

It's sure happening in the established/older neighborhoods in off Highhouse between 55 and the Davis Dr. area. I have been watching the sales in Cary for several months, and with a few exceptions, houses in the $300-$450 range in that particular area seem to be selling incredibly quickly. Not sure how the prices compare to 2009 though...

[Lucy Honeychurch]

Originally Posted by meh_whatever

Why would you expect the market to be better for a buyer here?

People are largely flocking TO the Triangle, not running away.

There is huge competition in lower price brackets for houses in good areas.

Where I am coming from, the real estate market is pretty much dead. While I expected the Triangle to have a stronger market, I didn't think it would be this STRONG.

I have seen houses with serious structural problems nonetheless go under contract days after we've viewed them. MikeJaquish is right - small supply, high demand = what I'm experiencing. It still astounds me to see some houses that are quite frankly garbage in not so great areas go within the first ten days of listing and at almost listing price.

Thanks.