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Dansdrive, I think I am of the mindset that concurs with you. If you can sell in one of the overpriced markets and are buying here this is a great time to do it. Houses are selling just not all of them elsewhere. Go for it and if you get your price there and buy here you will come out ahead. That may be why so many houses elsewhere are on the market at what are still high prices because as I have said before if I get my price I will sell if not I will live. Investors and builders need to sell Joe Average may not. Avoiding a 10% drop in Northern Virginia in your current home will more then offset the 10% drop you might experience in the house you buy here.
The mindset in Raleigh has not changed. Most think they are still in a bull market. You can blame it on that real estate trends move slowly and that people just don't want to accept the fact that their biggest investment took a turn down for the worse.Good example-look at the banks, slow at realizing that the mortgage they hold is worth less than the real estate because the values have fallen. And trying to justify higher values by getting appraisers to fake the value.
When I read in the forum that Hasentree- a community that is considered one of the best in the Triangle- has only three residents-after a year of opening-much can be said where the market is headed. Down! At least 10% from this year's high. Reality has to set in sooner or latter. Buyers generally have other options but sellers rarely do!
When I read in the forum that Hasentree- a community that is considered one of the best in the Triangle- has only three residents-after a year of opening-much can be said where the market is headed. Down!
No offense, but do you really think using figures from development with a price point of 1 to 4 million plus is a good measure of overall real estate market in this area which is comprised of multiple price points? I don't think the rise or fall of Hasentree will have any effect on the price of homes in my neighborhood that average below $200K. That is like expecting Honda civics to drop in price because the Bentley Dealer up the street is having trouble selling his inventory. Two completely different clientele and markets that have almost nothing in common. Trying to extrapolate from one to the other is ill advised in my opinion. Now if you are in the market for a million dollar home I can see watching trends in similar neighborhoods, but I would hesitate to make blanket statements about the market as a whole in this area based on the trends in a neighborhood that few can afford in the first place.
Oh god, I fell of the wagon again!
Can somebody please tell me what the market will be like on Friday November 7th in 2014 at 5:05 pm? That is when I plan on closing on the sale of my current house.
To me, it seems like trying to trend real estate prices on a weekly basis is too short of a time frame. Quarters is more realistic. Again, the problems in the mortgage markets is just getting started, and will extend for YEARS. No market is isolated, will the Raleigh market plummet? Doubtful, also doubtful that it will be shooting up any time in the foreseeable future. If you have the ability, I think smart money would hold off and see what happens. There is no rush to buy down here....no matter what the brokers say. I was reading a little about NV today...Yikes!.....
No offense, but do you really think using figures from development with a price point of 1 to 4 million plus is a good measure of overall real estate market in this area which is comprised of multiple price points? I don't think the rise or fall of Hasentree will have any effect on the price of homes in my neighborhood that average below $200K. That is like expecting Honda civics to drop in price because the Bentley Dealer up the street is having trouble selling his inventory. Two completely different clientele and markets that have almost nothing in common. Trying to extrapolate from one to the other is ill advised in my opinion. Now if you are in the market for a million dollar home I can see watching trends in similar neighborhoods, but I would hesitate to make blanket statements about the market as a whole in this area based on the trends in a neighborhood that few can afford in the first place.
Oh god, I fell of the wagon again!
Can somebody please tell me what the market will be like on Friday November 7th in 2014 at 5:05 pm? That is when I plan on closing on the sale of my current house.
There is help my friend I tried to stay away. Not as successful as you but oh well it is addictive. At any rate I can tell you what the market will do for your house on November 7th 2014 with certainty. From now until October 2 2014 your house will do what ever the market determines without any external human intervention. On October 2nd you will post pictures of your neighborhood in the picture thread with a picture of your house that shows oh what curb appeal. On October 5th Dansdrive will claim that he lives in your neighborhood and that the beautiful house posted three days earlier is for sale. Myself and a few other plants will weigh in asking the price and Dans will say what a steal it is. However the asking price will really be 175% of comps. At that point Vicky and Mike will jump in and admit that the market is really declining if that house (yours is available for that price).That will start the bidding war and oh yes we will get TLuv to chime in on the stupidity of having a buyers agent. He can brag about having sold his 9th house himself etc etc. By November 7 you will have concluded the bidding war and gone to settlement. Sacred Groove can weigh in and say he wished he could be the inspector because he has always admired that house from a far. If MB and a few others will help we might be able to get you 200% of comps in which case your house will of doubled in a little over a month. Thus your own personal bubble. And thats it no arguments please
When I read in the forum that Hasentree- a community that is considered one of the best in the Triangle- has only three residents-after a year of opening-much can be said where the market is headed. Down! At least 10% from this year's high. Reality has to set in sooner or latter. Buyers generally have other options but sellers rarely do!
Economics aside there are several new families that have moved in to Hasentree since I posted that there were only three. Also, I believe there are between 9 and 12 that are closing when the homes are complete closer to year end. I agree that Hasentree is not a barometer for the health of the triangle real estate market wholeheartedly!! However, there is a lot of traffic (based solely what I see through my front window) and a steady trickle of new owners. Hopefully, that bodes well for all of us
I concur with your assessment John... both on prospective decline in Triangle housing (eg., my home in N Raleigh has dropped $31K or about 5% in the past 60 days per Zillow.com anyway), as well as your read on our local real estate peddling cheerleader LOL.
I concur with your assessment John... both on prospective decline in Triangle housing (eg., my home in N Raleigh has dropped $31K or about 5% in the past 60 days per Zillow.com anyway), as well as your read on our local real estate peddling cheerleader LOL.
Remember what all the real estate agents say about Zillow ... ZILLOW ZILLOW ZILLOW IS WRONG WRONG WRONG.
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Bad example IMO
misconceptions!
