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Old 06-12-2009, 08:54 AM
 
158 posts, read 297,580 times
Reputation: 153
I understand a little bit better, thanks for clarifying. I think I'll have to agree with what 10.7 said, each area even neighborhood seems to be different. I'm not sure what the real estate is like in Cary, but from the area I live (Northwest Raleigh) in I have seen homes sell in days and sometimes months, but at the same or increased price point. Not 'every' part of the market in Wake County acts the same.
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Old 06-12-2009, 09:29 AM
 
Location: N. Raleigh
69 posts, read 95,164 times
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Quote:
Originally Posted by 3muskateers View Post
I can't check the COMPS, because no houses have been selling????YIKES
I doubt there are no houses sold anywhere you have looked. If there are not enough recent sales directly in the neighborhood you are looking, comps will be expanded to include those within a range. There is data for the comps. It sounds more like you are not wanting to face the reality of the market and were thinking you could walk up to every seller and get a bargain. If that is the case then you were wrong. Maybe the agents are getting discouraged with buyers that do not understand how pricing works. The same thing happens with some sellers that think they can ask for 20% over comp pricing. In the famous words of someone I don't know or remember, it is what it is.
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Old 06-12-2009, 11:28 AM
 
Location: Raleigh, NC
10,325 posts, read 17,129,589 times
Reputation: 5981
Here is my 2 cents' worth...

If you have one Realtor telling you something that you don't agree with and you go to another Realtor and they are telling you the EXACT same thing...do you think they know each other and got together to make sure they told you the SAME story?

If you have two Realtors telling you the EXACT same thing, could that be because it is true?

If you have two Realtors and you don't feel like either one is working for you, time to find another Realtor.

If Realtor #3 tells you the same story as Realtor #1 and Realtor #2...maybe there is a conspiracy!!!

If you are buying in the $150,000 price range, you are NOT going to get 7% off, in the areas that I have recently sold homes, such as townhouses in North Raleigh and single family homes in Holly Springs and Fuquay.

When the commercial says that "real estate is local", they don't just mean by city and town. OUR real estate in Wake and Johnston Counties is LOCAL by neighborhood!

If the comps show that sellers can get their prices, they are not the ones that are wrong. They would rather wait a month for a serious buyer instead of someone that is just trying to get a "deal".

I don't mean to hurt anyone's feelings but I am working hard lately with alot of clients in very difference price ranges and I am telling you what I am experiencing.

If you, as a buyer, do not think the house is worth what the seller has it listed for but yet the comps and the market says it IS worth that, you need to move on to another house.

>>>off the soapbox...

Vicki
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Old 06-12-2009, 11:43 AM
 
Location: South Beach and DT Raleigh
7,853 posts, read 9,198,024 times
Reputation: 5868
Quote:
Originally Posted by VickiR View Post
Here is my 2 cents' worth...

If you have one Realtor telling you something that you don't agree with and you go to another Realtor and they are telling you the EXACT same thing...do you think they know each other and got together to make sure they told you the SAME story?

If you have two Realtors telling you the EXACT same thing, could that be because it is true?

If you have two Realtors and you don't feel like either one is working for you, time to find another Realtor.

If Realtor #3 tells you the same story as Realtor #1 and Realtor #2...maybe there is a conspiracy!!!

If you are buying in the $150,000 price range, you are NOT going to get 7% off, in the areas that I have recently sold homes, such as townhouses in North Raleigh and single family homes in Holly Springs and Fuquay.

When the commercial says that "real estate is local", they don't just mean by city and town. OUR real estate in Wake and Johnston Counties is LOCAL by neighborhood!

If the comps show that sellers can get their prices, they are not the ones that are wrong. They would rather wait a month for a serious buyer instead of someone that is just trying to get a "deal".

I don't mean to hurt anyone's feelings but I am working hard lately with alot of clients in very difference price ranges and I am telling you what I am experiencing.

If you, as a buyer, do not think the house is worth what the seller has it listed for but yet the comps and the market says it IS worth that, you need to move on to another house.

>>>off the soapbox...

Vicki
You go girl!
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Old 06-12-2009, 11:45 AM
 
4,698 posts, read 3,434,041 times
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Quote:
Originally Posted by adlnc07 View Post
Well, since we are talking anecdotes.. it looks like in the past 90 days there's been seven houses sold in my old neighborhood in Apex, with three currently on the market. Things seem to be moving at a nice pace there. Interestingly enough, the same model house as mine closed last week for $4500 more than I sold mine for (per the Wake County website)! Now, there may have been some buyer incentives offered, but I don't see some huge drop off in prices or activity there since last September.
Sorry, I wasn't picking on your post in particular - it's actually better than most in looking at total sales compared to total inventory even if the sample is small. I'm more concerned people are going to read "a house sold in a week or a month" and think "houses here are typically selling in a week" - that's a big stretch. I's also important to remember that "the market was strong during the middle of 2008" doesn't say much about the market now.

I'd prefer people focus on real statistics instead of anecdotes. I was just showing that in addition to the big picture data showing that this area is slow, it's easy to find specific neighborhoods which will balance out the above average ones. That's how you get an average, after all. There's a trend to assume that "each local area is different" means "my area must be better than average, and so is any one you'd be interested in". Different can also mean below average.

As for prices, the best independent data I've seen is that overall, the Raleigh area's back to Mar 2007 prices. This is based off of data from closed sales compiled by First American Loan Performance, who does the work for lenders and mortgage insurers - not exactly groups hoping for the collapse of housing prices. Those numbers seem to fit with the experience of 3muskateers, so I'm not sure what's hard to believe about their story.
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Old 06-12-2009, 11:50 AM
 
Location: South Beach and DT Raleigh
7,853 posts, read 9,198,024 times
Reputation: 5868
Short and sweet:
The overall Raleigh/Cary market is projected to be flat over the next year.
Some price points will see declines, others will see increases while still others will be flat.
Some specific locations will remain more desirable than others and will hold or grow their values as a result.
If I were looking for value alone in this market, I'd look at highly desirable areas where they are temporarily overbuilt. After the market stablizes, it will be these areas that will return the most on investment. That's just my 2cents.
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Old 06-12-2009, 12:43 PM
 
600 posts, read 1,048,766 times
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Quote:
Originally Posted by firsttimeowner View Post
What I am referring to is a huge difference as one reply stated between the market in Florida and North Carolina. When I am looking at homes in Florida, the realtors are more than aggressive and pushy about persuing me for the sale and the offer. They are also more willing to write an offer at 25k below asking. So on a home that is priced at 200k , they tell me that its very possible the seller may take 175k. I am serious yes. Putting down 100k and preapproved. But many homes I like in Raleigh are priced at 200k and the realtors do not want to even write an offer that is less than 90-95% of asking because they state that THE MARKET IN RALEIGH IS VERY HONEST AND THE HOMES ARE ALL APPRAISED ACURATELY AND THAT THEIR MARKET IS DIFFERENT THAN OTHER PLACES IN THE NATION. I am dealing with just 2 realtors but get the same story from both agentcies. So there is a VAST difference in these markets. I just want the most house for my money. I am sure Raleigh is a great place but for me if I have to buy a 1300 sq ft house versus a 2000sq ft home with a pool in Florida, I am not sure its worth it. Most homes in Fl. and Ca. I have considered are half of what they cost before and so you do get more house for the money(or maybe its just my perception). But perception and illusion play a part in making someone want to buy.


Are the deals in NC any better now than they were for the past 5 years?
You are not comparing apples to apples here. In CA & FL, you had hugely overinflated prices...so even a lowball offer sounds great! Here, the prices were never extremely overinflated...I would say, under 10% if I had to guess...not 50% like CA & FL.
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Old 06-12-2009, 12:46 PM
 
600 posts, read 1,048,766 times
Reputation: 286
Quote:
Originally Posted by twoisbetter View Post
You are not comparing apples to apples here. In CA & FL, you had hugely overinflated prices...so even a lowball offer sounds great! Here, the prices were never extremely overinflated...I would say, under 10% if I had to guess...not 50% like CA & FL.
And one other thing....we paid half the price for twice the house here after moving from CA. Maybe Florida is a deal, but I still don't think SoCal is....depends where you are looking in CA.
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Old 06-12-2009, 12:58 PM
 
Location: N. Raleigh
69 posts, read 95,164 times
Reputation: 89
Sounds like the OP needs to buy in Florida if price is the issue. Our market is still strong here and getting stronger every month. It is not apples and oranges when comparing FL and NC. It is apples and Mac Trucks. The lower end market is so hot here it sizzles. It is not in Florida.
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Old 06-13-2009, 10:01 AM
 
Location: clayton
90 posts, read 199,501 times
Reputation: 75
We're looking at houses as well in this price range... and we were SO hoping to get a major deal.

Not happening.

We've found houses to be priced HIGH - and staying there (Johnston county, asking $120 per 100 sq ft, for example - in fair condition less than 10 yr old homes.) We were hoping to find them under $100 per 100.

Dealing with foreclosures and short sales (of which, there are MANY) is a nightmare as there are so many active investor groups scouting them out right now... and we can't compete with them.

And we're wishing we were buying in Detroit.

Your realtors (however many there are) are telling the truth...
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