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Vicki, the problem lies in the title of your thread. It implies that all homes for sale in Apex are flying off the market within a week. That simply isn't the case. Your client's price point is a major factor, as well - probably the predominant factor. If your title for this thread said, "Housing isn't slow for houses (NOT townhouses) between $130K to $150K in Apex!" then you wouldn't come against as much opposition.
We are browsing in the range of $250 - $310 K. Its slim pickens.
Partly this might be due to folks taking houses off because of the slower traffic. My guess is that there'll be a literal explosion of inventory in Spring.
We are browsing in the range of $250 - $310 K. Its slim pickens.
Well, there are 197 houses between $250K and $325K in Apex & Cary (some Holly Springs creeps in). It all depends on what you are looking for - age of house, lot size, location, etc. It's all subjective of course, but to me it feels like houses are staying on the market longer now than last year. I don't have hard numbers to back it up, but houses that I thought would go quick have languished for months. My "dream house" will still sell quick though - large lot, mature trees, etc.
Vicki, the problem lies in the title of your thread. It implies that all homes for sale in Apex are flying off the market within a week. That simply isn't the case. Your client's price point is a major factor, as well - probably the predominant factor. If your title for this thread said, "Housing isn't slow for houses (NOT townhouses) between $130K to $150K in Apex!" then you wouldn't come against as much opposition.
I agree...folks are a bit too touchy on the subject. I actually was being VERY SACRCASTIC in my title but alas...so few get it.
Entry level housing in good locations in the Triangle is a tight market! I know this first hand. Last year when my realtor pulled comps to help craft an offer on my entry level house in N. Raleigh the DOM for the three most recent comps was 11 days, 6 days, and 2 days! A neighbor listed her house this past August and she had a contract in 2 days. The only homes that sit unsold in my neighborhood are ones that sellers price incorrectly (not in line with comps) or have some obvious flaw.
Most people who are in my price range are first time home buyers so they don't have a previous home to sell so the slowing markets in other areas has little to no affect on the ability to buy. Some will claim people like me are all subprime borrowers, but that is not the case. There are more than enough first time homebuyers with good credit and down payment in hand to snatch up the best of the homes in this modest price range. That is your competition.
If you are in the price range of $130K-$165K for s SFH you really need to do your homework and be ready to move when a gem hits the market.
My husband and I bought a house in this price range and we are very happy that we did. We were not subprime. In fact, we could have bought a house 3 times as much. We didn't do that because we didn't want to be "mortgage poor" and wanted to be able to use our money the way that we want to instead of being focused on the mortgage each month. We love the fact that we did this and have so much freedom. There are many professionals that live in my subdivision that did the same thing. The houses in our neighborhood get snatched up fast...within a week. We are in Apex. The people that are moving in are young professionals that like my husband and I who don't by into the "be in debt up to your ears" culture.
I forgot, there is a FSBO in our neighborhood for sale. Sugarland Run in Apex. It may need an exterior paint job, but overall is a cute house. It's listed at 154,000. Hope this may help.
I forgot, there is a FSBO in our neighborhood for sale. Sugarland Run in Apex. It may need an exterior paint job, but overall is a cute house. It's listed at 154,000. Hope this may help.
Good post and thanks for the "heads up".
I actually told my client that we should ride around on Saturday and look through neighborhoods to see if we see any FSBOs. I have no problem asking if they'll pay a selling agent and I've never had one say no!
I've also sent out letters in certain neighborhoods, asking if anyone is considering moving. It saves them money and makes my buyer happy. Yes, its more work for me but I'll do it if it gets her a great house for a great price.
We are going to check out some areas and try to narrow down exactly where she'd like to live and then when we find one, we'll be the first to grab it!
I actually told my client that we should ride around on Saturday and look through neighborhoods to see if we see any FSBOs. I have no problem asking if they'll pay a selling agent and I've never had one say no!
I've also sent out letters in certain neighborhoods, asking if anyone is considering moving. It saves them money and makes my buyer happy. Yes, its more work for me but I'll do it if it gets her a great house for a great price.
We are going to check out some areas and try to narrow down exactly where she'd like to live and then when we find one, we'll be the first to grab it!
Thanks for your help!
Vicki
Great to see a Realtor working so hard for a client! A very positive attitude and I am sure your clients appreciate it.
I agree that the <$150,000 market (and higher) is tough for homes in desirable areas like Cary, Raleigh, Apex and others. There is still strong demand for housing in the area especially entry level homes for FTHB.
A lot of it also stems from the current financial market. Buyers of affordable homes (that represent a reasonable debt to income burden) are still finding great rates and terms from lenders.
Many of current issues stem from buyers taking riskier adjustable rates or stated income products in order to qualify for high priced homes. This was especially true in CA, FL, NV and other areas that had appreciated heavily. Luckily we are in an area where a FTHB can still find decent, affordable homes to purchase (although it is not easy as you said).
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A neighbor listed her house this past August and she had a contract in 2 days. The only homes that sit unsold in my neighborhood are ones that sellers price incorrectly (not in line with comps) or have some obvious flaw. 
I agree
