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Having moved to the area last year from out of state (from southwest US), I have not found a house (in my price range) that I want to buy yet (other than 2 that sold in 3 days because they were priced well to sell). I think the triangle area is still overpriced. Yes, not as bad as other areas, but I've seen way too many houses that someone bought around 1999-2002, and the owners are trying to sell it for 75-80% more than they paid back then. Or people who paid top dollar in 2007-2008 and are still trying to sell for more than they paid. I don't fault the individuals for trying, but it is not sustainable for homes to appreciate in value at levels like that.
I believe we'll still see a decline by 5-10% (possibly more depending on how bad things get in the overall US economy) in triangle home prices for people who want or need to sell. Eventhough my realtor has said otherwise. This is the primary reason why I've not bought (I'm employeed, pre-qualified, and have > 20%+ to put down). Just my $0.02.
Chris, where are you looking? If you're looking at HS, Garner or WF, you may not have to wait much longer. If you're looking ITB, Cary, Brier Creek, or CH, you may have to wait a bit more for the latent drop to occur. I'm guessing the folks in the latter areas are still holding out for top dollar, while gas prices back in 2007 already crimped values in the further out areas. My fiancee's parents' place up in WF dropped a ton after the builder went belly up and the new builder who took over aggressively dropped their prices. Homes in the 300s are now in the 200s, and not 310-290 either. A much steeper revaluation.
Having moved to the area last year from out of state (from southwest US), I have not found a house (in my price range) that I want to buy yet (other than 2 that sold in 3 days because they were priced well to sell). I think the triangle area is still overpriced. Yes, not as bad as other areas, but I've seen way too many houses that someone bought around 1999-2002, and the owners are trying to sell it for 75-80% more than they paid back then. Or people who paid top dollar in 2007-2008 and are still trying to sell for more than they paid. I don't fault the individuals for trying, but it is not sustainable for homes to appreciate in value at levels like that.
I believe we'll still see a decline by 5-10% (possibly more depending on how bad things get in the overall US economy) in triangle home prices for people who want or need to sell. Eventhough my realtor has said otherwise. This is the primary reason why I've not bought (I'm employeed, pre-qualified, and have > 20%+ to put down). Just my $0.02.
A lot is about your perspective and where you moved from. There is a lot of money and jobs in the triangle compared to many areas of the country.
Having moved to the area last year from out of state (from southwest US), I have not found a house (in my price range) that I want to buy yet (other than 2 that sold in 3 days because they were priced well to sell). I think the triangle area is still overpriced. Yes, not as bad as other areas, but I've seen way too many houses that someone bought around 1999-2002, and the owners are trying to sell it for 75-80% more than they paid back then. Or people who paid top dollar in 2007-2008 and are still trying to sell for more than they paid. I don't fault the individuals for trying, but it is not sustainable for homes to appreciate in value at levels like that.
I believe we'll still see a decline by 5-10% (possibly more depending on how bad things get in the overall US economy) in triangle home prices for people who want or need to sell. Eventhough my realtor has said otherwise. This is the primary reason why I've not bought (I'm employeed, pre-qualified, and have > 20%+ to put down). Just my $0.02.
I'm a native of the area, and I agree with you.
I think many of these people overpaid for their houses in the first place, then when the market took a dive, they were upside down (or they had lost the equity, even if they could pay off the mortgage by selling). Now, they're either listing them at ridiculous prices or hanging on to them (which is what I'd do, I reckon... hang on it to until I either got more time in the house to make back my original investment, or could get out from under the upside down scenario).
I think many of these people overpaid for their houses in the first place, then when the market took a dive, they were upside down (or they had lost the equity, even if they could pay off the mortgage by selling). Now, they're either listing them at ridiculous prices or hanging on to them (which is what I'd do, I reckon... hang on it to until I either got more time in the house to make back my original investment, or could get out from under the upside down scenario).
I also think a lot of the people who overpaid and/or are upside down are lying or afraid to admit it (probably several on this forum). Probably out of a facade of pride or shame (often these emotions result in diatribes such as "you want the housing market to crash" to the naysayers who warned them a few years ago). Kudos to those who don't lie about their condition or don't chastise the "I told you so" crowd.
I feel bad for anyone who finds themselves in a house which is putting them in a bad financial position. I bought my previous house (in another state) in 2004 which I think was generally pre-housing boom. When I saw the same house as ours get listed for about $70k more than ours about 1-2 years later, I knew things weren't right. Unfortunately, our homes can't appreciate 10% a year when incomes don't keep on that pace. Yes, certain markets may be able to do that, but when the general US real estate market is doing this- there was an obvious day of reckoning coming. Way too many people seem surprised by this.
To answer your earlier question summers73, we've been mostly looking in cary & apex over the last ~ 9 months, but are open to other areas as well. We recently looked at some new homes in wake forest that we liked a lot, but I'm just not sure I want that long of a commute to RTP. Right now, I'd rather wait and fine a house we really like (which has been much harder than I expected), at a price that offers enough value for me to be interested.
I think many of these people overpaid for their houses in the first place, then when the market took a dive, they were upside down (or they had lost the equity, even if they could pay off the mortgage by selling). Now, they're either listing them at ridiculous prices or hanging on to them (which is what I'd do, I reckon... hang on it to until I either got more time in the house to make back my original investment, or could get out from under the upside down scenario).
I would doubt many people overpaid for their homes, they paid market value at the time. When I bought my home, homes like it previously sold for $20,000 more in my neighborhood. Did those people overpay? No, that was the going rate at the time.
I would doubt many people overpaid for their homes, they paid market value at the time. When I bought my home, homes like it previously sold for $20,000 more in my neighborhood. Did those people overpay? No, that was the going rate at the time.
Yes, they paid market value, but I would say that the whole market was overvalued- thus buying into an overvalued market is overpaying.
Just like if I buy a stock at price that has recently appreciated much faster than the company's growth, then you likely overpaid for that stock, even though you bought it at market value.
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