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Just came back after a year and a half to look at homes again. Prices are still high in Cary, looked at amberley and well not going to pay a premium at the villages. Down in Holly Springs prices are looking much softer in sunset oaks, sunset ridge still high though.
More than a few custom builders are not building now, some are in deep trouble. I think I might stick with renting for the time being. Things just look ugly even in this part of the country. People have said this area was immune to a downturn??
I don't know about that but areas in north raleigh, holly springs, fuquay heck even inside the beltline I have seen a major slowdown in purcahses.
Builders for new homes, at least the custom builders are not going to slash there prices dramatically. If they have a home that is listed for $650k, cutting the price to $625k isn't going to help that much, these homes are not selling because of the market not because of the price. If they were to drop that $650k house to $500k then might help sell a few more but not all of them. There isn't a glut of renters standing by to purchase $500k+ homes. What I am seeing, the good houses on the good lots are selling quickly still, and these are the $550k+ new custom built homes. The homes not on premium lots are going to sit awhile, those will be reduced in price due to this carnage so the question you have to ask yourself is do you want to buy a house that's been reduced in price but not on that great of a lot or do you want to buy a house on a good lot that your going to pay more for? I just think the spread is going to widen between the premo lot houses and the mediocre lots.
Builders for new homes, at least the custom builders are not going to slash there prices dramatically. If they have a home that is listed for $650k, cutting the price to $625k isn't going to help that much, these homes are not selling because of the market not because of the price. If they were to drop that $650k house to $500k then might help sell a few more but not all of them. There isn't a glut of renters standing by to purchase $500k+ homes. What I am seeing, the good houses on the good lots are selling quickly still, and these are the $550k+ new custom built homes. The homes not on premium lots are going to sit awhile, those will be reduced in price due to this carnage so the question you have to ask yourself is do you want to buy a house that's been reduced in price but not on that great of a lot or do you want to buy a house on a good lot that your going to pay more for? I just think the spread is going to widen between the premo lot houses and the mediocre lots.
You are right that slashing a price wont bring them in that many customers. But the people who has a lesser budget can compete in that space if the price was reduced. So broader appeal could defintely help the situation or else you might have to sit the house for a year which would cost you lot more. Right now it is cherry picking, ofcourse.
Are you speaking of any sub division in particular or in general?.
You are right that slashing a price wont bring them in that many customers. But the people who has a lesser budget can compete in that space if the price was reduced. So broader appeal could defintely help the situation or else you might have to sit the house for a year which would cost you lot more. Right now it is cherry picking, ofcourse.
Are you speaking of any sub division in particular or in general?.
I live in Abbington (Apex). I am amazed at how many pre-sales we have. All the premo lots are getting big houses built on them by buyers. I consider premo lots as cul-de-sac and nice size lots that back up to woods. These buyers are coming in and building 3600 sqft houses for $600k+ so they are having to put down 10% to build these houses. Even the $600k+ spec homes on the nice lots have sold. We do have some spec homes on not so great lots that haven't sold. I do think the people building these houses are probably getting a little better pricing but not 10%, maybe 2-3%.
I did a quick tour of the area around Amberly, seemed like there were a lot of homes for sale. In the villages alone I counted 12, and this was typical for other subdivisions close by.
It's a shame about the villages, the quality seems good, but the homes are ridiculously close together. You can reach an arm out your window and touch the neighbors house. For $400k I don't think so....
Everybody is looking for something different - so I understand what you mean about zero lot lines. We are seeing good activity with folks looiking ofr mortgages for purchases - so I know there are buyers in the 300 to 400 price range. (AND WE ARE GETTING THEIR LOANS DONE FORTUNATELY!) Anyway - maybe you should consider existing homes with larger lots? All in all - now is not the time to be purchasing real estae without representation of someone who knows the market and can help you in negotiating on a home you can sell in a few years for a profit! Good Luck!
Just came back after a year and a half to look at homes again. Prices are still high in Cary, looked at amberley and well not going to pay a premium at the villages. Down in Holly Springs prices are looking much softer in sunset oaks, sunset ridge still high though.
More than a few custom builders are not building now, some are in deep trouble. I think I might stick with renting for the time being. Things just look ugly even in this part of the country. People have said this area was immune to a downturn??
I don't know about that but areas in north raleigh, holly springs, fuquay heck even inside the beltline I have seen a major slowdown in purcahses.
I have clients trying to buy in the low 300K range and everytime they put in an offer the listing gets hit with multiple offers. Many of these are priced correctly. Homes in this range seem to be in demand, Homes above this seem to have much longer marketing time. What is your threshold on purchase price?
I did a quick tour of the area around Amberly, seemed like there were a lot of homes for sale. In the villages alone I counted 12, and this was typical for other subdivisions close by.
It's a shame about the villages, the quality seems good, but the homes are ridiculously close together. You can reach an arm out your window and touch the neighbors house. For $400k I don't think so....
That area has some of the highest land prices in the county, so it is no surprise that the lots are tiny for homes in that range.
I did a quick tour of the area around Amberly, seemed like there were a lot of homes for sale. In the villages alone I counted 12, and this was typical for other subdivisions close by.
It's a shame about the villages, the quality seems good, but the homes are ridiculously close together. You can reach an arm out your window and touch the neighbors house. For $400k I don't think so....
It has its benefits. When you are grilling out and your burgers are burning your neighbor only has to stick his hands out his window and flip your burgers! Hey what are neighbors for anyway!
It has its benefits. When you are grilling out and your burgers are burning your neighbor only has to stick his hands out his window and flip your burgers! Hey what are neighbors for anyway!
And if your lucky, your neighbors will go over their property line while mowing and you won't have to worry about yard maintenance
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