U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > North Carolina
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 09-17-2006, 12:44 PM
 
291 posts, read 1,709,847 times
Reputation: 147

Advertisements

Do you find that prices are still moving up or down in your area?
Rate this post positively Reply With Quote Quick reply to this message

 
Old 09-17-2006, 12:47 PM
 
1,531 posts, read 7,093,300 times
Reputation: 493
Down I think. There was a house for sale on my block for months. Every 4 weeks or so, they'd put a sign on top of the main for-sale sign that said "Price Reduced!" over and over again before it was finally bought.

Now granted, for all I know, they could've been just starting out way too expensive. Who knows.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 09-17-2006, 04:39 PM
 
Location: Up above the world so high!
45,246 posts, read 94,449,576 times
Reputation: 40085
Quote:
Originally Posted by salatheel View Post
Do you find that prices are still moving up or down in your area?

In Charlotte it is nothing but up!
Rate this post positively Reply With Quote Quick reply to this message
 
Old 09-17-2006, 04:52 PM
 
1,035 posts, read 2,760,003 times
Reputation: 246
From the listings I get from realtors, resales are either holding steady and some are starting to drop. New const i have seen price increases of about 6-8K.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 09-17-2006, 06:03 PM
 
1,126 posts, read 3,689,662 times
Reputation: 424
Quote:
Originally Posted by Weis02 View Post
From the listings I get from realtors, resales are either holding steady and some are starting to drop. New const i have seen price increases of about 6-8K.
But then some of those are giving away $10k in design center also.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 09-17-2006, 06:38 PM
 
199 posts, read 505,784 times
Reputation: 69
Resales are dropping with all the new construction, ESPECIALLy in places like charlotte. People who are moving here are coming with big bucks and consider 300k + as a "steal". So why would they buy a resale when they can build for similiar prices? Supply and demand and there is tooooooo much supply, in terms of resales.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 09-19-2006, 12:57 PM
 
4 posts, read 11,165 times
Reputation: 15
Default Housing Market still Strong in NC

Here is an article from 9/12/06 from News 14 Carolina stating that housing is still strong in NC.

NC maintaining strong housing market
Updated: 9/12/2006 9:02 AM
By: Tim Boyum

Statistics show sales are down nationwide but remain on the rise in North Carolina.

RALEIGH -- North Carolina is just one of four states to maintain a strong housing market. Statistics show sales are down nationwide but remain on the rise in North Carolina.

Houses are still selling at a good pace. Despite a decrease nationwide, growth in North Carolina continues to spur the housing market.

“Other markets around the country are really cooling off,” explained Realtor Linda Craft. “The bubble is bursting everywhere but here our market is rising, prices are rising, houses are selling really fast.”

Nationwide sales are down more than four percent but sales are up in North Carolina by seven percent.

Sales remain steady in the Triangle. They're up ten percent in Charlotte and down three percent in Fayetteville. The selling price of homes continues to rise in all three markets.

If you head east you'll see twice as many homes for sale this year than last in many areas. Coastal communities are seeing a huge slowdown.

Some experts say that downward trend may spread across the state, but other Realtors say as many areas continue to grow prices will continue to rise.

“Because prices are going to keep going up, I don't know if you know what sheetrock is going for right now but it's $4 a sheet more than it was last year,” Craft added.

That's why prices will likely continue to rise even as sales are expected to steadily slow down.

The three other states showing an increase of sales are Alaska, Arkansas and Texas. Statewide, Pinehurst and Jacksonville saw the biggest increase.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 09-19-2006, 02:49 PM
 
1,035 posts, read 2,760,003 times
Reputation: 246
I think it will take time for NC to see the effects on the slow down in other areas- I do not think it will be a bust, I just think it will slow down somewhat and re-sales will have to be more comp with new homes, that will increase due to costs as noted above. I imagine many builders will offer more incentives to sell new homes as they are hurting elsewhere in the USA.

Nationally, the housing sector is struggling- today the
Commerce Department reported that housing starts sank 6% to an annual rate of 1.665 million units last month. Economists had predicted a smaller decline to a pace of 1.75 million.

Year over year, starts are off 20%, the biggest decline in more than a decade.

The number of groundbreakings for homes has fallen five times in six months, speculation on this is due to interest rates. Major homebuilders have recently cut earnings projections in response.

Building permits, a sign of future housing demand, fell 1.4% to a rate of 1.722 million units in August.

THe article I am referencing does note that we all must take into consideration that we are coming off an unprecedented boom in housing and while declines look sharp, housing starts and permits are still at pretty high historical levels.

Housing stocks down today too. Toll Brothers fell 2.9%. D.R. Horton was down 1% and the Amercian Homebuilders Assoc has also posted aricles she newer homes - the sales are dropping.

We will probably see 2007 with more declines and slowdowns and depending on the interest rate that will make this sway more in one way or the other. I think like the tech crash, in 008 and 009 things will start to balance out, as we are in correction mode now.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:



Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > North Carolina
Similar Threads

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top