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Location yep... Come to Fuquay ... Nice neighborhood and nothing is moving other than KB homes new stuff. Resales all 4 priced right sitting now 5 and 6 months. Yes certain neighborhoods are moving but people are paying way too much for some of these homes that are moving fast. Be careful out there.
We are definitely in the shadows, haha. We don't HAVE to move but we want to move a little closer to Cary (from FV to HS). We want a big flat back yard (ours is mostly hill). We love the designs of the new homes but we HATE the small yards.
I have clients that live out of town. A Home came on the market late one afternoon. I made an appointment (within an hour) for them to see it the next day. They drove in with 4 kids...5 hours. I got a call that morning from listing Agent...house was sold.
The buyer that purchased it had been looking for just the right house and that was it. He had his agent call listing agent and he paid OVER FULL PRICE with the contingency that he'd have first right of refusal in the AM. He gave sellers 2 hours to accept or decline. Seller accepted!
This is not normal for our area. I'm not sure I WANT it to be the norm. It means with low supply and high demand, we will see prices go up. That is good for sellers and maybe it is their turn. However, fast decisions sometimes aren't the best decisions.
Vicki
With such buying frenzy, how fast is price/sf or median sales price increasing on a weekly/monthly basis? Are buyers having challenges with getting their purchase appraised for what they offered?
Our builder raised their starting price by 10-15k about a month ago in the same phase we bought into last summer. They may raise it again when the next phase is released.
People are predicting the market is only going to increase a couple percent this year. I see some areas going much higher than that. Raleigh seems to be behind other major metropolitan areas. Some areas have seen large value increases in the last 12 months. Like 20% or more.
While the prices of houses being sold in my Chapel Hill neighborhood are up over the past couple of years, they are still slightly below where they were in 2006-2007.
With such buying frenzy, how fast is price/sf or median sales price increasing on a weekly/monthly basis? Are buyers having challenges with getting their purchase appraised for what they offered?
Our builder raised their starting price by 10-15k about a month ago in the same phase we bought into last summer. They may raise it again when the next phase is released.
In our area, prices per dollar per square are different in each neighborhood.
I'm not seeing prices go up a great deal but with multiple offers, prices will go up.
I had this discussion with an appraiser the other day. I had a house listed last year. Stayed on the market for 6 months and just didn't sell. We put it back on the market a few weeks ago, raised the price $2,000 and it sold, with multiple offers. Once I told the appraiser it had multiple offers, it appraised.
An agent in my office had a buyer that wanted a home in North Raleigh. It had 3 offers in 3 days. They paid full price and got it. The appraiser told her that since it was a multiple offer situation, it should have no problem appraising.
I sold a home in a n'hood between N. Raleigh and Wake Forest. The re sales don't sell very quickly. The house I sold didn't appraise. Seller paid for a 2nd appraisal and it was lower! My buyer agreed to first appraisal and seller finally agreed to reduce price $6,000.
So, not all n'hoods are seeing the buying frenzy. And that is why we say..."Location, location, location".
House is getting ready to be listed on my street. Realtor Sign is already in the yard, but not popping up on my searches yet. Look forward to tracking how long it takes to go under contract.
I have noticed the same trend in our neighborhood off Glenwood in Five Points. Houses are not sitting long and prices are way up. Our neighbors just sold their renovated 1930's 1800 square foot home on .28 acre lot for $489k or 271 per sq foot. Multiple offers after 1 week on Market.
Seems mainly due to low inventory situation.
That house on the Circle defies Logic, but good for the sellers.
Our prices have never gone up 20% in a year. Not in any neighborhood
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