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Location: Chapel Hill, NC, formerly NoVA and Phila
9,779 posts, read 15,793,171 times
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Quote:
Originally Posted by North_Raleigh_Guy
...why has buying suddenly picked up? What changed recently? Is it local or is it a national thing?
I don't know if it's EVERYWHERE, but it's definitely a similar story in several other places. I was talking to a realtor in South Florida a few weeks ago. She said this time last year, they had 200 condos on the market - this year there are fewer than 100. I know prices are going up in many other places around Florida, too.
We own a house in NoVa. It is CRAZY there. My friend put her house on the market on a Friday. Had a contract on Monday. Another friend of a friend - same thing. House sold in a weekend. Our house is being rented out now, but we are considering selling it, so I've been watching the market. In our zip code of 15,000 residents there are 6 SFH homes for sale under $700K (old 1950's ramblers and 1960's split levels, mind you). Crazy low inventory! Every time I look - once or week or so, the houses that I looked at the week before are contingent.
Here in Southern Village in CH, they are selling quickly, too. Saw a house with a "Coming Soon" sign. A few days later, I saw "Sold." I never saw it actually be "For Sale." I confirmed with a neighbor that it never officially made it on the market. But not everything is selling. Those that are in bad locations are still sitting, but overall, very low inventory and quick sales.
I guess the interest rates are low, the job market is picking up. People have been waiting in the wings and BAM!
ETA: Ha! I just saw this article on another thread in the economics forum. The article doesn't mention this area, but basically says that this "frenzy" is happening in many markets around the country:
Here's what the N&O had to say about the overall market last month (looking at February numbers):
Quote:
Home sales in the Triangle increased 15 percent in February as the market maintained strong momentum heading into the busiest selling season of the year.
But the extended stretch of solid sales activity still hasn’t resulted in an increase in homes being listed for sale. There were just 7,515 homes on the market at the end of February, down 20 percent from the same period last year and off 40 percent from two years ago, Triangle Multiple Listing Services data show.
The region now has a five-month supply of homes on the market at the current pace of sales.
The good news for sellers is that rising demand and dwindling supply is making it easier for them to sell their homes. The average days on the market of the homes that sold in February declined 15 days to 117.
The bad news is that prices remain largely flat and buyers continue to demand that a home be in very good condition.
Anyone feel that the market has become a little more sane in the last couple weeks or is it just me? Houses that I expect to sell the first week are sitting a little longer. I don't know if more supply has come on the market or people have stopped buying or I'm just totally off base here. My only data points are my observations from house hunting myself.
Anyone feel that the market has become a little more sane in the last couple weeks or is it just me? Houses that I expect to sell the first week are sitting a little longer. I don't know if more supply has come on the market or people have stopped buying or I'm just totally off base here. My only data points are my observations from house hunting myself.
I've been watching the Cary area for a few months...specifically the older sections of 27513, appealing to me...older homes in established neighborhoods with TREES...lol The homes in my price range are listed and "contingent" within days...I don't even have time to view in person as they are swooped up fast...I'm not blaming my buyers agent, but I'm telling her what is coming on the market...Change buyer's agent???
I'm hoping more inventory comes up now that spring/summer is here...Not sure of the trend, as I've been out of the loop for a few years now with buying a home... I have already sold in Morrisville...that was fast as well! I'm hoping to find something within the next few weeks in Cary/27513 I'm not settling though...I'm anxious to see what will come on the market, if anything :/
as I tell others, the advent of the internet is a positive thing for buyers and their agents. The reality is that you can get an immediate alert on YOUR search, or you can be up at midnight surfing, and find your house online before your agent finds it online.
We're seldom truly in the "home finding" business anymore. We're in the negotiation and stewardship business now.
However, if you're truly a "ready & willing" Buyer - prequalified by a lender, nothing to be done but find the house - then your agent should be able to get you in a home that you're truly interested in within 2 days.
I've been watching the Cary area for a few months...specifically the older sections of 27513, appealing to me...older homes in established neighborhoods with TREES...lol The homes in my price range are listed and "contingent" within days...I don't even have time to view in person as they are swooped up fast...I'm not blaming my buyers agent, but I'm telling her what is coming on the market...Change buyer's agent???
I'm hoping more inventory comes up now that spring/summer is here...Not sure of the trend, as I've been out of the loop for a few years now with buying a home... I have already sold in Morrisville...that was fast as well! I'm hoping to find something within the next few weeks in Cary/27513 I'm not settling though...I'm anxious to see what will come on the market, if anything :/
You need to see those homes the same day they're listed. Ask your agent to be flexible. If she's not available, tell her you don't want to miss the opportunity and ask if there's another agent at her firm that can show you the home.
Bottom line? You need to see these homes immediately.
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I'm not settling though...I'm anxious to see what will come on the market, if anything :/
