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I agree Turborg. It was the same thing when Wake County was going year round. The parents get their backs up and the kids then think its a terrible idea. If the parents had not resisted change and had spoken positively about it, the kids would have agreed, looked at it as a positive and accepted it as such.
I have 4 kids and I see how my attitude affects them.
I say "whatever will be, will be" but I'm not sure what anyone gets from thinking and speaking such negativity. Other than, misery loves company, I'm done with my cliches and I'm off to close on a beautiful new home that my clients purchased, with my help, and with great incentives from the builder!!!
Vicki
Good for you and it won't be much longer til we are in our beautiful new home.
Tell your clients congratulations and that all of us in the forum wish them the best . Bloomberg.com: Worldwide
I live in Northern Virginia and recently read an article that stated home prices could fall off 40% from their highs on many homes in the DC area. I have seen a 15% decline in home sale prices (from their highs) in our neighborhood already and we live in a pretty desirable neighborhood near Tysons Corner. Friends in other metropolitan areas have seen atleast 15%, slightly more in some cases. This could definitely affect prices in Raleigh, as one reply suggested, because people relocating may not be coming in with as much money to spend (atleast not in the vast numbers that they have been). We are looking at Hasentree and would probably make it a move for the long term; however, we don't want to pay way more than its worth if prices decline.
Also, the article suggested that the road to recovery of home prices may take longer than some think because homes will have to be priced higher than they were at their highs when you factor in inflation.
I have found the posts on this website to be very informative and helpful as my family contemplates a move to Raleigh.
I live in Northern Virginia and recently read an article that stated home prices could fall off 40% from their highs on many homes in the DC area. I have seen a 15% decline in home sale prices (from their highs) in our neighborhood already and we live in a pretty desirable neighborhood near Tysons Corner. Friends in other metropolitan areas have seen atleast 15%, slightly more in some cases. This could definitely affect prices in Raleigh, as one reply suggested, because people relocating may not be coming in with as much money to spend (atleast not in the vast numbers that they have been). We are looking at Hasentree and would probably make it a move for the long term; however, we don't want to pay way more than its worth if prices decline.
Also, the article suggested that the road to recovery of home prices may take longer than some think because homes will have to be priced higher than they were at their highs when you factor in inflation.
I have found the posts on this website to be very informative and helpful as my family contemplates a move to Raleigh.
Thanks!
Finally, someone who avoids the bias of their leveraged position in real estate and makes an objective opinion.
If you KNOW you'll be here for 10 years or more, it's probably ok to buy if you shop well, as homebuyers are possibly offering good deals for the long haul. If this move is just a transitional step, please avoid buying at all costs.
I live in Northern Virginia and recently read an article that stated home prices could fall off 40% from their highs on many homes in the DC area. I have seen a 15% decline in home sale prices (from their highs) in our neighborhood already and we live in a pretty desirable neighborhood near Tysons Corner. Friends in other metropolitan areas have seen atleast 15%, slightly more in some cases. This could definitely affect prices in Raleigh, as one reply suggested, because people relocating may not be coming in with as much money to spend (atleast not in the vast numbers that they have been). We are looking at Hasentree and would probably make it a move for the long term; however, we don't want to pay way more than its worth if prices decline.
Also, the article suggested that the road to recovery of home prices may take longer than some think because homes will have to be priced higher than they were at their highs when you factor in inflation.
I have found the posts on this website to be very informative and helpful as my family contemplates a move to Raleigh.
Thanks!
We are in the final stages of coming from suburban Maryland to the Triangle. We were fortunate to sell in the spring here and our home in the Triangle is close to being done. I am very familiar with the Tyson Corners area and you are leaving a very high end market to come to the Triangle. You have also seen how while there has been a shift downward in prices in Northern Virginia etc it varies by zip code and most importantly school district. If in fact devaluation is going to continue do you want to sell now or later. Will the cut you made in price to sell now look like a great price this time next year? You know how the bubble looks from within and can compare that market to the Triangle. That comparison may make you say we better do it sooner then later.
I agree with your perspective. Luckily, we don't plan to sell our house. Rentals in our neighborhood have been strong (a couple are rented to embassy families) and our house is a good investment long term because of our location. Also, if any of our kids would want to live in the DC area when they are grown, it might be the only way they could afford to move back!!
I agree with your perspective. Luckily, we don't plan to sell our house. Rentals in our neighborhood have been strong (a couple are rented to embassy families) and our house is a good investment long term because of our location. Also, if any of our kids would want to live in the DC area when they are grown, it might be the only way they could afford to move back!!
Good luck
You have said it all about the difference in the Triangle and areas with real bubbles. Affordability ,I have one son working on his third house two of them in the Triangle. The other one lived in Arlington at one point and now works in California. Each area has limited affordabilty for decent housing. The Triangle has a ton of. How many people in Northern Virginia could afford to buy their own house at current levels much less 1 2/2 years ago. How many in the Triangle can? Bubbles burst when people either can't afford or don't want anymore.
You have said it all about the difference in the Triangle and areas with real bubbles. Affordability ,I have one son working on his third house two of them in the Triangle. The other one lived in Arlington at one point and now works in California. Each area has limited affordabilty for decent housing. The Triangle has a ton of. How many people in Northern Virginia could afford to buy their own house at current levels much less 1 2/2 years ago. How many in the Triangle can? Bubbles burst when people either can't afford or don't want anymore.
Great point TuborgP. My husband and I purchased our first home in Tysons Corner. We paid $275k in 2001 (the first owners had paid $205 in 1999) for a 1580 square foot condo with one assigned parking spot, a view of a hotel parking lot and downstairs neighbors whose pungent cooking permeated our unit. At the peak that unit was probably worth north of $500k. So with 20% down, you'd want $133k (using the 3x income rule) of income to afford to live in that unit. Seven years earlier with 20% down you would only have $55k of income. If that's how people who make $133k have to live I'll pass (despite the proximity to my favorite shopping mall). Housing was too big of a share of people's incomes (same thing happened in FL--I know because we lived in Tampa where prices doubled in 4 years but income potential was pathetic) so prices had to adjust.
You have said it all about the difference in the Triangle and areas with real bubbles. Affordability ,I have one son working on his third house two of them in the Triangle. The other one lived in Arlington at one point and now works in California. Each area has limited affordabilty for decent housing. The Triangle has a ton of. How many people in Northern Virginia could afford to buy their own house at current levels much less 1 2/2 years ago. How many in the Triangle can? Bubbles burst when people either can't afford or don't want anymore.
Agree with you here. My wife and I spend 19% of our Net pay on our mortgage for a nice 2000 sq. ft. 10 y/o house in NW Raleigh. In NoVA we spentabout 30% of our income (same income) on a 20 y/o 1200 sq. ft. house in Leesburg and had long traffic filled commutes to work, and that was before the price of our townhouse skyrocketed. People that want to buy something similar to us in NoVA have to spend at least $500k and still live farther from their work. I would have never moved, but we could not get ahead up there. We actually are able to save and invest about 15% of our income down here. I would have laughed at you if you told us we could have done that in NoVA. Even though my dad's a realtor in NoVA and needs some work right now, I would advise people there to wait before you purchase. Prices are headed down even farther, although they'll still be higher than here. Itll rebound again and in 15-20 years the same process will probably happen all over again. I just hope that we stay more stable in the Triangle market (which we should).
To the poster who said not to worry in Wayland---I don't know. MA home prices are falling and the market is far from stable. That actually puts us in a quandry. We sold (had to sell because of other looming financial disasters) last Feb and moved to a rental for what we hoped was less than a year with what looked like one of a few offers in Raleigh to come through. Well, they didn't--one didn't relo, one offered a job in NYC instead, etc. So here we are, still in MA, still in a rental and wondering WTF to do! (will that Acronymn pass muster?)
We're toying with buying here again. A smaller place, since oldest son will be graduating HS in 2009. But, then what? It's a great buyer's market but a terrible seller's market. We'd probably lose money on that house in 12-18 months.
So what's this got to do with Raleigh? I don't know, except I'd feel a LOT more comfortable doing this in Raleigh vs. Mass. Although I have to say I think the housing slump elsewhere WILL affect prices in NC.
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Other markets may affect Raleigh
