Cnn Money Declares Raleigh RE - Lush Price Growth and Still Affordable (for sale, home)
Raleigh, Durham, Chapel Hill, CaryThe Triangle Area
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There is a national crisis in housing/mortgages and, regardlesss of whether or not that crisis affects us as much as it affect others, many people will take a pause because they are freaked out about what's going on.....this is sort of like the dot com bust where good companies were punished in the marketplace. But, unlike stocks, people actually live in houses and need a roof over their heads. Homes aren't as easily dumped as stocks. Now, all this freaking out is currently affecting our short term sales activity but it's nothing compared to areas like Miami where tens of thousands of condos (that are priced way out of reach for probably 95%+ of the population) are coming on line without buyers.
So, for those of you waiting for prices in the Triangle to drop like they are in Miami or Detroit, I wouldn't hold your breath. This time now might prove the best opportunity to get a deal if a seller/builder is motivated. When the national market recovers and all the people who have moved to the Triangle over the last year or so finally sell their previous houses, the competition for good properties is going to get heated. So, if you are looking to buy and hold in the area, this next year just might be your best opportunity. Fundamentals still drive the long term success and growth of markets and the Triangle is about as fundamentally stable as it gets.
As with any market if you wait until the bottom is officially declared and recognized you missed it. Same way with the peak. Good post
Being the loser that I am with no sense of proportion or understanding of how life really operates I am about to make the biggest mistake of my long life. It is with regret that I must announce to my friends in the forum that I have done the unconscionable sin of all sin's. I will be seeking forgiveness but I am not sure repentance will even work. Unfortunately some good people in here will bear part of the blame for my indiscretions. However I will now confess as it is good for the soul.
I TuborgP stand before the world and announce that I have had all utilities contracted and ready to be transferred over to me. I have made possible communication with the outside world from the Triangle and yes I will very soon be going to settlement. Very soon. I know that it is hard to believe that a thinking intelligent person would be so foolish. I know that Vicky and Mike will be blamed for feeding my addiction. Just like the crackheads dealer suffers the blame for their problem. I am sorry I know I have forever destroyed any hope of financial stability for my family. To make matters even worse my community has a HOA and I am hoping to serve on the board eventually. However I must confess that I love houses and yards and gardens and lots of space and multiple floors and screened porches and deck etc. Oh yeah and granite and fireplaces and wood floors and all of the trappings of consumption. My portfolio will not be as great as it could be but at least the shaking from withdrawal will be gone.
TuborgP...I only have ONE THING to say to you...CONGRATULATIONS!!! You, along with the rest of us have done the unthinkable...bought a HOME, instead of complaining about what the housing market "may do" !
Do not blame me in 5 years when you realize that your home has appreciated and your wife has decided (yes, its a wife's perogrative)that she wants a different home and you find out that your home has appreciated in price and you can now afford a bigger home, thus paying your Realtor a larger commission! Remember, I warned you!
Fortunately, we are not in a position where we have to sell.
My point is that there is a lot of talk about the market holding strong and I don't see it in my price range. Yes, my home is new, but it is priced very competitively with respect to similar type homes.
Quote:
Originally Posted by rnc2mbfl
You almost never make money if you re-sell a home in such a short time. When I bought my first property in Raleigh, my agent told me to be prepared to hold it 5+ years. She was right. I held it for 7 years and used that equity to move up. You obviously purchased just as the national downturn was occuring. That's very unfortunate for you and I am sorry that you got caught in the crosshairs. If I were you, I'd try to figure out a way to hold the property until that national markets settles.
Hey all, I have to admit that I too have just joined TurboP as a new homeowner. I was sitting on the sidelines, wondering about when the bottom was going to happen, hoping to get the best possible deal I could. Well, quite unexpectedly, I started poking around some builders' websites and happened upon a fantastic 'quick move-in' inventory home that the builder had slashed the price on. It's not as big as the place I wanted to get, and not in the same area, but it was upgraded in all the areas I wanted, and frankly, was too good a deal to pass up. I weighed the pros and cons, and I figure I'll only live in the new palce for 3-5 years, but under those expectations, it is fantastic. I worry only a little about the market dropping as I'm more concerned with the fact that I'm going from renting to building equity, and bought it for that reason, rather than expecting a huge market increase in price/profit.
I figure that I'm not alone in sitting on the sidelines wondering if now was the right time to buy, but mortgage rates just got cut again, and I ran into 2 other people looking at the same house in the 30 minutes I spent there. I don't have any and all answers, but after seeing 2 places I was interested in get sold within days of being posted on realtors' websites, it would appear to me that people are holding out for prices to drop, but if they see a place at what they consider a good price, it goes quick. If there's no immediate competition for a place, given the current national doom-and-gloom we hear every night on the news, I think people are playing it cautious and feel that they can wait and put downward pressure on prices. We hear about the nation and lousy big-city markets, not so much about ours, but all signs point to a market slowing from the hot and heavy days of 2005... but that still means there is demand out there.
Being the loser that I am with no sense of proportion or understanding of how life really operates I am about to make the biggest mistake of my long life. It is with regret that I must announce to my friends in the forum that I have done the unconscionable sin of all sin's. I will be seeking forgiveness but I am not sure repentance will even work. Unfortunately some good people in here will bear part of the blame for my indiscretions. However I will now confess as it is good for the soul.
I TuborgP stand before the world and announce that I have had all utilities contracted and ready to be transferred over to me. I have made possible communication with the outside world from the Triangle and yes I will very soon be going to settlement. Very soon. I know that it is hard to believe that a thinking intelligent person would be so foolish. I know that Vicky and Mike will be blamed for feeding my addiction. Just like the crackheads dealer suffers the blame for their problem. I am sorry I know I have forever destroyed any hope of financial stability for my family. To make matters even worse my community has a HOA and I am hoping to serve on the board eventually. However I must confess that I love houses and yards and gardens and lots of space and multiple floors and screened porches and deck etc. Oh yeah and granite and fireplaces and wood floors and all of the trappings of consumption. My portfolio will not be as great as it could be but at least the shaking from withdrawal will be gone.
TuborgP say it isn't so, not you, it can't be, you bought a home here...OMGosh! I only have one thing to say to you my friend, your SMART!
Good luck and thanks for the great post, after I picked myself up off the floor laughing so hard I just had to reply! Enjoy!!!!!!!
Hey all, I have to admit that I too have just joined TurboP as a new homeowner. I was sitting on the sidelines, wondering about when the bottom was going to happen, hoping to get the best possible deal I could. Well, quite unexpectedly, I started poking around some builders' websites and happened upon a fantastic 'quick move-in' inventory home that the builder had slashed the price on. It's not as big as the place I wanted to get, and not in the same area, but it was upgraded in all the areas I wanted, and frankly, was too good a deal to pass up. I weighed the pros and cons, and I figure I'll only live in the new palce for 3-5 years, but under those expectations, it is fantastic. I worry only a little about the market dropping as I'm more concerned with the fact that I'm going from renting to building equity, and bought it for that reason, rather than expecting a huge market increase in price/profit.
I figure that I'm not alone in sitting on the sidelines wondering if now was the right time to buy, but mortgage rates just got cut again, and I ran into 2 other people looking at the same house in the 30 minutes I spent there. I don't have any and all answers, but after seeing 2 places I was interested in get sold within days of being posted on realtors' websites, it would appear to me that people are holding out for prices to drop, but if they see a place at what they consider a good price, it goes quick. If there's no immediate competition for a place, given the current national doom-and-gloom we hear every night on the news, I think people are playing it cautious and feel that they can wait and put downward pressure on prices. We hear about the nation and lousy big-city markets, not so much about ours, but all signs point to a market slowing from the hot and heavy days of 2005... but that still means there is demand out there.
Yes, the conspiracy theory. The media (the man) is keeping us down.
Yes, the conspiracy theory. The media (the man) is keeping us down.
Doom doom doom doom doom doom!!!!
Sorry, couldn't resist.
Now - if we could just stop the conspiracy preventing my house in PA from selling, I'd gladly be one of the lemmings flying over that cliff into home ownership here.....<sigh>
This has been posted several times. It flies in the face of 26+% sales drop year over year.
We'll have first row seats to the show, watching one by one every metropolitan area drop in price before we're finally called on stage.
Frudy, much of what you say is very accurate and a very real scenario to be played out. However I don't think the Triangle is one of the stages the show will be taken to. If you were in the Maryland forum many would be jumping in agreeing with you. The scenario playing out there in some areas is scary. I think the ones wanting to relocate elsewhere are in the audience and not on the stage. Yes a very big credit meltdown is probably in play there now and could be catastrophic in some areas. I can only say that it is not just houses that will be defaulted in but much in the way of all extended credit in some areas. The only way to avoid a major meltdown is major price decreases in ownership and rental of most commodities folks are way over extended etc. There is nothing I have seen or read to suggest this is the lifestyle in North Carolina.
Builders ARE offering some great deals on their inventory homes because they overbuilt.
There are a few reasons why they overbuilt but the reality of it is that it brings some great deals for my clients.
Sellers of re sale properties are not dropping their prices any where close to what builders are doing.
Which leads me to my thought...I wonder what will happen once all the builders have sold their inventory of over built homes? Will they slow down building, which will push up demand as they cut back on supply? Will spring bring price increases, as it has done in the past years? Only time will tell!
Vicki
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will be blamed for feeding my addiction. Just like the crackheads dealer suffers the blame for their problem. I am sorry I know I have forever destroyed any hope of financial stability for my family. To make matters even worse my community has a HOA and I am hoping to serve on the board eventually. However I must confess that I love houses and yards and gardens and lots of space and multiple floors and screened porches and deck etc. Oh yeah and granite and fireplaces and wood floors and all of the trappings of consumption. My portfolio will not be as great as it could be but at least the shaking from withdrawal will be gone.
same boat!
Enjoy!!!!!!!
