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Raleigh, Durham, Chapel Hill, Cary The Triangle Area
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Old 04-10-2012, 06:39 PM
 
43 posts, read 69,264 times
Reputation: 18

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Hello, Everyone:

Is it just me or are houses literally flying off the shelves here in the Triangle. Mr. Honeychurch and I have been outbid twice, and two good offers (96% of listing price) rejected twice outright.

However, much of what we have been looking at are houses that are so run down, or need so much work that we turn our nose up at them. Surprisingly, these same houses are under contract within a week to ten days of us looking at them. The location seems to be what's selling them (proximity to transportation, schools, etc.) versus the actual home.

I guess there really are more people wanting to live here than houses to accommodate them.

What say you? Normal operating procedure here or are we just running into bad luck?

Thanks!
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Old 04-10-2012, 06:42 PM
 
4,598 posts, read 8,643,305 times
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What's the price range you're looking at? I definitely think houses under 250k are selling faster than more expensive homes. I bet if you were buying a home for around 500k you'd have no problems having your pick of the litter.
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Old 04-10-2012, 06:49 PM
 
545 posts, read 942,584 times
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The right house in the right location on the right lot at the right price, yea, it will sell.

We decided to renew our lease rather than buy at this time. But on my list of "favorite" homes, most are under contract or have been sold. What appeals to us (location, price, resale potential) seems to appeal to the masses.
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Old 04-10-2012, 07:01 PM
 
Location: RTP area, NC
1,277 posts, read 3,022,135 times
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I also think there is very little on the market compared to what has been on the market in years past.

In our neighborhood, we have had very little turnover in our neighborhood with folks here biding their time until the market to sell looks a bit more attractive.

In past years, folks would sell and 'move up' or 'downsize' but our neighbors are currently mostly sitting tight!

And what is going on the market is selling if appropriately priced or just sitting there if not priced right.
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Old 04-10-2012, 07:52 PM
 
43 posts, read 69,264 times
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We are looking in the $250K range, and it's awfully depressing and stressful.

Sorry to vent, but I was not expecting this kind of market here.
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Old 04-10-2012, 08:01 PM
 
Location: Cary, NC
31,648 posts, read 55,401,531 times
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I believe that inventory is down about 25%+/- over a year ago.

It is one reason some homes are flying off the market. When prepped right, and priced right, stuff in the mid-range from $225,000--$325,000 is moving well.

For the entire Triangle MLS Region, new listings have declined each February, year over year.

New listings in February:

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

There is a little variation in the figures, depending on the chart you pull from, but the trend is consistent. Lower inventory.
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Old 04-10-2012, 08:28 PM
 
Location: Creedmoor, NC
18 posts, read 28,332 times
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Up here in Creedmoor it has been frustrating and slow. We're only a 25 minute drive to RTP but the market is dead.

My house has been on the market 3+ months and we've had one showing (that specifically wanted a first floor master my house doesn't have). Up here housing prices are running under $90/sq ft. I personally live in 2123 sq. ft listed for $189K on a nicely landscaped 2/3 acre lot. An open house yielded zero traffic. Even a realtor open house was a flop. I blame my real estate agent for some of this, but the market is slow.

Other than schools, I really like south granville county... A few things could be better, but for cost conscious buyers or retirees looking to downsize I'd think these would seem like bargains.

On the flip side, going to open houses in North Raleigh they are packed. Several homes of interest to me have come and gone. And yes, prices seem to be firming up.

... At least interest rates are still under or about 4%
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Old 04-10-2012, 09:36 PM
 
84 posts, read 210,839 times
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I agree with Eva, it totally depends on what your price bracket is. The two houses we like and would consider bidding on have been on the market for over 200 and 700 days each, a lot of the houses in our price bracket are like that. When I see houses on the market that long though it makes me think that it's either overpriced or there is something seriously wrong with it so it's given us a lot of hesitation. We're hoping the spring season will either bring out some more inventory for us or prices drop.
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Old 04-11-2012, 05:38 AM
 
Location: My House
33,123 posts, read 26,931,353 times
Reputation: 24466
Quote:
Originally Posted by Lucy Honeychurch View Post
We are looking in the $250K range, and it's awfully depressing and stressful.

Sorry to vent, but I was not expecting this kind of market here.
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.
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Old 04-11-2012, 06:32 AM
 
Location: under the beautiful Carolina blue
15,765 posts, read 24,015,812 times
Reputation: 11710
Four houses have come on the market in my neighborhood since the "selling season" began; one of them was under contract in 3 weeks - the other three houses sold in 2 days. All of them are selling for about $40K more than they would have sold for last year.

I think the whole schools thing is playing a part - people want to get their kids into our school before the end of the year so they don't have to deal with the choice plan next year....I'm curious if these prices will hold up next year. But they sure are good for comps!

I think $250K is a tough price range - most people find it manageable while also probably giving you a nice area with all the amenities you mention.
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