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Oh I'm sure you know more than I do (sarcasm). Lets see, thus far this year, I've sold about 30 homes, quite a few in the areas you have named. How many have you sold? I ask this so I can gauge how experienced you are in this market, since you know so much (more sarcasm).
Vicki
You sold 30 so far this year? Nice ..
You must some good money even in this odd market.
Odd market plus we went thru the new 12 oaks area yesterday in Holly Springs, real nice but you can see the cooling tower from Shearon Harris from the area. I dunno about you but a weee too close for me.
Oh I'm sure you know more than I do (sarcasm). Lets see, thus far this year, I've sold about 30 homes, quite a few in the areas you have named. How many have you sold? I ask this so I can gauge how experienced you are in this market, since you know so much (more sarcasm).
Vicki
Selling homes in a down market is not uncommon. People will have to sell from divorce or job relocation or other life event, albeit at lower prices. You will still be there as their realtor to do so. Lower home prices don't mean homes don't sell. The market is correcting from bubble levels, and while it doesn't make homeowners happy, realtors will still get approximately the same commish from the sale. You're mixing apples and oranges (price v. sales). Never mind that you assume my statement is an attack on your ability personally to make a living as opposed to an aggregate view of the triangle housing market.
What I've done is post facts on declining home prices. You mentioned that you'd be shocked if you saw lower prices in the triangle. The trend is more than marginal on the lower 25 percentile (3%) and about 2% on the upper end. I'm simply refuting what you claimed would be a "shock" if it happened. Also, while I don't know the number but I KNOW of its existence, homebuilders for months have been putting in free upgrades (jacuzzi, granite countertops) and closing cost credits to artificially keep comps higher in an effort not to tick off customers who got in earlier. Toll Brothers' CEO admitted doing so for this very reason in an interview with Money magazine.
Look, sales are down 10%, 8%, and 24% in the last 3 months. While you may be getting the high sales volume, that MUST mean others are getting zero or very very few sales to average out your success.
You are mistaking my display of *facts* with a personal attack. You might've sold 30 homes this year, but there are realtors I'm personally in touch with who haven't sold one this year and have huge piles of rising debt. Their agency sponsors company seminars with 650 employees on homebuying and get zero interest from all who attend. The other buyers in queue for the homes she's marketing are getting declined in financing since they only have 5% down (trying to do the 80/15/5), and the other is stalling because they're giving conflicting information on their structured settlement. Like you said, you've seen a tough time in real estate and made it through. I'm just saying what's in store for the market as a whole.
As the saying goes "nothing personal, it's just business".
Last edited by Frudy McRomson; 11-08-2007 at 06:24 AM..
Selling homes in a down market is not uncommon. People will have to sell from divorce or job relocation or other life event, albeit at lower prices. You will still be there as their realtor to do so. Lower home prices don't mean homes don't sell. The market is correcting from bubble levels, and while it doesn't make homeowners happy, realtors will still get approximately the same commish from the sale. You're mixing apples and oranges (price v. sales).
What I've done is post facts on declining home prices. You mentioned that you'd be shocked if you saw lower prices in the triangle. The trend is more than marginal on the lower 25 percentile (3%) and about 2% on the upper end. I'm simply refuting what you claimed would be a "shock" if it happened.
Look, sales are down 10%, 8%, and 24% in the last 3 months. While you may be getting the high sales volume, that MUST mean others are getting zero or very very few sales to average out your success.
You are mistaking my display of *facts* with a personal attack. You might've sold 30 homes this year, but there are realtors I'm personally in touch with who haven't sold one this year and have huge piles of CC debt. They're agency sponsors company seminars with 650 employees on homebuying and get zero interest from all who attend. The other buyers in queue for the homes she's marketing are getting declined in financing since they only have 5% down (trying to do the 80/15/5), and the other is stalling because they're giving conflicting information on their structured settlement. Like you said, you've seen a tough time in real estate and made it through. I'm just saying what's in store for the market as a whole.
As the saying goes "nothing personal, it's just business".
New home prices here in my part of Fuquay are way down. In fact many new homes in inventory are down from listing near 400 to the low 300s. Yes there are homes that are in the process of being built that started out at 375 and are now listed at 319, they have cut some corners like less moldings but the basic hardy board, granite counter 2400 sq foot home is still the same. Prices are down in most of the triangle. Places like amberly in Cary where prices are still 100K higher well in my eyes just look WAY OVERPRICED and I sure would NOT want to purchase an overpriced home even there today. What happens if you HAVE TO MOVE???
My point is that both of you base so many of your opinions on what you read.
I base my opinions on what I see and what I know.
Urbywan...every now and again, you actually come up with something that makes sense. Yes, prices ARE DOWN in some areas. As I have stated so many times...supply and demand. Where is the demand? N. Raleigh and Cary. Where is the supply? Fuquay. 'Nuff said?
Fruday, I don't take your responses as a personal attack. I just get annoyed because you spout so much misinformation. You are so inacurrate in so many ways and I simply don't have the time to go through each one line by line. Therefore, I think I'll just not bother and we'll just have to agree to disagree. Just know that unless you KNOW this market and until you have lived here 30 years, as I have, that you really have nothing to base any of your misinformation on except what you read.
Even my 14 year old knows not to believe everything she reads!!!
[quote=VickiR;1942492]My point is that both of you base so many of your opinions on what you read.
I base my opinions on what I see and what I know.
Urbywan...every now and again, you actually come up with something that makes sense.
My wife tells me that at times! I even figured out how to get the darn hot water heater in the crawl space lit this morning at 5am when the pilot went out yesterday because the painters sealed the VENT!!! Dummies. Lucky we didn't have a gas issue!
New home prices here in my part of Fuquay are way down. In fact many new homes in inventory are down from listing near 400 to the low 300s. Yes there are homes that are in the process of being built that started out at 375 and are now listed at 319, they have cut some corners like less moldings but the basic hardy board, granite counter 2400 sq foot home is still the same. Prices are down in most of the triangle. Places like amberly in Cary where prices are still 100K higher well in my eyes just look WAY OVERPRICED and I sure would NOT want to purchase an overpriced home even there today. What happens if you HAVE TO MOVE???
Don't you understand? You can't use rational thoughts and facts when we're all supposed to be warm and fuzzy 24/7 regardless of what's going on around us. If it weren't for "doom and gloom" bad apples like us, then house values would increase at an annualized rate of 10% forever.
More to the point, the FV new construction you're seeing...are the homebuilders offering closing cost credits and/or upgrades. I'm wondering whether they're doing so in an effort to levitate the prices?
Don't you understand? You can't use rational thoughts and facts when we're all supposed to be warm and fuzzy 24/7 regardless of what's going on around us. If it weren't for "doom and gloom" bad apples like us, then house values would increase at an annualized rate of 10% forever.
More to the point, the FV new construction you're seeing...are the homebuilders offering closing cost credits and/or upgrades. I'm wondering whether they're doing so in an effort to levitate the prices?
I can't figure out what is going on down here, a builder I will use initials ROak is putting 12 new starts in a neighborhood and has not sold a one? Down Here in Fuquay..New model home, They have dropped the price point , closing costs small help. Many of the small local custom guys are like Frogs they are buried in the mud waiting this out not building a thing. don't get me wrong the neighborhood is in a great spot and done well, but its slow.... I look at the overall economic picture and like I just posted in a new thread above home equity lines are also an issue. I hate to have people think I am a doom and gloom guy, I am just a realist. Working for 30 years in an american east coast inner city will make you like that always watching your back and being STREETWISE!!!
Look, sales are down 10%, 8%, and 24% in the last 3 months. While you may be getting the high sales volume, that MUST mean others are getting zero or very very few sales to average out your success.
Combined. New home sales may be dragging the number down. However, these homes compete with existing homes just no way that a "fire sale" on a new construction doesn't directly affects comps of existing homes nearby.
Combined. New home sales may be dragging the number down. However, these homes compete with existing homes just no way that a "fire sale" on a new construction doesn't directly affects comps of existing homes nearby.
We have some resales in the neighborhood that are now just about under what they purchased the house for 18 months ago. They will loose money when they pay the fees to get out IF the house sells. Why buy old when you can buy new at the same or lower price?
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Clarification requested.....
