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Old 02-07-2007, 05:39 AM
 
Location: Hardy, VA
69 posts, read 188,870 times
Reputation: 29
Default Looking for opinions on future of real estate market

Hi folks!

I am looking to buy a house probably in the next 12-18 months. So far I can see myself buying something outside of Raleigh, where it seems you can still buy a decent house over 1500 square feet with at least an acre for under
200K. Is that reasonable?

Anyway, I am starting to worry that if I wait the 12-18 months that the house prices will be up and the area will be more developed and I will have missed a great opportunity.

I have heard there are some companies moving to the area soon and with that the real estate market may change.

I appreciate any thoughts on this topic.

THANK YOU!!!!
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Old 02-07-2007, 06:15 AM
 
8,997 posts, read 17,642,835 times
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Quote:
Originally Posted by kitkatjmu View Post
Hi folks!
I am looking to buy a house probably in the next 12-18 months. So far I can see myself buying something outside of Raleigh, where it seems you can still buy a decent house over 1500 square feet with at least an acre for under
200K. Is that reasonable?
I am not a realtor, but if by "outside of Raleigh" you mean areas of older constrcution in Knightdale, Wendell, Clayotn, and Fuquay with at least an acre of land for under $200K, I think that is still reasoanble in parts of those areas at this time (Quick check on Realtor dot com returned 17 listing meeting that criteria). If you add all of Johnston County it increases your chances dramatically (Realtor dot com has 111 lisitngs meeting that criteria). So I Guess it all comes down to what you mean by "outside of Raleigh".


Quote:
Anyway, I am starting to worry that if I wait the 12-18 months that the house prices will be up and the area will be more developed and I will have missed a great opportunity.
Prices are appreciating in the greater trianlge area by around 3-5% a year in my exerience, but agian it really depends on what area you are specifically talking about. The area outside of Raleigh is quite expansive and not all parts are booming at the same time.

Quote:
I have heard there are some companies moving to the area soon and with that the real estate market may change.
Haven't heard anything about that, unless you are refering to areas down in Fuquay or Holly Springs that I have heard were trying to attract some pharma companies, but I don't know if that is true or what impact that could have.

All in all I don't think the overall real estate market is going to appreicate more than 5-10% in the next 18 months here in the triangle area, but some areas are hotter than others so some areas may not change at all while other pockets of land skyrocket, so if you have a specific location in mind others may be able to give more detailed infromation! Good Luck!
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Old 02-07-2007, 06:47 AM
 
548 posts, read 1,763,881 times
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My feeling here is that the Triangle will fare better than many other parts of the country in this real estate downturn. That said, people are scared...constant media reports are putting fear into people about the real estate market (just as they contributed to the real estate frenzy from a couple of years ago).

It seems to me that, b/c of the influx of people into the area, and everything the Triangle has going for it, that prices will go up here, which they aren't in many places in the U.S. But I don't see them going up a lot in the next 1-2 years...too much fear about the market. I think this area has great long-term potential, but I personally wouldn't worry about soaring prices right now.

That's my opinion anyway!
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Old 02-07-2007, 06:47 AM
 
98 posts, read 422,108 times
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there are so many variables that effect the housing market, not least interest rates, which may increase again as a consequence of the huge trade imbalance with China and the Governnent budget deficit - pity we all don't have a crystal ball and then we would all know what to do !!
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