How is the real estate market right now? (Charlotte, Apex: for sale, broker) - Raleigh, Durham, Chapel Hill, Cary - North Carolina (NC) -The Triangle Area - City-Data Forum

shaylahc · 12-02-2006, 04:48 PM

Our house in Apex has been on the market for almost a month (it will be a month tomorrow). We've had a lot of interest (26 showings in 1 month!) but no offers. We had 2 families that came close to making offers but ended up choosing another home. I've noticed many of the buyers like the house, but seem very ho hum and "not the least bit in a hurry" about making a decision.

So....is the market slow right now? Flooded? Just a bad time of year to be selling a house?

I know we have some realtors here and was wondering what your opinion is of the current housing market.

THANKS!

House Lady · 12-02-2006, 08:32 PM

Try not to be discouraged. Even in the peak seasons, spring and summer,
the average time to sell is about 3 months. Most people do not want to buy in the late fall and in winter, especially during the holidays. Also, Apex had a little bad news recently so it has made people nervous. That will soon be forgotten since it is not an ongoing problem.
The market is only a little slower than this time last year and prices are not much changed, either. The biggest change is that folks trying to move here are having trouble selling their current homes elsewhere, which usually prevents them from being to buy here.
That being said, a large proportion of people want to buy a new house here, so you need to make sure your place shows like a model. It is also critical to make sure it is priced correctly and has a great internet description. Over 75% of all buyers pick the houses they want to see from the internet. Good photos and description help. Incentives sometime help. I am guessing you have all this since you have had a lot of showings. Your realtor might want to try calling a few people who bought one of the other houses they saw and find out as much detail as possible about why yours did not win out. A lot of showings is a really good sign. It may be that someone who saw it is just mulling things over and will end up at your door. You are correct that some people are slow to buy. I have worked with some folks over 2 years before they came to a decision. It's a big investment and people are cautious, especially with the press constantly yammering about market drops. They have actually created 99% of the problems in the national real estate market, but just can't seem to get off it.

sweattea · 12-02-2006, 09:25 PM

especially with the press constantly yammering about market drops. They have actually created 99% of the problems in the national real estate market, but just can't seem to get off it.

I can't agree with you more!! and the fed hikes the other 1%.

cakeprincess · 12-02-2006, 09:56 PM

I'm living in Clayton's new subdivision. There is one house were put up for sale. That house is only one year old and the price tag is $199k. It was on the market for abou 6 months. I know why: The rest of the houses in my subdivision are brand-new and there are plenty more being builts - price range: $155k to $188k. No one wants to buy a year old house with higher price than a brand-new house with low price.

If you're living in a subdivision where there are brand-new houses are being built, you probably will have a hard time selling it until there are no more new houses left.

I hope this is not a case for you, but I just thought to let people know on this board to be aware of it.

Best wishes on selling your house - I'll cross your fingers for you to find your buyer quicker. Happy Holidays

shaylahc · 12-03-2006, 04:05 AM

Thank you for your replies!!!! I do hope we sell soon. We have a house under construction in Charlotte and we may not make the contingency deadline if my house doesn't sell soon. I know there isn't much I can do about it, but it is nervewracking.

leighbhe · 12-03-2006, 06:18 AM

I think everyone is probably right in their assessments..............resale houses are sitting on the market longer because there are so many new construction houses, people seem to want new if they can have it. And, people seem to be "looking" more at this time of year (unless you HAVE to, not as many people buy during the holidays).

Just look at the feedback from the showings (hopefully your agent gave you access to this through centralized showing service), and see if there is anything you can change, etc.

Having a house on the market is STRESSFUL, but be happy you have had a lot of showings, and there is a buyer for your house! Don't worry.

Leigh

North_Raleigh_Guy · 12-03-2006, 06:22 AM

I am not a realtor, but I did sleep at a Holiday Inn Express Last Night!

But seriously, in my humble opinion, if you have had 26 showings on a house in one month but have not received a single offer then that may be a sign that the home is priced too high. I think it is unusual for a home to be shown that many times in 30 days without getting at least one offer. The market here in raleigh isn't all that slow.

kristen*broker · 12-03-2006, 07:17 AM

Don't know about your house so a large part of this discussion would need to be omitted-overall, there are a lot of lookers, maybe a few will commit before January 1, but most likely scenario is that your home will be considered during this period and purchased afterwards. What does your agent say about it?

Bill Hitchcock · 12-03-2006, 07:50 AM

Some Realtors believe that high volume showings with as many people as possible is the key to success. It definetly impresses the seller. But there is a big difference between lookers and financially qualified buyers that are actively seeking to purchase a home right now. And the Buyers Broker must do their homework to see that the customers intersts level before showing.
If your home is fairly priced, not too "unique" and qualified potential buyers are being brought by-Your home will sell quickly.
Bill Hitchcock

shaylahc · 12-03-2006, 08:29 AM

Thank you for the replies! I really appreciate them!

I don't think the house is priced too high. I consulted several realtors before listing and they all agreed on a similar price range. There is another home in our neighborhood that is for sale and has been for about 3 weeks longer than mine....and hasn't gotten any offers, either. Our feedback has all been excellent, everyone loves the house. We came close to getting offers 2 times during the past month, including most recently a family that came back and saw the house 3 times before choosing another one. The only thing that might be holding us back is that we don't have a formal living room downstairs, only a formal dining room (and of course, the kitchen and family rooms). I think people have it in their minds that they have to have that 4th room downstairs (even though most people don't really use their formal living rooms, do they? LOL).

I also agree that most people want new. The one downside to the new build subdivisions is often the lots are tiny. My house is 9 years old and we have a 1/3 acre lot with a huge backyard. I would hope that would give me a slight edge over the competition LOL.

Thanks again for the advice. I am hoping we get an offer soon!