Newcomers Raleigh-Current state of real estate market? (Five Points, Cameron: for sale, rental homes)
Raleigh, Durham, Chapel Hill, CaryThe Triangle Area
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Houses are moving FAST--my officemate just listed her place Friday night on MLS and by today there was already a bidding war over it. This is quite a change for the past few years, BTW. $400K is a reasonable amount (and then some) in most parts of the Triangle unless you want a McMansion or a really "desirable" location.
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In TMLS Areas 5, 10, and 15, as of yesterday morning, there were 54 Contingent and Pending resale homes that had gone to contract in less than 2 Days On Market.
10 of those went to contract in 0 Days On Market.
I know of way too many multiple offer situations on first day on market. People are writing offers and figuring they can work out the details during Due Diligence. When a buyer terminates, the home is sold without even being exposed to market again. The agent just runs it past the agents who presented offers to see who will step up.
Address-based school assignments, even if only for one year, have made Western Wake a buyers' frenzy. People are rolling the dice, betting 30 year mortgages on one year school assignments.
Buyers are having to make decisions too quickly and I'm afraid will make mistakes. But, that is just MY OPINION.
Vicki
Yeah, I'm afraid of that too. We are getting ready to put our house on the market but realized how low the inventory is right now and aren't sure we'd find something we really want! Another realtor told us it was the lowest in years!!! He said there will be a lot of new construction available in 6-9 mos. (Not sure about ITB or Cary, but certainly the surrounding areas)
In TMLS Areas 5, 10, and 15, as of yesterday morning, there were 54 Contingent and Pending resale homes that had gone to contract in less than 2 Days On Market.
10 of those went to contract in 0 Days On Market.
I know of way too many multiple offer situations on first day on market. People are writing offers and figuring they can work out the details during Due Diligence. When a buyer terminates, the home is sold without even being exposed to market again. The agent just runs it past the agents who presented offers to see who will step up.
Address-based school assignments, even if only for one year, have made Western Wake a buyers' frenzy. People are rolling the dice, betting 30 year mortgages on one year school assignments.
That is crazy about the school assignments!
Which TMLS area is Fuquay-Varina in? How is F-V doing in comparison to more desirable areas? Do you think 540 is helping?
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Quote:
Originally Posted by CAbornNClivin
That is crazy about the school assignments!
Which TMLS area is Fuquay-Varina in? How is F-V doing in comparison to more desirable areas? Do you think 540 is helping?
You will find FV homes in Areas 16, 17, and 9.
540 may propel growth in FV more if we ever get confirmation on the route for the SE Extension.
There are a lot of buyers with their fingers on the trigger for lack of a better term. Inventory is low as other posters have mentioned. And the pool of qualified buyers without contingencies is full. We are one of those potential buyers checking mls daily. The one house that may have been a good fit for us was under contract the first day.
I'm sure the experienced realtors who are active can correct me if I'm wrong-
Coming into this spring, I expected there to be a surge of listings as people who were waiting and holding for the market to improve flooded the market. It hasn't happened. My thought is that there are probably many who want to sell but they are still upside down in their mortgage and can't afford to come to the table with a short-sale. I think this is especially true inside the beltline. New constructions even over 1M are selling like hotcakes. The lack of quality listings has really been surprising.
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.
I'm sure the experienced realtors who are active can correct me if I'm wrong-
Coming into this spring, I expected there to be a surge of listings as people who were waiting and holding for the market to improve flooded the market. It hasn't happened. My thought is that there are probably many who want to sell but they are still upside down in their mortgage and can't afford to come to the table with a short-sale. I think this is especially true inside the beltline. New constructions even over 1M are selling like hotcakes. The lack of quality listings has really been surprising.
You are right. Usually, spring is the time of year that people start to get ready to move...kids are finishing school and so more listings do come on the market. Also...the media kept telling everyone that there was lots of inventory that was going to hit the market but that didn't come true.
I'm still seeing home come on the market. And the "good ones" get sold within 5 days.
I had a small house in Durham sell with 2 offers, before I even had time to do my flyers!
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
So what do you do if you are a seller and a buyer??? So hard to decide whether to wait or not! Our house probably would not go up much if we waited, so I'm thinking we should try to sell now and get another house before prices go up. Doesn't that make sense if you're looking to move to a more expensive house right now? Percentage-wise I mean
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