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If you're planning on staying more than 5-7 years, it's all good. If you're even thinking about moving sooner than that, you'll probably take a bath financially speaking unless you got it on a fire sale, which isn't happening (yet) here. This area will be one of the last to experience a downfall in prices, as the influx of money is just beginning to dry up. Metaphorically, the triangle will be called last on stage but will have the opportunity to watch everyone else fall first.
Nothing wrong with loving your house, especially if you're cash rich.
You have no idea where I brought, what I paid, what the lot looks like, how well the community is selling, which direction prices in my development are going nor do you have a clue of the relative price point valuation for my house and upgrades are. It amazes me that experienced real estate professionals are guarded in their opinions and ask points of clarification and you know everything without knowing anything specific. Yes I have no doubt you are a lot of fun at parties both while the party is going on and for everyone else on the ride home. Now my last question for you is? Please answer you don't seem to normally need details.
The REAL PRICE less any consessions will show up in Multiple Listings.
Moderator cut: tos
I often find that when I go out to talk to sellers about listing their property, the first thing they tell me is that their neighbor TOLD THEM that he sold his property for FULL PRICE. However, when I pull up this in MLS, its obvious that the neighbor lied.
I find that when people feel a need to tell you how much they paid for something, they are usually lying.
Vicki
Last edited by SunnyKayak; 11-14-2007 at 01:10 AM..
Am I missing something? We sold our house up here and are renting an apartment. Our house in the Triangle will be done soon. We came down this weekend and love the house love the lot and love the view of the woods. Why am I happy about the house. Shouldn't I love the apartment more?
Hey Tuborg, I sold my house in Bethesda Md, rented up here for a year, and am moving down to Raleigh in 2 months. I am really happy. So whatever you missed, me too!
Again...Fruity is someone who tells you his point of view with no real facts to back them up. Opinons are like...well you know. Everyone has one. What I tend to find annoying are people like him that tell you their opinons as if they were facts. He is totally useless in this forum. It happens all the time. Try the "block" feature on this forum. I'm totally enjoying it, Turborg!
Vicki
A. I said to my wife some time ago, we need to do our move now the market is going to head south soon and fast. I was right and got out when the going was still good.
B. I said we need to buy with value in this market and for when the slow down hits Raleigh and we did. Didn't buy in Wake where prices had their run up.
Said we need a builder like the one we brought two houses from up here who understands the value of building for sale along a narrow price curve with value and long term customer satisfaction etc etc and we did.
No I will not be one of the ones to take the big hit.
You have no idea where I brought, what I paid, what the lot looks like, how well the community is selling, which direction prices in my development are going nor do you have a clue of the relative price point valuation for my house and upgrades are. It amazes me that experienced real estate professionals are guarded in their opinions and ask points of clarification and you know everything without knowing anything specific. Yes I have no doubt you are a lot of fun at parties both while the party is going on and for everyone else on the ride home. Now my last question for you is? Please answer you don't seem to normally need details.
All of the amenities you describe are irrelevant if the property was purchased at the "fair" asking price or close to it. The overall market is overpriced, and comping things higher for new construction and not including upgrades in the comps just proves that the numbers are way overstated. It's nothing personal against your particular property.
Wow, a personal dig at my social graces. If you only knew. But, keep it coming!
Again...Fruity is someone who tells you his point of view with no real facts to back them up. Opinons are like...well you know. Everyone has one. What I tend to find annoying are people like him that tell you their opinons as if they were facts. He is totally useless in this forum. It happens all the time. Try the "block" feature on this forum. I'm totally enjoying it, Turborg!
Vicki
Fruity?
Frudy McRomson is a aggregate name for all of the mainstream republican candidates, since they walk and talk alike. I couldn't come up with a good one on the other aisle, so there's no inherent party bias. It's interesting that people speculate it has anything to do with my name
All of the amenities you describe are irrelevant if the property was purchased at the "fair" asking price or close to it. The overall market is overpriced, and comping things higher for new construction and not including upgrades in the comps just proves that the numbers are way overstated. It's nothing personal against your particular property.
Wow, a personal dig at my social graces. If you only knew. But, keep it coming!
Now you use the word overall market is overpriced that shows growth. You now accept that not every house and every development is overpriced. You now understand that some resales and some builders understand price curves and place themselves to sell both on the upswing and the down swing. A 250K house when comps would be 280K will sell both on the up and down tick. Keep reading the posts of Mike and Vicky and you will get there.
Now you use the word overall market is overpriced that shows growth. You now accept that not every house and every development is overpriced. You now understand that some resales and some builders understand price curves and place themselves to sell both on the upswing and the down swing. A 250K house when comps would be 280K will sell both on the up and down tick. Keep reading the posts of Mike and Vicky and you will get there.
There is no house in the triangle that isn't overpriced if it wasn't bought at some sort of fire sale auction. Not one. Mine included, even with all of the talk of 64 and 540's emergence.
My apologies for misrepresenting myself.
Sales will return to where they used to be when houses are significantly lower in price. Again, I must repeat, a macroeconomic issue with lending and supply/demand that has nothing to do with location, region, etc. Japan's market did the same exact thing 20 years ago, and they can vouch for the case of limited land much more than we can. People don't want to accept that "location location location" will have little to do with the unfolding of the mortgage crisis. It will only make a difference on how far/little it falls. The triangle, once again, will be the last to experience the fall because we are (were) a magnet for transplants who are (were) equity rich. The transition between the words 'are' and 'were' will occur over the next 1-2 years. The show has just begun.
When I say "fair" price, I mean the asking prices as it was just recently. I bought 3 years ago, so I have some upside that will be diminished, say 30%, before it levels off. I figure my net loss to be 15% if I sold at the bottom (which I won't).
Those who want to call my talk chicken little, sky if falling, have at it. I personally don't think that a 30% cut in prices or higher is really any sort of doomsday scenario. People will adjust.
Vicky, I think I know someone who overpaid for there house.
Ahhh...sour grapes??? That makes sense. Try to make everyone feel like they made a bad decision when the only bad decision may have been his? You may have a point. Send him a bill for the $220 per hour that it should have cost him at his therapist.
Vicki
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I missed it too
If you only knew. But, keep it coming!
