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We live in downtown Cary, an area that many of you know is going through a big revitalization. We LOVE our neighborhood and want to stay here. Over the past year, homes are selling on our street/neighboring streets and being torn down for builders to build 2, sometimes 3, homes. We live on a nice lot next to some of those new homes that could easily be divided into 2 lots, 2 homes. We have outgrown our home and would like to sell, but want to remain in the area.
In fact, right down the street from us, builders purchased a really nice home (newer than ours) for $267,000 and are now building 3 homes on the lot. Due to this activity it makes us assume that now would be the time to have our realtor contact builders. What are your thoughts? If we're seeing this activity going on already, at a rapid pace, would it be to our advantage to sell to a builder now?
Our home is older and needs a lot of work...if we pay for all of the renovations we'd like to do, chances are our home could still be torn down if we sell down the road.
Are builders flexible with closing dates? My concern is that we really want to buy in our same neighborhood...if it took over 1 month to find another home, are builders typically willing to be flexible with a closing date. Thanks so much for any advice...this is a difficult decision and one we're not familiar with...thank you!
Just remember that in general, the value of your downtown Cary land can only go up. Rather than talk to a realtor, first talk to your neighbors who have sold. Ask them how they got to where they are now. They will get you in touch with the developers. If you talk to a developer, don't agree on a price until you know what your neighbors were paid and until you line up a real estate attorney.
As for timing, most developers want to have economy of scale. They like to buy properties next to the one they are working on, then knock down buildings at the same time, and build at the same time. However if they are small time, they may need to draw the process out so they can afford it. When you leave your house is always negotiable.
Also beware that building a new home in your same neighborhood will be just about impossible unless you have money from savings to add to what you get for your property.
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IF you are amenable to a sale, consider a couple of things.
1. Where will you live after sale? What will be the cost of that move?
2. I would suggest putting the house on the market, and let the best buyer win. We do have a market for larger lots, and DT Cary is quite desirable. If someone wants a nice lot downtown, why exclude them from the sale?
I would definitely be amenable to a sale, we just have a lot of repairs that wouldn't be necessary if sold to a builder. We also want to purchase in downtown Cary and don't want to be forced to relocate elsewhere if dealing with a buyer who wants to close in one month. We like the flexibility we might get from a builder so we're able to find a home. Thank you for your responses!
I would definitely be amenable to a sale, we just have a lot of repairs that wouldn't be necessary if sold to a builder.
Do no repairs. List the house "As Is." That will attract builders. It will also attract the young couples who have little money but lots of energy and Do-It-Yourself skills.
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Quote:
Originally Posted by Zeelee
I would definitely be amenable to a sale, we just have a lot of repairs that wouldn't be necessary if sold to a builder. We also want to purchase in downtown Cary and don't want to be forced to relocate elsewhere if dealing with a buyer who wants to close in one month. We like the flexibility we might get from a builder so we're able to find a home. Thank you for your responses!
"Flexibility" is a negotiable point.
You may get the same flexibility from another buyer, too, if you just ask.
And, "seller will do no repairs" in the listing should handle the unwanted buyers.
Get a big DD Fee, and ask for possession after closing. You might just get it all.
(OR, a builder may roll in and just sweep you off your feet. )
Or...would we be better off to make home renovations such as adding a bathroom (we have 1.5 baths), etc...and hold onto our property given the desirability of downtown Cary? We want to stay in this neighborhood...we love it and look forward to seeing it grow, add the new park, library, etc....
Or...would we be better off to make home renovations such as adding a bathroom (we have 1.5 baths), etc...and hold onto our property given the desirability of downtown Cary? We want to stay in this neighborhood...we love it and look forward to seeing it grow, add the new park, library, etc....
If you are in your desired location can you afford all you want in your same location or would it be cheaper to fix up what you own?
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