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Median Home Sale Price: $229,500
Percent Change: 7.5%
Like in-state neighbor Charlotte, Raleigh prices never spiked to unsustainable levels during the housing boom, and the city benefits from a good job market and low unsold inventory.
Maybe, but my house has been on the market for three months and only three showings.
I have done lots of research and my realtor and broker have told me that my house is priced below comps in my area.
I see some of these reports showing increases in home value and I scratch my head.
Maybe, but my house has been on the market for three months and only three showings.
I have done lots of research and my realtor and broker have told me that my house is priced below comps in my area.
I see some of these reports showing increases in home value and I scratch my head.
Just because a market is healthy, doesn't mean each and every house is going to sell in no time flat. There is one home not to far from me that has been on the market for months and months....not even sure how long anymore. I figure there must be something off putting for it to take so long...but that hasn't stopped several other houses in the same area from selling in a few weeks.
Just because a market is healthy, doesn't mean each and every house is going to sell in no time flat.
So true. There are two brand spanking new homes on my street that have been For Sale for MONTHS. I can tell you exactly why both haven't sold (has to do with the lot/location). Other newer more expensive homes have sold.
Coming from NJ where the housing boom was outrageous, it was so nice to find an area that was balanced enough to avoid the upswing (and thereby somewhat avoid the downswing).
That Raleigh and Charlotte are two of the best real estate markets in the country just goes to show you how dire things are in the rest of the country!
Check out this article about housing in Detroit's affluent suburbs....yowza!
So true. There are two brand spanking new homes on my street that have been For Sale for MONTHS. I can tell you exactly why both haven't sold (has to do with the lot/location). Other newer more expensive homes have sold.
Coming from NJ where the housing boom was outrageous, it was so nice to find an area that was balanced enough to avoid the upswing (and thereby somewhat avoid the downswing).
Lauren
That brings up an interesting point. Does everyone that moves here from NJ, NYC, Long Island, South Florida, Nevada, Southern CA feel our market is very reasonable?
What do you think of the house prices in the area if you moved from more rural out of state locations in the Northeast and Midwest?
Also, what will propel our local economy more, having plenty of medium to high paying jobs or more people moving here with larger equity to buy homes with low payments and allowing them to find lower paying jobs to live here.
I sold in 25 days, priced above comps and was the smallest house of 3 in the neighborhood. Your location is going to be the biggest factor in relation to schools, new homes in the area and their prices and distance to possible job opportunities. If you cannot say you are at least 2 of those three there is going to be more of a wait. It's not two years ago but it's not as bad as most other places.
The current inventories in our area make it easier for a buyer to not have to "settle". Houses with lot/location issues that did not matter 2-3 years ago are sitting. Unless the buyer is under time pressure to buy a home and move in right away (and most buyers right now are not in that position) the buyer will wait until they fall in love with a house to make an offer.
Maybe, but my house has been on the market for three months and only three showings.
I have done lots of research and my realtor and broker have told me that my house is priced below comps in my area.
I see some of these reports showing increases in home value and I scratch my head.
Remember that the median price measures what houses are selling. It doesn't always show that the value of houses are increasing. It's entirely possible for the median selling price to increase even with every house in the area losing value. I don't think that's happening here, but at the same time, just because people are buying more expensive houses (i.e. the median is going up) it doesn't mean that all houses are increasing in value.
That Raleigh and Charlotte are two of the best real estate markets in the country just goes to show you how dire things are in the rest of the country!
Check out this article about housing in Detroit's affluent suburbs....yowza!
Yes...I suppose you could put a negative spin on any good news.
Also, did you happen to read this little tidbit in the article?
Quote:
Indeed, Michigan has lost 369,000 jobs since 2000, according to an analysis by the University of Michigan, with 60 percent of those positions coming from the Detroit region alone. Many of those jobs have been from higher-paying manufacturing positions related to designing and building cars and trucks.
The state’s unemployment rate of 7.7 percent in October is the highest in the nation, and adjusting for inflation, its median income has fallen 12 percent since 2000, according to the Labor Department.
So there's a fundamental reason why real estate in Detroit is suffering. The fundamentals are different here.
Ah...but now you're going to say that it's only a matter of time until it gets that bad here, right?
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