Wral triangle housing report, Realtors what do you make of it? (Charlotte: foreclosures, condos)
Raleigh, Durham, Chapel Hill, CaryThe Triangle Area
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Realtors take of WRAL report, Mike Walden, housing market worsens in Triangle, bargain place to live, production builders, inventory homes, custom builders drop prices, interest rates
I personally think that if prices get out of control in NC then the transplants will stop coming. The #1 reason why transplants are moving there is for affordable homes. Their dream to own a brand new single family home in NC is more realistic than up north. Why move away from their families to someplace that the cost of living is just as exspensive? Jobs are not the reason people are leaving the north, there are definitely a lot of jobs in and around the cities...they are leaving because townhomes are starting out in the low 300K, so you can imagine what a single family home would start out in. That doesn't include the high property taxes which the poor citizens in NJ and paying 5000 and up a year and 5K is low balling it. NJ is paying for the influx of New Yorkers that wanted to escape the city. With more people comes the need for more schools, highways, public system...you want to see the future of Raleigh? Look at nothern NJ or central NJ, taxpayers are going to have to carry the burden, plus if the politicians do not start doing something about the illegal immigrants(who are not paying taxes and flooding our public facilities) the tax burden is going to be that much larger. I did read somewhere though that NC was one of the leading states beginning to crack down on illegal immigration. Good luck to everyone who is trying to decide what to do. I am coming down Thursday,we almost moved down there I highly doubt it now. But we are entertaining the thought for my in laws because they want to check out the area. Just keep your fingers crossed that my husband gets the job he is going after up here in Maryland!
It’s funny how you were all rainbows and sunshine a few months back when you were considering moving to Clayton yourself, but now that you have apparently decided this area isn't for you, you repeatedly post about how the Triangle is gong to “hell in a hand basket”. I don't know why you feel Raleigh is turning into Northern NJ, but as a person intimately familiar with both places I completely disagree with that opinion. And this is coming from somebody who actually loves many great parts of Northern NJ! Not that it should be anyone’s only reason for moving to the Triangle, but when comparing the cost of living in two areas I think it is important to keep in mind that the costs are changing in both areas at the same time. Taxes are creeping up here to pay for new infrastructure and at the same time taxes continue to creep up in NJ to repair and replace the older existing infrastructure. Taxes will need to keep rising here (likely) and start dropping in NJ (doubtful) for the two to ever truly meet. My folks in NJ just paid their quarterly tax bill last month. It was higher than last year so I guess NJ taxes aren't on the decline in NJ just yet. The next time taxes go down in NJ will be the first time. Maybe next year will be that magic year?
Anyway, I find that most people who are or were unhappy with their move to NC are those who made the move simply about money. Remember when you were in college and professors and advisors would tell you not to pick a profession just because the pay is good, to pick a profession you love and you will be successful and happy? I think ones motivation for moving should follow similar advice. If you are happy in NY, NJ or MD than I am thrilled for you, but no need to constantly try and convince those of us that are happy in NC that it is all smoke and mirrors. Is it that hard to believe that there is more than one nice place to live in this great country? I think not.
Have fun on your trip down here, and good luck with your husband’s job search in MD. FWIW, I think certain parts of MD are lovely places to live.
Last edited by North_Raleigh_Guy; 10-23-2007 at 07:35 AM..
It’s funny how you were all rainbows and sunshine a few months back when you were considering moving to Clayton yourself, but now that you have apparently decided this area isn't for you, you repeatedly post about how the Triangle is gong to “hell in a hand basket”. I don't know why you feel Raleigh is turning into Northern NJ, but as a person intimately familiar with both places I completely disagree with that opinion. And this is coming from somebody who actually loves many great parts of Northern NJ! Not that it should be anyone’s only reason for moving to the Triangle, but when comparing the cost of living in two areas I think it is important to keep in mind that the costs are changing in both areas at the same time. Taxes are creeping up here to pay for new infrastructure and at the same time taxes continue to creep up in NJ to repair and replace the older existing infrastructure. Taxes will need to keep rising here (likely) and start dropping in NJ (doubtful) for the two to ever truly meet. My folks in NJ just paid their quarterly tax bill last month. It was higher than last year so I guess NJ taxes aren't on the decline in NJ just yet. The next time taxes go down in NJ will be the first time. Maybe next year will be that magic year?
Anyway, I find that most people who are or were unhappy with their move to NC are those who made the move simply about money. Remember when you were in college and professors and advisors would tell you not to pick a profession just because the pay is good, to pick a profession you love and you will be successful and happy? I think ones motivation for moving should follow similar advice. If you are happy in NY, NJ or MD than I am thrilled for you, but no need to constantly try and convince those of us that are happy in NC that it is all smoke and mirrors. Is it that hard to believe that there is more than one nice place to live in this great country? I think not.
Have fun on your trip down here, and good luck with your husband’s job search in MD. FWIW, I think certain parts of MD are lovely places to live.
You just couldn't stay away could you It's like the crack heads near my old office in Baltimore. Always saying they would quit.......back looking for a fix the next day.
You just couldn't stay away could you It's like the crack heads near my old office in Baltimore. Always saying they would quit.......back looking for a fix the next day.
You are so right! I was just typing away before I really even relaized what I was doing! Looks like I am back to step one on the 12-step program.
<<<Jobs are not the reason people are leaving the north, there are definitely a lot of jobs in and around the cities>>>>
This person obviously never lived in Central NY. That is *exactly* the reason I came to North Carolina and there are plenty of others from my hometown here. The job outlook in CNY is pitiful and the property taxes are ridiculous -- My house here would pay triple the property tax back home.
There are many reasons people move to NC, and more plentiful jobs is one of them.
A "bargain"? Well, I never thought THAT! Ask my clients coming in from Georgia if they think its such a bargain to buy here! The only folks that really consider our low housing costs a bargain are the people coming in from the overinflated markets such as Florida and California and New Jersey.
I spoke with some people from DC over the weekend. NOT very happy people. I'd be happy if they STAYED in DC!!! Again, Wake County is not for everyone!
Vicki
To the little person in the shadows that gave me a negative point because I was "mean", you spelled awful incorrectly. And you forgot to sign your name!
MY POINT in making the statement was that Wake County is NOT for EVERYONE!
You suggested they find another Agent. FYI...Realtors are not required to work with anyone they don't want to. Isn't that funny? ONE of the reasons I CHOSE NOT TO WORK WITH THESE BUYERS has to do with the comments they made, which Fair Housing prevents me from quoting AND the fact that they were very negative and demanding.
You got a problem with that??? Take it up with the Fair Housing folks!
Sounds quite a fair assessment of the current situation to me.
A couple of months ago I posted an anecdotal of my pet favorite street in Brier Creek, which had 6 houses for sale. Now its got 7. Whilst one house has had its price reduced 4 times, another seller is still trying to get 710K for a 3 bed, 3200 sq. foot house!
Talking to a Maryland based realtor at the weekend made me wonder about something. She offered me one example of a couple in Poolesville who's 3000 sq. foot house is on the market for 639K. On the market for 750K last year! Owners moving to North Carolina of course!
If prices continue to tank in many areas, then maybe the triangle would appear less of a bargain place to live. You think that this may put off many transplants?
Coming from Maryland and still here but having sold what you describe is 100% right on. Maryland had a big increase in equity and now is paying a price. However with that big increase in prices came one heck of a lot of equity for people in their houses 10 or more years. The owners of the house you describe may have a ton of equity in the house and a significant amount of wiggle room to price with. Lots of government workers in the DC area with pensions, equity and a bulls eye on North Carolina. The rate of migration will slow but not the target. If the folks you describe walk away with only 500k equity in Maryland, what could they do with that and a pension in the greater Triangle area? Remember Maryland as a state is changing.
Look at the price jump in average house from 2000-2005 in Poolesville. Salaries didn't go up that much. It is a typical Maryland community where very few can afford to buy their house again. So watcha gonna do?
That said, I'm seeing a lot of similarity between what's happened in New England and what seems to be happening in NC. Specifically:
1. Cost of living and housing going up (yes, phenomenally more in NE, but as a ratio from what was to what is, it's very similar)
2. Job market weakening a bit. NOT a depression but not as strong.
3. Housing market, which was red hot, slows to average. People hit panic button claiming area is going to h*ll in a handbasket.
4. Prices slide somewhat and time on market increases. No more open houses with wildcat bidding!
So while people think that people are screaming out of New England in droves, that's not true. The area remains viable, strong, though expensive. I'm seeing a lot of similarities with Raleigh on a lesser scale. I think what it will do is scare away the folks who want to trade in their high priced house for a cheap NC house. They'll start looking elsewhere. Look for Nashville, Johnson County TN and other areas to become the next Nirvana.
Ok, let me try this in a chronological fashion. Some where in the late 90's the Triangle became popular. Is this about right? If not substitute your own starting point. Folks came here from elsewhere to take jobs and loved it here. Relatives especialy parents came to visit and said wow "I could do this." North Carolina has a number of colleges and universities. Young people came here liked and said I want to stay. Their relatives came to visit and said "I could do this". For me both scenario's went from could to did that. Everyone I know already knows people here. The running joke in my part of Maryland is that if you shop in Cary you will run into someone from here. Carolina you have been discovered and you are warmer and friendlier. Yes friendlier then many of the areas people are coming from. Word up here is that 99% of the people who relocate love it. They are to busy loving life to post and say how much they love it.
PS equity is only there when you cash out. Just like the stock market. You only gain or lose on paper until you sell. In order to retire and enjoy that equity you either need to cash out or do a reverse mortgage. Reverse mortgage=Yuk.
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It always peaks everyones interest.
yes it will
