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I have noticed a LOT of listings on the real estate websites are marked as 'contingency'. Wonder how many of those actually go through?
I'm really struggling with finding the right aesthetic and location. Even if I go up in price, what I want doesn't really seem to exist.
I would like to know that as well. I see some homes marked as contingent and they have been listed for months. I highly doubt the process of closing is taking that long.
Under $400k, there's simply not much available. And like someone else said, nearly every listing is currently contingent. Everyone I know who has sold a home in the last year, sold in less than one week.
For the individuals you know who sold their home; what price range? Can you give amounts on what they listed for and what they accepted as an offer? Did they accept offers simply based on the highest amount received or did they look at other things such as, personal relationships, less contingencies, high earnest, etc.
You're going to have a hard time finding something for $150,000 in Wake County and if you do, it's not going to be a very desirable property. I'd suggest looking in Johnston, parts of Chatham, Harnett or Lee county. Your money will go a lot further.
Do you have children who will be going to public school?
For the individuals you know who sold their home; what price range? Can you give amounts on what they listed for and what they accepted as an offer? Did they accept offers simply based on the highest amount received or did they look at other things such as, personal relationships, less contingencies, high earnest, etc.
All were under $350k I do believe. Got asking price. A couple were townhomes in Brier Creek area, under $300k, one was North Raleigh home just above that price point.
We sold last June. 3 bedroom/2 bath townhome in N. Raleigh without garage but with renovated kitchen and fenced yard and upgraded landscaping. We listed in line with the recent comps at the time which were 185,900 (We bought 2.5 years prior at $172,000.) We ended up with 22 offers in the first day and a half and ended up selling for $205,000 to buyers who wanted to live in the home and waived the appraisal contingency. We found quickly that people were willing to offer more than our asking price and, even more than we expected it would appraise for so we asked for appraisal contingency. We thought it unfair that people were offering much higher just to beat other people out and hoping that they would then be able to drop price back down to match the appraisal. We wanted to even the playing field so the high offer was really the high offer instead of someone who just wanted to bid high and really be in the same range as the others were offering. While we received a couple cash offers, they were a little lower than the financed offer we ultimately accepted with lots of due diligence.
Is $150k top of budget?
Unless you want to live further out, I'm not sure if you will be able to find anything detached in that price range. There are some townhomes in your budget in Raleigh but the competition is fierce. I just did a quick search and it looks like even in Garner there is not a lot under $150K that is not already under contract and most of that inventory is around 1500 SF or less. It's crazy, townhomes that I remember looking at in the 100-110 price range 10 years ago are now selling for $150k without much updating in N. Raleigh.
For the individuals you know who sold their home; what price range? Can you give amounts on what they listed for and what they accepted as an offer? Did they accept offers simply based on the highest amount received or did they look at other things such as, personal relationships, less contingencies, high earnest, etc.
Our closing is scheduled for tomorrow on a 2bd room townhome we are selling with no updates. We listed for $135K. We had showings over 2 days with 7 offers. The one who offered the highest amount ($145k) also offered the highest amount of due diligence $ and was flexible with closing dates.
We also had a few all cash investors but there offers weren't as competitive surprisingly.
it might be helpful to your expectations to have your agent provide some higher-level stats....for example:
there are 27 homes (condo to detached) currently for sale in Wake County
287 homes have sold in the last 90 days. that makes it a 9 day supply of homes.
there are 158 pending homes* which equates to about a 7 day supply.
*Contingent = under contract, in the due diligence period. We don't have to mark them pending at any time, and we often don't. It doesn't mean there are any contingencies hanging out there.
I researched for some clients 10 days ago - of 2,654 Wake County sales in their general range, a total of 132 included a Contingent Addendum, that's 5%. The Addendum means it is contingent upon either selling a house (not very likely) or closing the sale of a home.
it might be helpful to your expectations to have your agent provide some higher-level stats....for example:
there are 27 homes (condo to detached) currently for sale in Wake County
287 homes have sold in the last 90 days. that makes it a 9 day supply of homes.
there are 158 pending homes* which equates to about a 7 day supply.
*Contingent = under contract, in the due diligence period. We don't have to mark them pending at any time, and we often don't. It doesn't mean there are any contingencies hanging out there.
I researched for some clients 10 days ago - of 2,654 Wake County sales in their general range, a total of 132 included a Contingent Addendum, that's 5%. The Addendum means it is contingent upon either selling a house (not very likely) or closing the sale of a home.
Wow! That makes it tough for someone who can't qualify for two mortgages at once and has to sell first. Then you have the challenge of short term housing.
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