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Housing market in Durham North Carolina, average time on market, sales and listing up, interest rates low, selling increasing, home sales slow in winter, instability of housing market
I read that someone on this forum couldn't even get a Realtor to give them the time of day because they only wanterd to purchase $150,000 that sounds like a bubble to me.
If the cab driver is giving you stock tips it's time to sell if your broker is moonlighting as a cab driver it's time to buy
Thnak you for the info! Are there any hot (in today's market) luxury neighborhoods you can think of within 1/2 hour driving range from RTP?
Quote:
Originally Posted by VickiR
Try finding one of the cottage homes that McNeill Burbank built in Falls River. They sell within a few days of being on the market, as long as they are in good shape. I have two clients that want one so badly that I've been sending out flyers to the owners!
The townhouses at Camden Park in North Raleigh tend to sell between 10 and 20 days if they are in good condition.
I had multiple offers on a townhouse that I listed in Stafford in North Raleigh...sold in 19 days.
I put an offer in on a house in Greystone, w/o garage that was priced below $200,000 and they had 3 offers in 3 days! We did not get it because my buyer didn't want to pay full price because he had been reading that the market is down! Now he knows better. He did buy another house, not at full price but at a fair price!
Golly, Sam.
It's raining in Seattle today.
And Sunny in Cary.
Should I borrow an umbrella?
I mean, it's raining, right?
I put a lot of thought into the post that you quoted to be very careful about misleading anyone. It is a view of reality from where I sit.
I do claim to be "busy as a bee."
Am I busy? I say, "Yes."
You say I am not telling the truth.
You support your contention by citing appreciation data.
??????????
Probably no link at all between a busy agent and appreciation, I think. Two totally different functions.
I'm curious how you determined that I am not busy, when I feel so busy.
What are your metric and your economic indicator that tells you that I am not busy?
One way to avoid "wars of words" is to avoid speciously labeling decent people as dishonest.
Sorry, I have to get back to work.
I have clients who need me to get cracking.
As always Mike you the man. I can't give you rep points til I spread some around.
Let me throw in my two cents regarding new home market.
Scenario One- The market is slowing and builders are sitting on inventory. They have limited margin and can only lower prices so much and make any profit. Thus they stop building homes and try to unload what they have. Hmmmmmm better buy now if you want a decent selection and you want a house with reasonable resale appeal. However you could wait a little longer and get what no one else wanted. Builders have to pay for materials and labor. Unless they come down their construction cost will remain where they are and prices can only be compromised so much.
Scenario 2- This is a pause in the market and as the weather warms up builders will be seeing greater demand and feel less negative price pressure. However they will become wiser and will limit startups until equilibrium is restored with confidence in the market. Again a more limited suppy and price stability with modest increases. Hmmmm you might have a little more selection with a modest price increase.
Scenario 3- Builders are foolish and greedy people with no sense of finances and marketing. They have not learned their lesson and continue to build excess capacity and continue to build houses that they will have to sell at at loss. The selection of homes continues to increase and prices fall to 2001 levels on new home construction. With all the building material costs go up and builders build themselves into a frenzy of financial ruin. The ruin bubble is identified and becomes the source of endless disscussion and speculation.
Folks remember how Katrina drove material costs up and thus housing construction costs? I remember looking at a map and many of the third world countries are very poor with virtually no infrastructure. Unfortunately I looked at that map in 1956. Unfortunately those 3rd World Countries are now emerging markets and they are driving the cost of materials up for their growing infrastructures.
Thnak you for the info! Are there any hot (in today's market) luxury neighborhoods you can think of within 1/2 hour driving range from RTP?
Meimei88, the FACTS that I posted are based on what I am seeing in the last month. I have not had any clients that were looking for luxury homes so I have nothing to report. I'm assuming by luxury, you mean $500,000 and above?
I'd suggest that you have your Realtor, pull up the neighborhoods that meet your criteria and look at what has sold or what is PENDING. If you see 5 houses are pending and all sold within 30 days, I'd think that would be the "hot" neighborhood that you are looking for.
However...in a neighborhood that is selling that quickly, you won't find any "deals" and unless the neighborhood has been historically hot, you may not get the whole story. Ask your Realtor!
There is so much more to answering questions than just an opinion and I try to give the facts.
Did anyone see this quote by Robert Shiller in the News and Observer?
"If the nation as a whole goes goes into a big decline, there would likely be a fall in Raleigh, but the Research Triangle Park area is one of the places I'd worry the least about," Shiller said.
"Nobody knows what will happen ... [because] we've had the biggest real estate boom in history, and nobody knows where it's going," Shiller said, adding the local prices could keep rising
If Robert Shiller (see the S&P Case/Shiller index Robert Shiller - Wikipedia, the free encyclopedia) is worried the least about this area, that is completely reassuring! That man knows what he is talking about when it comes to housing and economics!
Last edited by autumngal; 02-21-2008 at 09:50 AM..
Reason: added link
Did anyone see this quote by Robert Shiller in the News and Observer?
"If the nation as a whole goes goes into a big decline, there would likely be a fall in Raleigh, but the Research Triangle Park area is one of the places I'd worry the least about," Shiller said.
"Nobody knows what will happen ... [because] we've had the biggest real estate boom in history, and nobody knows where it's going," Shiller said, adding the local prices could keep rising Will Chapel Hill/Carrboro home prices go down? - Trulia Voices
Well, I think he got that from me. I have been trying to undo the doom & gloom mentality that everyone seems to have. Obviously, this area has a lot more going for it, than other parts of the country do. I will not re-post all I have in the past, but just ask that everyone take my word for everything going forward. Thanks in advance.
Last edited by autumngal; 02-21-2008 at 09:52 AM..
Reason: added liink to quote
I read that someone on this forum couldn't even get a Realtor to give them the time of day because they only wanterd to purchase $150,000 that sounds like a bubble to me.
I think you're talking about the story of one person who happened to meet one realtor & they didn't get along. That doesn't really represent the situation for the entire market.
Meimei88, the FACTS that I posted are based on what I am seeing in the last month. I have not had any clients that were looking for luxury homes so I have nothing to report. I'm assuming by luxury, you mean $500,000 and above?
I'd suggest that you have your Realtor, pull up the neighborhoods that meet your criteria and look at what has sold or what is PENDING. If you see 5 houses are pending and all sold within 30 days, I'd think that would be the "hot" neighborhood that you are looking for.
However...in a neighborhood that is selling that quickly, you won't find any "deals" and unless the neighborhood has been historically hot, you may not get the whole story. Ask your Realtor!
There is so much more to answering questions than just an opinion and I try to give the facts.
The houses I am looking at have been listed for 6+ months inside the beltline and one would be sold at at lose at current price and was bought two years ago. Maybe the maket for something under 200k is ok but I question the rest.
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