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.
Homes that are priced around $150,000 to $175,000...great condition, great location...multiple offers! I had to "steal" one away from another agent by offering on $1,000 less than asking price. Not what I wanted to do but what the buyer wanted, since there were 2 offers on same property.
Homes in great locations priced $200,000 to $275,000 are selling very well. Less time on the market.
Homes $300,000 to $375,000 are selling due to low inventory; however, my OPINION is that may change as more folks put their homes on the market.
I haven't had any recent clients that are buying over $400,000 so I can't comment on those. Maybe the other Agents can?
In my Chapel Hill neighborhood, prices are off about 10-15% from their 2007 prices when our neighborhood was under construction. Prices then were $600K to $750K. When houses are listed they seem to move slowly - taking at least a few months to sell, some several months longer.
In my Chapel Hill neighborhood, prices are off about 10-15% from their 2007 prices when our neighborhood was under construction. Prices then were $600K to $750K. When houses are listed they seem to move slowly - taking at least a few months to sell, some several months longer.
fwiw, nationally and historically, 6 months on the market is "average". So, if the absorption rate is less than 6 months, that's a good market.
Did anybody see - or link - to the insanity that's already come right back up in Silicon Valley? They didn't show sizes of the homes, but mye yeball said we were talking about $600/sqft .... homes asking $1.1MM and getting $500K more and 8+ bids?
Attributed it to Facebook's impending IPO, and one oldtimer agent said this was "normal". Pshaw I say. They should all move to the triangle!!
House on the market around the corner from me went on the market less than 2 weeks ago - one of my kids told me his friend's family was buying it....just checked the status and it is "contingent" - high $300Ks.
fwiw, nationally and historically, 6 months on the market is "average". So, if the absorption rate is less than 6 months, that's a good market.
Did anybody see - or link - to the insanity that's already come right back up in Silicon Valley? They didn't show sizes of the homes, but mye yeball said we were talking about $600/sqft .... homes asking $1.1MM and getting $500K more and 8+ bids?
Attributed it to Facebook's impending IPO, and one oldtimer agent said this was "normal". Pshaw I say. They should all move to the triangle!!
I'm originally from the Silicon Valley area, and I'm actually out there right now on business. The economy is booming out here if you're in tech. Tons of hiring going on, VC money is flowing, and traffic is as bad as ever, forcing you to live close to your job. The apartment complex I used to live in is now charging $1800-$2200 for a 1bd/1ba 650sf unit. If that's not an incentive to buy something while housing prices are down, I don't know what is.
Remember also that FHA loan limits are in the mid $700k range out here, so there are lots of options for potential home buyers right now. One of my friends is a mortgage broker out here, and is funding loans left and right at nearly 100% LTV. Would I pay the prices out here even now? Hell no lol. If I'm going to have to pay Manhattan prices, I'm going to live in Manhattan.
Here's a great find to give you an idea of how far your money goes in this supposedly wonderful part of the country. :P
Vicki, that's a tough question to answer simply. For the average joe, no the salaries aren't THAT much different. Nurses make a lot more in CA than elsewhere, but still are right around the 100k range I believe (not enough to buy that shack on a single income). Engineering jobs from what I can tell might pay a little more than other areas, but not drastically. For certain certifications (Cisco CCIE for example), stats even show the average salary being lower in CA than in other parts of the country.
One of my neighbors is thinking about moving to San Francisco, and we were playing with some web sites that calculate the cost of living different between cities. With his salary of $120k in either place, the site basically said moving to SF would be equivalent to taking a $60k/yr pay cut.
What makes the answer more complicated, is the sheer density of REALLY well off people. There are a staggering number of multi-millionaires out here. The folks who don't need to worry about income, and can pretty much buy whatever home they want.
When I watch "House Hunters" (yhea, you'd think I'd get enough of seeing homes), I'm amazed at the prices of homes in California. It makes me laugh when people say that Real Estate in Raleigh is overpriced!
If the incomes aren't that much higher and the wealthy can buy whatever they want, WHO is buying that home?
Vicki
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.
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.
(Everyone there working saw them do it)
