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Raleigh, Durham, Chapel Hill, Cary The Triangle Area
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Old 09-24-2006, 11:52 AM
 
54 posts, read 245,482 times
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I've been fortunate to have access to the MLS listings for the RTP area - seeing price reductions, new houses hitting the market and now sitting in large numbers opposed to the quick sales that were taking place over the last few months (which is no surprise to us Northerners - the slowdown is quite overwhelming here as well).

To me - this is quite logical - if transplants represent the majority of the folks doing the buying - and they can't sell their homes - they obviously can't buy these homes.

I know this board is packed with Realtors so I'd be interested in getting an unbiased take on this (if possible). The realtor I'm dealing with of course reports nothing but peaches and creme - but she also insisted to me there was no flooding in the area a few months back when I seen a number of pictures of cars half underwater. I like her very much but she's obviously motivated to assure me no one's upset by the schools, real estate is booming,etc.- so I shouldn't waste too much time before I buy something.
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Old 09-24-2006, 12:24 PM
 
Location: Cary, North Carolina
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Default Information on the Triangle

If you are looking for facts that support your arguement, July sales were down slightly in the Triangle, but overall we have achieved nearly 2% stronger sales year-to-date than 2005. In certain parts of the Triangle(high growth areas) sales are actually considerably stronger than last year(up15%). In addition, there are several areas around town that have inventories of 1-2 months meaning there is a short supply of homes. Most high growth areas with homes less than $300,000 fall into this category. Based on the most recent MLS showing report showings are down considerably for resale properties more than $600,000. There are a lot of options for new homes right now and resales have been considerably low in the higher price ranges.

Tracy
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Old 09-24-2006, 12:29 PM
 
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Personally, from what I've seen around the area is that the previous housing boom got some people a little over-confident, and they started selling their houses at way-inflated prices. And then those houses just sat there with a "for sale" sign for months. Then you see a "price reduced" tag on it...and it still sat. Until they finally dropped the price again and it sells.
Slow down, I can't say. But I definitely think buyers are starting to be more wise now as far as prices go....forcing the sellers to be more realistic.
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Old 09-24-2006, 12:38 PM
 
Location: Springfield, Missouri
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AnotherrelocatingNYer...if you watch the MLS long enough, as I did for six months before buying the house I live in now in Missouri, you'll start noticing that realtors try to 'refresh' listings by pulling them off the MLS and relisting them using pictures at different angles. Or, if they're lazy, they'll renew the listing under a new MLS listing number to refresh the date, but you'll see green trees in the middle of winter, or Fall foilage in the spring, or snow in July..., or, you'll recognize a feature of the house from new pictures and realize they simply took new pictures from different angles and tried to fool the viewer. Another trick I find amusing in this area at least is that many homes look grander from a distance if they are walk-out basement homes and the realtor takes a picture from a distance of the back of the home making the home look huge! They also play tricks with the actual square footage counting unfinished basement space in the totals. It gets to be a game and I looked forward to spotting all the slight-of-hand..got good at it too But just to back up what you say, even here now, homes have been on the market up to two years now. Many went on last summer, didn't sell, sellers dumped the realtors blaming them, and then they relisted with new agents and now we're going through the "tricks" already on those again and the volume is rising steadily with lots of homes showing price declines. Ones that don't sell who don't lower their prices stay on the market. I get a lot of pleasure skimming the MLS and seeing at what stage the tricks are at for an individual listing You'll get great at it too if you watch long enough
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Old 09-24-2006, 12:46 PM
 
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^ Good points, MoMark. And I'll add it's not just realtors who do those tricks, but also landlords/rental agencies. (In fact, they're even worse.)
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Old 09-24-2006, 12:54 PM
 
5,265 posts, read 15,720,579 times
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This was the main story on the fron page of the paper today;

Quote:
The not-so-small house
Bigger than ever, Wake County's new homes are changing the face of suburban living

Toby Coleman, Staff Writer
RALEIGH - John and Melva Scott's North Raleigh spread was the biggest thing on the Wake County Parade of Homes 26 years ago. This year, the 4,200-square-foot home would not crack the top 50.
Suburban Taj Mahals with wine rooms, home theaters and exercise rooms have eclipsed the Scotts' three-story, four-bedroom abode. Home size has expanded over the years along with our coffee cups and waistlines: Last year, 236 new homes in Wake County topped 4,999 square feet; in 1980, there were five.
Moderator cut: copyrights


Last edited by Yac; 09-25-2006 at 01:43 PM..
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Old 09-24-2006, 01:04 PM
 
5,265 posts, read 15,720,579 times
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the rest of the story

Quote:
Large-home lexicon

All this extra space has generated a new vocabulary for home life.

Master bedrooms have become "owner's suites." A nook near the kitchen is a "cafe." "Keeping room," a term used in colonial days for the only common room in a house, now describes the informal gathering area in a $400,000 home.

Moderator cut: copyrights

But Messer believes they can. It may take them years, he said, but they will fill every shelf.

Last edited by Yac; 09-25-2006 at 01:43 PM..
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Old 09-24-2006, 01:20 PM
 
Location: Springfield, Missouri
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I like big houses, and I'm a single man. My first house was 1112 sq.ft., a California Spanish bungalow built in 1929 in the SF Bay Area...a really charming and cute home with all the features from that era including barrel ceilings, hardwood floors, a wood-burning fireplace done in the Spanish style, breakfast nook with the built-in hutch, half flight of stairs leading to a back bedroom over a semi-basement laundry room,etc. It was such a neat house, but I had to be careful going through the dining room to the kitchen not to smack my hips into the table if I was going too fast. I loved the house, but wanted more space. My house in Las Vegas was much larger at 2251 sq.ft, a five bed/three bath/three car garage two story with a two story high living room and dining room. My chandelier hung 18ft. from the ceiling in the dining room and it had cathedral windows. But, the bedrooms were still small, the master not big at all, the yard was very large with a pool off to the side surrounded by its own fence and lots of palms, and two bedrooms had nothing ever in them. I used one for a pc room, one for a guest room, and then my room. Nice house, but actually too many rooms for me. Then I moved to Missouri and actually ended up buying a custom brick home on 4.3 acres where the back two are forest, the front 2.3 are open lawns with Oaks and Hickory trees, a long blacktop and sealed driveway to the house which sits in the middle of the acreage. The house here is actually a bit bigger at 2301 sq. ft, but it's 3 bedrooms, 2.5 baths, and the rooms are HUGE! The laundry room alone is as big as one of the bedrooms in my last house. The master is so large that I didn't have enough artwork to decorate the walls and my Queen-size bed looks small in it. The other two bedrooms are a bit bigger than what I was used to and I use one for a pc/tv room and the other for a guest room with twin beds, but the guest room has enough space for my grandparents' two Victorian chairs and a little table inbetween along the wall and two closets. The dining room is very large and actually in it's own room and so big that two people can walk around the table and not bump into anything, and the kitchen is huge with a center island that divides the kitchen from the breakfast room. Three people can move around it and not be all over each other. The LV house had more rooms, but they were smaller. This house has fewer rooms, but everything is bigger and it looks far less cluttered as I made do with what I already have. My living room is gigantic and I have two large sofas, yet they look a bit small in the room... and I like the openness. I like this better, though I hate vacuuming it But I was surprised to read that an older middle aged couple would want a home even bigger than 4500sq. ft. when my own parents (64 and 73) want to downsize and get a single story home. Their home is 1950sq. ft. and my mom complains about how much trouble it is to clean. While some size is nice....size isn't everything
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Old 09-24-2006, 06:00 PM
 
Location: Raleigh, NC
12,462 posts, read 30,428,770 times
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Everything goes in cycles and the housing market is no different. April and May tend to be the beginning of the upward swing. Most folks want to be in their new home by the time school begins so June, July and August is very busy. By September, most are in place and a bit of a slowdown occurs. It picks back up in Sept. and Oct. and then slows down for the holidays. Thats just typical and some months aren't typical. I have had some years where December was my busiest month. I read the papers, listen to the media and then when I think my clients are all settled and I'll have a few weeks to slack off...the next group comes in and I'm busy all over again! Vicki
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Old 05-02-2007, 08:16 AM
 
709 posts, read 824,388 times
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http://marketwatch.nytimes.com/custo...d=NYT&dist=NYT

home sales are crashing. even down here. off by over 10 percent.
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