Why is the market slow right now? (Cary, Chapel Hill: mortgage, equity)

[MrsSteel]

Hillsborough is just north of Chapel Hill. It's about 45 minues away from Cary, so if you're working in Cary you may be better off looking in one of the other communities that others have mentioned.

There are flat lots out there. Honest. I saw them during my own house hunt. If nothing else, you might consider getting a lot with a slight slope & have it graded.

[Dman999]

not a bad idea, grading I'm an idoit, didn't even think of that, how bad am I

[JohnnyBreakdance]

Dman & urbywan, I'd give you more rep points but I need to spread some around first. Thanks for keeping it real. I've been reading these forums for awhile and some of these posters, many of them in the business, tend to live in la la land.

[MrsSteel]

Just be sure to check with the neighbourhood's HOA! Some of those groups have severe restrictions on what you can do on your own lot, but others are far more flexible.

[Bull City Rising]

Originally Posted by Dman999

Mike,
I was in Cary for the last 16 out of 20 days. Up every morning from 7am to 7pm loking at 4 different areas. Apex /HollySprings/Cary looked at over 35 subdivisions. I brought a check with me to purchase a house. I did my home work. And the fact is there are very few homes with flat level lots that have plenty of sun coming in the yard. If you find one it is maybe 30 by 20 something crazy small.
That was well said, I wish I had known about it sooner. Not asking for that much, just a nice flat back yard to play with my kids. Add to that equation the builders are pushing the limit on density and prices getting stupid now, power plant, 540, sewerage treatment plant, land fill, and school system out of control, I just don't know if it's worth it. It's too bad people are great the best nicest in many ways like pleasantville.
But housing plays a big part of " life style "

For the record, there are lots of areas you could find land with flat lots at an affordable price. Lots of areas in Orange County... north Durham... Johnston County come to mind.

You'd probably do best to look outside of new-built subdivisions and look at more rural and/or 1960s-1980s subdivisions, though. However, it's okay to look outside of Western Wake. Really!

Personally, of course, I'm in a .2 acre lot where I can bike to downtown Durham and Duke -- but I'm not much of a kickball player. Being close to greenways and urban amenities was important to me, so that was the right choice for me. Different strokes for different folks, and all that. Hope you find what you're looking for.

[Sal298]

I'm the person who started this thread and while I appreciate all the comments, I would love seeing more answers to my question asking why the market is so slow.

Ddman, I understand some of what you're saying in terms of prices rising too fast here due to greedy developers. You're right about all that. Check north Raleigh if you want more land with convenience. Near the Falls Lake watershed area, developers can't do much more building, and they sure can't pop houses in like sardines in a can. Everything is on an acre or more, near shopping.

Question for realtors: Is the market slow because of:

1. Transplants changing their minds due to high prices?

2. Transplants coming and wanting to buy, but not being able to because they can't sell their house where they came from?

3. Everyone wanting brand new homes on postage stamp lots, rather than nice acreage that is convenient to shopping and good schools?

4. Something has happened with the economy that is causing this?

5. Banks aren't giving loans as much anymore?

6. Something else???

Will some of you please share your thoughts, if you have any?

[MrsSteel]

Sal, I'm not a realtor, but I've immersed myself in real estate info for the past 6 months & some of it has sunk in a bit. Based on what I've read (especially the responses on on-line forums) #1 and #2 on your list certainly seem to be a factor for homes within certain price ranges.

[Sal298]

Thanks, MrsSteel.

Which price ranges do you think are being affected the most?

[MikeJaquish]

Originally Posted by Sal298

I'm the person who started this thread and while I appreciate all the comments, I would love seeing more answers to my question asking why the market is so slow.

Ddman, I understand some of what you're saying in terms of prices rising too fast here due to greedy developers. You're right about all that. Check north Raleigh if you want more land with convenience. Near the Falls Lake watershed area, developers can't do much more building, and they sure can't pop houses in like sardines in a can. Everything is on an acre or more, near shopping.

Question for realtors: Is the market slow because of:

1. Transplants changing their minds due to high prices?

2. Transplants coming and wanting to buy, but not being able to because they can't sell their house where they came from?

3. Everyone wanting brand new homes on postage stamp lots, rather than nice acreage that is convenient to shopping and good schools?

4. Something has happened with the economy that is causing this?

5. Banks aren't giving loans as much anymore?

6. Something else???

Will some of you please share your thoughts, if you have any?

1. I don't think so.

2. You might have something here.

3. "You Can't Always Get What You Want" Roling Stones said it well. That doesn't make anything a rip off. Just how it is. People will NOT pay for "nice acreage that is convenient to shopping and good schools." They have proven that time and again. And $300,000 lots with $300,000 homes tend not to appraise well enough to satisfy a lender. $$$$/Square feet is the mantra.

4. Nope. The economy is strong. Of course, we can make markets move as easily through mood and psychological malaise as economic facts can.

5. Not a factor. Banks have tons of money to lend, and nipping the sub-prime loans only freed more cash up. I think appraisals may be tightening up a little. Just anecdotally though.

6. How can we expect record year after record year? A breather might be in order. It seems like expectations of never-ending growth can never be satisfied.

7. There are some smart people here. Many with thoughts. Did you see Leigh picked on over a waste WATER TREATMENT plant? No excuse for that, IMO. She is one of the most helpful people on this forum.

I look at statistics on a yearly basis for analysis. Monthly numbers vary too much. Come February, I'll tell you what 2007 was like. Seems busy to me as of now, though.

[jln69]

I've had an incredibly busy last few months. Multiple offers on properties and we had to go above asking price. One we even lost going over asking price. These were all resales under $400K. Very popular price range and the spring market.

The upper price range is slower. I see alot more buyers under 450K. It is true that the rest of the housing market is suffering around the country except for a select few areas like this one. Yes, buyers cannot sell there homes and are having to wait. If they do sell their homes, they are not getting what they thought they would have.

There is alot out there right now for competition so buyers are making there choice. I have showed one client recently roughly 30 something resale homes in their price range. I also showed new construction recently to people just in the Western Cary/Morrisville area and we hit 12 neighborhoods. Those were just the neighborhoods in their price range. That only covered a fraction of Cary also.

Land is also getting scarce. Some of the newer neighborhoods in my opinion do not have the best lots to choose from. They are now building further out so you also have things to worry about such as 540.

To answer your question about are people wanting new homes on smaller lots. There are some people out there that will buy a home no matter what just because it is a new home. The thought about it being new and clean, state of the art fixtures and appliances is very attractive to some people. They don't have to change hardly anything. Every new home I go in I think about how great it is as opposed to my older home that needs some work and upgrading. Don't get me wrong, there is some nice new construction out there.

Hope this helps a bit.