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I think once you get up around 200 Grand, you start bumping into competition with new construction. I do think the slow down will hit the higher ppriced homes first...
For many many years in this area, people wanted new construction. The builders have been raising their prices on new for quite a while.
This past year, I noticed that alot of my client no longer wanted new construction. Alot of them were tired of the cookie cutter houses and the teeny tiny lots. The older homes had begun to sell quite fast.
Now the builders are stuck with all the inventory. They over built and now are having to reduce their prices. Maybe its not such a bad thing.
With the drought situation and the over crowded schools, maybe its good that builders are having to slow down. Let the older homes catch up. Too much supply and not enough demand equals lower prices. Great for my buyers but not quite so great for my sellers.
For many many years in this area, people wanted new construction. The builders have been raising their prices on new for quite a while.
This past year, I noticed that alot of my client no longer wanted new construction. Alot of them were tired of the cookie cutter houses and the teeny tiny lots. The older homes had begun to sell quite fast.
Now the builders are stuck with all the inventory. They over built and now are having to reduce their prices. Maybe its not such a bad thing.
With the drought situation and the over crowded schools, maybe its good that builders are having to slow down. Let the older homes catch up. Too much supply and not enough demand equals lower prices. Great for my buyers but not quite so great for my sellers.
Just thinking out loud...
Vicki
It'll be good in one way, but as I mentioned earlier the local economy will shrink due to its reliance on homebuilder related revenue flowing into the area. This causes unemployment to rise and people to leave the area. Restaurants and other retailers do a lot worse. Many will shut down as a result. Natives will be more appreciative of people leaving the area though. Mixed blessing.
One of two things will happen with the glut of undocumented workers. They will either leave or there'll be a crime bubble. There will be no work for many of them here.
I think the thread about population growth in the Triangle is WAY overblown and way too optimistic.
For many many years in this area, people wanted new construction. The builders have been raising their prices on new for quite a while.
This past year, I noticed that allot of my client no longer wanted new construction. Allot of them were tired of the cookie cutter houses and the teeny tiny lots. The older homes had begun to sell quite fast.
Now the builders are stuck with all the inventory. They over built and now are having to reduce their prices. Maybe its not such a bad thing.
With the drought situation and the over crowded schools, maybe its good that builders are having to slow down. Let the older homes catch up. Too much supply and not enough demand equals lower prices. Great for my buyers but not quite so great for my sellers.
Just thinking out loud...
Vicki
Vicki, good thinking out load. I agree. To much reliance on New Home building is not a healthy choice IMO. A balance between new and used homes is best to keep prices and values competitive for ALL.
I am wondering when it will catch up to the commercial developers. If people are having trouble paying their mortgages, buying fuel, etc, as the local and country press has us to believe. at what point will they slow down going to restaurants and stores? Seeing all the commercial building going on all over the area I do not see any slowdown in that sector. Will there be a lot of half built office buildings and strip malls around in our future? That can't be healthy for our area either.
TuborgP, excellent Primo! Its official you are now a local. Don't let that doom and gloom bug catch ya! Keep a buck in your pocket and a smile on your face and you will be insulated from the D&G bug!
There are still houses in Apex for under $150k still? Do they have plumbing? Must either be not in the 27502 or 27523 area codes (which I believes only leaves 27539; which is on the far edge of Apex and essentially part of Holly Springs)....or in the older areas like Knollwood right?
27539 is pretty affluent-it contains plenty of high dollar neighborhoods that are outside Apex's boundaries and either are in Cary or unincorporated areas of Wake County.
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Done Deal
All I can say is we settled today
