Newcomers Raleigh-Current state of real estate market? (Cary, Apex: apartment, foreclosure)
Raleigh, Durham, Chapel Hill, CaryThe Triangle Area
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My husband and I are living in Atlanta now, but he just accepted a job in Raleigh. We are both originally from NC and I lived in Raleigh for a few years after college so I know the area. We're so happy to be coming back.
Any advice on the current real estate market in Raleigh? We've been looking online (I know those aren't the most accurate listings) but it seems that there just isn't much on the market. We would prefer to be ITB or just outside in North Hills. We are going to rent an apartment for 4 months and hopefully find a house within that time frame. Just wanted opinions- is that too quick of a time frame and does there seem to be quality listings on the market? Thank you!
Currently we have low inventory, especially in the more desirable areas, which ITB and around North Hills is.
If a home is in move in condition and the location is desirable, many are selling within DAYS.
It is a buying frenzy, currently. I hear it is due to the low inventory and buyers who were waiting to see what happened with the Pres. election and other goverment issues. Interest rates move up just a bit and come back down and that seems to be causing buyers to move quicker. And...this is our spring market.
Sounds like a Realtor's dream? I don't like it. Buyers are having to make decisions too quickly and I'm afraid will make mistakes. But, that is just MY OPINION.
Thanks for your perspective, Vicki. As current homeowners looking to move, it IS SCARY! I'm afraid we'll buy the wrong house out of desperation.
TO the OP: It seems like when a house is in good condition and priced right , it goes fast. LEss than a week. Prices are rising, too, in my nhood along--where one house sold for $110/sf a few months ago, 2 have now gone under contract at $188 and $125/sf. I live in the 'burbs, so I imagine it's really tight ITB.
You're smart to move here and rent for a bit so you are on site to make a bid fast. We looked at a foreclosure recently and the DAY it hit market we were there....along with at least 6 other families, just in the 30min we were there. It went fast.
On the up side, we hope to sell OUR house fast, but we're so worried we'll end up with nowhere to live!
Definitely low inventory! All the single family houses in my neighborhood are under contract and I haven't seen anything new come on in a while. It doesn't seem like prices are going up that much, but houses are definitely selling quick.
What size home? Single family? Under 400k is tough ITB for a decent, single family.
Boy, I'm not sure what exactly you consider "decent," but I think it's a substantial exaggeration to say there aren't decent single-family homes Inside the Beltline in Raleigh for under $400K. Naturally, the particulars depend entirely on the OP's needs and preferences as far as the size of the house, the features and amenities of the house and adjoining neighborhood, and specifically which part of ITB it's in. So, depending on those answers, it may or may not be possible for them to find a suitable house in that price range. But there certainly still are (at least for now) nice houses in nice areas ITB available for well under $400,000. Based on my observations and the experiences of friends and neighbors, it's definitely is true, as Vicki and others mentioned, that inventories are low, especially of certain kinds of houses in certain locations, resulting in something of a buying frenzy at times. But I don't think it's fair to say that it's terribly tough to find a decent house ITB for less than $400K.
Boy, I'm not sure what exactly you consider "decent," but I think it's a substantial exaggeration to say there aren't decent single-family homes Inside the Beltline in Raleigh for under $400K. Naturally, the particulars depend entirely on the OP's needs and preferences as far as the size of the house, the features and amenities of the house and adjoining neighborhood, and specifically which part of ITB it's in. So, depending on those answers, it may or may not be possible for them to find a suitable house in that price range. But there certainly still are (at least for now) nice houses in nice areas ITB available for well under $400,000. Based on my observations and the experiences of friends and neighbors, it's definitely is true, as Vicki and others mentioned, that inventories are low, especially of certain kinds of houses in certain locations, resulting in something of a buying frenzy at times. But I don't think it's fair to say that it's terribly tough to find a decent house ITB for less than $400K.
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.
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I pretty much concur with the other posters. I've been here a few months and have been cautiously stalking the real estate market. If something you like is priced right, you'd better get an offer in within the first day or two because it will be gone. On the other hand, there seems to be decent inventory in the areas far to the SW (Apex) and and NE (540/Wake Forest). However, if you want to be within a mile or two of 440 or 40, there isn't a whole lot to choose from.
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