Housing market in Cary (27513) (Raleigh, Apex: homes, subdivisions, price)
Raleigh, Durham, Chapel Hill, CaryThe Triangle Area
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I will state my opinion on the current Triangle housing climate, which may be largely unpopular here.
I believe that we have created an artificial "sellers market" here in the Triangle. The news of houses selling fast, inventory low, prices rising, etc is all relative if you are comparing to how the market was the past few years. Sure resales inventory is low because houses were pulled from the market from being overpriced. Sure new home inventory is low because builders slowed down in building new homes. Sure prices rising because demand > supply. Also, the fear of interest rates going up is fueling buyer frenzy and making buyers 'think' they can now afford more.
The problem is, I now see buyers still buying close to the asking prices of these homes or jumping on making full price offers, prices are that still close to original pre-real estate bubble. Because of demand > supply and because buyers think they can afford more because interest rates are down, but ask yourself....did the home price really go down that much? did your salary really increase? obviously news of companies flocking here doesn't help buyers as buyers now have more competition.
But please be smart and don't get suckered into this so called "sellers market, buyers must buy fast of they lose opportunity" frenzy. It is exactly what caused the housing bubble crash back in 2008 and we seem to be headed into the same cyclical routine.
If you can truly afford it AND you think the house is really worth the price on paper, then I say go for it! If you think you can get a good deal on a house, even better!
But those of you making full price offers on homes for upwards of $800K+ with around 4000sq ft in a .25 acre lot, buyer beware! You are also making it hard for smart buyers to get decent deals in this market.
One thing unique around here is the subdivision concept. You don't find that in all areas of the country. I'm from Long Island - people buy into a school district up there. So it's a much larget pool of houses to choose from. I haven't heard of a time period where houses in my neighborhood here didn't sell extremely quickly. THe ones that linger have a location problem. People here seem to get a neighborhood or set of neighborhoods in their mind and that's that.
As far as the frenzy, people want and need to buy houses quickly for all sorts of reasons. Unfortunately if you are buyer who is hoping for a deal, maybe a price drop in an area you love, you're going to be left in the cold...but when you want to buy a house you're not concerned with anyone else. And if you overpay your new neighbors will love you anyway
Quote:
Originally Posted by meanieme
I will state my opinion on the current Triangle housing climate, which may be largely unpopular here.
I believe that we have created an artificial "sellers market" here in the Triangle. The news of houses selling fast, inventory low, prices rising, etc is all relative if you are comparing to how the market was the past few years. Sure resales inventory is low because houses were pulled from the market from being overpriced. Sure new home inventory is low because builders slowed down in building new homes. Sure prices rising because demand > supply. Also, the fear of interest rates going up is fueling buyer frenzy and making buyers 'think' they can now afford more.
The problem is, I now see buyers still buying close to the asking prices of these homes or jumping on making full price offers, prices are that still close to original pre-real estate bubble. Because of demand > supply and because buyers think they can afford more because interest rates are down, but ask yourself....did the home price really go down that much? did your salary really increase? obviously news of companies flocking here doesn't help buyers as buyers now have more competition.
But please be smart and don't get suckered into this so called "sellers market, buyers must buy fast of they lose opportunity" frenzy. It is exactly what caused the housing bubble crash back in 2008 and we seem to be headed into the same cyclical routine.
If you can truly afford it AND you think the house is really worth the price on paper, then I say go for it! If you think you can get a good deal on a house, even better!
But those of you making full price offers on homes for upwards of $800K+ with around 4000sq ft in a .25 acre lot, buyer beware! You are also making it hard for smart buyers to get decent deals in this market.
I will state my opinion on the current Triangle housing climate, which may be largely unpopular here.
I believe that we have created an artificial "sellers market" here in the Triangle. The news of houses selling fast, inventory low, prices rising, etc is all relative if you are comparing to how the market was the past few years. Sure resales inventory is low because houses were pulled from the market from being overpriced. Sure new home inventory is low because builders slowed down in building new homes. Sure prices rising because demand > supply. Also, the fear of interest rates going up is fueling buyer frenzy and making buyers 'think' they can now afford more.
The problem is, I now see buyers still buying close to the asking prices of these homes or jumping on making full price offers, prices are that still close to original pre-real estate bubble. Because of demand > supply and because buyers think they can afford more because interest rates are down, but ask yourself....did the home price really go down that much? did your salary really increase? obviously news of companies flocking here doesn't help buyers as buyers now have more competition.
But please be smart and don't get suckered into this so called "sellers market, buyers must buy fast of they lose opportunity" frenzy. It is exactly what caused the housing bubble crash back in 2008 and we seem to be headed into the same cyclical routine.
If you can truly afford it AND you think the house is really worth the price on paper, then I say go for it! If you think you can get a good deal on a house, even better!
But those of you making full price offers on homes for upwards of $800K+ with around 4000sq ft in a .25 acre lot, buyer beware! You are also making it hard for smart buyers to get decent deals in this market.
Keep in mind that not all homes or even all good homes are flying off the market. I've shared before on this forum that we were in the low 400 to low 500 market. Some owners are still overpriced, hoping that they get swept in this upticking market and the name prestige of their subdivision gets them a great deal. We saw Preston homes like this. We saw tract homes that should have been high 3s or low 4s trying to get mid to high 400s. We saw great homes in neighborhoods like Highcroft, Carpenter Village, Amberly, Cary Park that were custom, but still overpriced...and they either sat until they lowered their price (at which point they were snatched up) or they are still sitting. People aren't just paying full price for whatever comes on the market. It's the good AND well priced homes that are flying off the market. I don't think we are at an irrational stage as you are saying. I think there are/were many well informed buyers waiting in the wings (heck at least a few of us in here said we are/were doing that) ready to pounce on the good and well priced homes. That's why you see full or close to full price and multiple offers.
Yep! I agree with all the above said. Hence my question earlier of where the homes/subdivisions that folks offering full priced homes for are located. Because to me in MLS, most of the homes are still overpriced. Maybe only 5-10% are those I'd pounce on and put full priced offers on.
I didn't want to name areas in my post, but basically I was referring to West Cary, Preston CC, Brier Creek CC, ITB homes, and parts of North Raleigh above 540.
And I agree with Twingles, I do love my new neighbors overpaying and raising my value. Heck, I should list my home on the market now!
Wow, where are all these homes selling like hotcakes? Either you all priced the homes very competitively or the market is really that insanely hot. Congrats to all!
listed and sold a North Raleigh home in the $200,000 in 5 days.
listed and sold sold a Durham home (around Brightleaf) in 3 days with 2 offers. Under $175,000.
had buyers purchase a Chapel Hill house for over $450,000 (on market 3 days), with 7 showings on first day. We had already lost 3 homes. One sold in HOURS. But...these are more "contemporary" homes and it is in Chapel Hill (less inventory).
sold a home that I had listed last year (for 6 months with my sellers who kept reducing the price) in 5 days with 2 offers and that was after we raised it $1,000. It was under $250,000.
sold a FSBO close to downtown. They had the sign up for 9 days. We had gone to see two new homes that same weekend... before they were finished. Under $350,000.
But I do agree...most were priced right and none of my buyers paid full price. 1 listing that sold for full price.
All appraised.
I don't like this buying frenzy either! I don't want buyers making mistakes and living to regret it!
Is it really a buying frenzy or is that the people that would've been buyers now anyway are combined with the people that were waiting and causing slow sales in fall/winter? I think it's the latter and it will stabilize when most or all of the fence sitters have acted.
Is it really a buying frenzy or is that the people that would've been buyers now anyway are combined with the people that were waiting and causing slow sales in fall/winter? I think it's the latter and it will stabilize when most or all of the fence sitters have acted.
I think the "frenzy" is due to the low inventory.
This is our busy time of year anyway. Add that in and the low interest rates, which lenders are saying won't last forever and yes, the buyers who "waited" for the bottom and now realize it has passed and the media that is now reporting low inventory all over the country and voila...seller's market!
I have buyers whose homes in FL and Conn. sold in a few days, as well. It isn't just here.
I still have a buyer that is looking for a home in North Raleigh, under $300,000, but she has certain criteria and the homes that match that criteria sell in a matter of days.
Bought a house in Chapel Hill, closed today in fact. Quietly celebrating here in the UK, husband out there already. As buyers we've been watching the market since November, viewed several houses on a couple of trips out there. Fair few seem to have been sitting around for some months as clearly optimistically priced. One we've bought was on the market a couple of weeks, didn't feel we were in a "frenzy" though and we didn't pay full price.
I have buyers whose homes in FL and Conn. sold in a few days, as well. It isn't just here.
I can attest to the Florida part, at least in Pinellas County and I'm sure in many other areas. Investors are scooping up all the lower priced homes, those under $300k. What little is left is what the regular buyers are battling over. Lots and lots of multiple bids and cash is king. I read a report that 2/3 of homes purchased in the Tampa Bay area are cash sales.
So you are right. It is not just where you are. It is everywhere now. A light switch got flipped from buyers market to sellers market. People wanted to know when the bottom hit. It was last year. You can always see the bottom in the rear view mirror.
I do have a theory though that when prices get high enough, a lot of sideline sellers will flood the market and that will cap price increases for a while. Maybe even drop them a bit from whatever level they achieve.
the frenzy of activity - and it's real - is a matter of numbers selling, not prices rising ridiculously.
If you want to talk about ridiculous price increases, go to Silicon Valley.
The PRICES here, in the below $325K (FHA) market, in the West Cary/Apex/Holly Springs area, recovered by mid-2011.
If a Buyer of any good sees 20 of what they're looking for, starts following (saving as a favorite) those 20, and never sees any of those 20 selling, then they continue to wait.
When that Buyer sees only 5, and a different 5 from 30 days ago, their mindset changes.
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