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The other thread said 98% of asking price. So, if sales are down are the houses priced correctly? Coming from MA so many homes are overpriced. It's such a game trying to figure out what a home should be selling for.
Interesting! The article mentioned Pulte. A couple weeks ago I received an update from them about two communites where they were taking a price increase! Are they taking prices up but then giving big incentives behind the scenes so that their picture looks rosier than it really is?
I'm with you, MA2NC ... I'm coming from Mass too and continue to ask myself: "Hmm ... trying to sell my house in one of the worst markets around to buy in one of the best ..." Price-wise, we're coming from North Andover to Cary or Apex and are looking at a similar house (size, location) for only about $100k less. Although, I believe the homes in NC are much much much nicer than in Mass (a sweeping generalization, I know). I'm not a fan of Colonial-style homes and I love the exterior stone, 10' ceilings, 8' doors, and 12" baseboards we're seeing in NC.
I'm glad to see this article; it's been something we've been hearing bits and pieces about and I'm glad to see some numbers backing it up. We've been panicking a bit hoping to sell our house in time to hold a lot in a particular neighborhood before it's gone, (we've seen 33 neighborhoods and narrowed it down to 3), and this article gives me hope that we might have a bit more time on our side than we thought. Maybe.
I am also in total agreement with the written article.
My favorite community in the triangle is about 100K out of my price range. They are custom houses and are located near a park; a beautiful community. In January, 14 out of the 60 houses in the community were close to completion. Now we are in Mid-May and only three of the 14 are sold and this is supposed to be peak selling season.
I am awaiting the price drop that you often see on re-sales but this hasn't happened yet! I can't believe the builders are happy to sit on a completed house, with now overgrown yard.
Plus, mortgage lending has clearly tightened. A friend of mine is an on-site agent for a builder and she has sold one particular house 4 times, and on each occasion the deal has fallen through because of loan problems.
Interesting article. Kinda what I have been saying and being told by the real estate people on this forum that I am nuts.
Oh well, I see many homes sitting unsold in many subdivisions around cary, holly springs apex and fuquay.
Down 8.1% last quarter. New mortgage rules are pricing many out of the market.
I thought this was an interesting article. Hopefully I was not one of the people that said you were nuts. I would have to say, based on what I have been doing business wise, that the resale market in the 400-500k home has slowed because the new construction market with those homes has not. At least that has been my experience. Now, there is less competition for new sales in wake forest area than in cary, so the prices are not dropping as quickly.
The other thread said 98% of asking price. So, if sales are down are the houses priced correctly? Coming from MA so many homes are overpriced. It's such a game trying to figure out what a home should be selling for.
It's not really a game. It comes down to what the house is worth to you versus what it's worth to the seller. I'm buying a house and paying $5k over what I truly believed the house should have sold for. However my wife and children loved the house so much that I came to realize it was priced just perfect.
In the end there's no ruling issued as to whether or not you were fleeced in a real estate transaction. If you bought a house you liked for a price you could afford and enjoy living there, it was priced right.
And as for the original topic for this thread; does this mean that all those who routinely express concern about the rapid growth in Wake County can finally simmer down and relax? Isn't this good news for the anti-expansion folks?
It's worth more to the sellers -- hence a buyer's market in MA.
Whatever "it" is, it's always worth more to the seller. However the market will bear the true value of anything that's for sale (Alex Rodriguez being the one exception).
It's a buyers real estate market only because sellers are panicking as home values decline. I've been fortunate in that my outstanding debt against my house is still considerably lower than the current market value. Otherwise I'd be trying to squeeze blood from that stone as well.
Although I don't have my crystal ball handy I would venture a guess than any purchase being made in the Triangle in 2007 will remain a good investment for years to come.
I've been wondering this for quite a while. If the market in the Northeast is so horrible, and folks are complaining about the cost of living, how can homes there still sell for what they do?
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Deep breaths.
