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Thank you for all of the helpful advice! Seems like renting for a bit is a smart choice until we are certain we find the house right for us amid all this buying frenzy. We'll take our time and be sure to not rush any decisions- this is a big one! Thanks again.
Sorry. I'm used to people coming here looking for half an acre and 3000 sq ft with full upgrades. Can't find that ITB for under 400k.
You are correct in that someone could find a cute little bungalow or split level over in Laurel Hills, for example, for under 400k. If there was actual inventory.
Man, a 3000 ft.² house with all the bells and whistles on a half-acre lot is what it takes to qualify as "decent" in some people's eyes? Good grief. In that case, then, I and a whole lot of other people all around Raleigh and the Triangle are quite a bit more indecent than I had heretofore realized…
Man, a 3000 ft.² house with all the bells and whistles on a half-acre lot is what it takes to qualify as "decent" in some people's eyes? Good grief. In that case, then, I and a whole lot of other people all around Raleigh and the Triangle are quite a bit more indecent than I had heretofore realized…
Nah. I love smaller houses. Less to clean.
Though, truthfully, I'd adore a house in Cameron Park. That would cost more than 400k, though.
I guess being here at C-D has just gotten me so used to people asking for big houses and big lots for less than they're planning to spend, I remarked a bit too nonchalantly earlier in this thread.
There are, however, far more available homes ITB at the moment that are NOT already contingent that are listed at over 400k than those listed under 400k.
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So what the heck happened? Seems like the market has been sluggish for a few years now and suddenly BOOM! It is gang busters! I mean I have three friends who all listed a home for sale in North Raleigh over the past month and all three went under contract within 5 days (one in just 1 day). These friends were suddenly scrambling to find a new place and have expressed how little is out there - two are planning to rent while they search for the next home. So I get the low inventory thing .... but why has buying suddenly picked up? What changed recently? Is it local or is it a national thing?
So what the heck happened? Seems like the market has been sluggish for a few years now and suddenly BOOM! It is gang busters! I mean I have three friends who all listed a home for sale in North Raleigh over the past month and all three went under contract within 5 days (one in just 1 day). These friends were suddenly scrambling to find a new place and have expressed how little is out there - two are planning to rent while they search for the next home. So I get the low inventory thing .... but why has buying suddenly picked up? What changed recently? Is it local or is it a national thing?
Seems to be the same for decent rental homes. 2 yrs ago when we moved we did not sell so we became landlords for our NW Raleigh home. I recently relisted it for rental and although I read about the rental market being tighter at te moment; was pleasantly surprised with all the interest that it got and that it went under contract so quickly.
Maybe it's the school system's change to address based assignments along with the low rates?
So what the heck happened? Seems like the market has been sluggish for a few years now and suddenly BOOM! It is gang busters! I mean I have three friends who all listed a home for sale in North Raleigh over the past month and all three went under contract within 5 days (one in just 1 day). These friends were suddenly scrambling to find a new place and have expressed how little is out there - two are planning to rent while they search for the next home. So I get the low inventory thing .... but why has buying suddenly picked up? What changed recently? Is it local or is it a national thing?
Housing is a basic human need.
Our Triangle population continues to grow, and newcomers bring that need with them.
Interest rates remain low, but signs of pressure for increase are visible. Motivation for buying now.
With WCPSS politics changing course, and address assignments, some more demand was uncorked.
We have more buyers, but no more homes.
Signs were in place a year ago that things were turning. Throughout 2012, multiple offers became more common. Now buying pressure has increased, and shortage is more critical.
There are still many homeowners with little or no equity who would sell and move up if prices come back farther. They are on the sidelines, waiting and watching. That has suppressed inventory to some extent.
That "shadow" resale inventory will help control prices at some point.
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
Prepare! If your house that you are selling really is in an area that the other homes are selling quickly and you are in good condition and priced well, and you do sell quickly, you should have already found a few homes that you like so you can make an offer quickly.
Keep in mind that you may have to go in to temporary housing if your home sells before you find your new home or perhaps you can work it out with your buyers to rent back for a month.
You may have to lose a few good choices until you realize that you will have to move a bit quicker than in the past.
DON'T SETTLE. I say that because you'll be less likely to make a mistake if you know what you want, how much you can spend and don't jump on something just because you worry that another won't come on the market. Homes are coming on the market every day.
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.
Housing is a basic human need.
Our Triangle population continues to grow, and newcomers bring that need with them.
Interest rates remain low, but signs of pressure for increase are visible. Motivation for buying now.
With WCPSS politics changing course, and address assignments, some more demand was uncorked.
We have more buyers, but no more homes.
Signs were in place a year ago that things were turning. Throughout 2012, multiple offers became more common. Now buying pressure has increased, and shortage is more critical.
There are still many homeowners with little or no equity who would sell and move up if prices come back farther. They are on the sidelines, waiting and watching. That has suppressed inventory to some extent.
That "shadow" resale inventory will help control prices at some point.
I keep hearing about this "shadow" inventory!
BRING IT ON!!!
Vicki
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