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Because everyone has different tastes in what they want.... Was that a serious question?
Exactly right. Because clearly no one ever wanted brand new homes before HGTV came along. (Sarc)
The real answer is that there's been way more demand for homes in general in this area than supply. The only way to remedy that gap is to build. Older homes still sell just fine, and there's still plenty of folks who want older homes. Not sure why anyone has a problem with the fact that not everyone does or that different folks have different tastes. Or that folks may not want to live in the areas where the older homes are.
I am so glad that it seems like most people do not want an old house, because that's exactly what I did want and was able to buy a house I absolutely love for what I consider peanuts (120K). It does need work but because I am not paying my entire salary on the mortgage, I can do it.
HGTV does seem to be very influential. I see lots of reno shows where the end result is - pow! - it looks exactly like every other house on TV. That part does seem weird to me. Take something with some character, and then gut it and make it look like everyone else's house. I guess I like to save some of the quirks.
What kills me about this market is that I have family here who really need a larger house, but the market has become so wild that they won't be able to buy for a while. I have only been here 2 years and see a huge difference.
I am so glad that it seems like most people do not want an old house, because that's exactly what I did want and was able to buy a house I absolutely love for what I consider peanuts (120K). It does need work but because I am not paying my entire salary on the mortgage, I can do it.
HGTV does seem to be very influential. I see lots of reno shows where the end result is - pow! - it looks exactly like every other house on TV. That part does seem weird to me. Take something with some character, and then gut it and make it look like everyone else's house. I guess I like to save some of the quirks.
What kills me about this market is that I have family here who really need a larger house, but the market has become so wild that they won't be able to buy for a while. I have only been here 2 years and see a huge difference.
Whoa whoa whoa.....where did you find this?! That's similar to my budget and I am trying to move by July.
I'm close to giving up and renewing my lease :/
Nothing is coming on the market! And if it does....it's either under contract in under 24 hours or stays on forever because it's crap.
I'm not afraid of an older place if it's structurally sound and in a decent area. Definitely not in the "everything must be shiny and new and top of the line and look like a magazine" mindset.
Whoa whoa whoa.....where did you find this?! That's similar to my budget and I am trying to move by July.
I'm close to giving up and renewing my lease :/
Nothing is coming on the market! And if it does....it's either under contract in under 24 hours or stays on forever because it's crap.
I'm not afraid of an older place if it's structurally sound and in a decent area. Definitely not in the "everything must be shiny and new and top of the line and look like a magazine" mindset.
Whoa whoa whoa.....where did you find this?! That's similar to my budget and I am trying to move by July.
I'm close to giving up and renewing my lease :/
Nothing is coming on the market! And if it does....it's either under contract in under 24 hours or stays on forever because it's crap.
I'm not afraid of an older place if it's structurally sound and in a decent area. Definitely not in the "everything must be shiny and new and top of the line and look like a magazine" mindset.
Have you hired a buyers agent? If so do they have you in the MLS to receive homes as soon as they hit the market? Are they sending you coming soon homes? Not sure why you would give up if you do not need to move until July. Did you know some coming soon homes can be sold before they hit the market, as long as it's withheld from the MLS? If you want a house you gotta be on your toes, and not afraid to make a strong offer. Especially on the lower end of price points.
Because everyone has different tastes in what they want.... Was that a serious question?
Well, not earth-shatteringly serious, but...the key word for me in that sentence was "insist". I'd scratch my head if some people insisted only on vanilla fudge ice cream if it cost significantly more, took a long drive to find, and alternatives (chocolate ripple?) were readily available. But clearly it matters to some.
BTW, Islanders, your comment makes sense to me...young people (and some others no doubt) would find it hard to find remodeling costs in addition to the down payment.
Well, a month or so after I started this thread my friend (more like a friend of a friend) is under contract and I think this one might actually work out. She did have a contract on another house, but the inspection turned up more repair items than she was comfortable with (i.e. bad electrical issues, on a house built in 1988 in a nice subdivision. Weird!). I don't know how many offers she submitted but it was probably at least 5-10. Cash and usually at or above listing price. This time she didn't have the highest offer, but waiving the appraisal got her the house.
Still couldn't pay me to look for a house right now, but I'm glad she found a place. Good luck to everyone else out there in the madness!
Have you hired a buyers agent? If so do they have you in the MLS to receive homes as soon as they hit the market? Are they sending you coming soon homes? Not sure why you would give up if you do not need to move until July. Did you know some coming soon homes can be sold before they hit the market, as long as it's withheld from the MLS? If you want a house you gotta be on your toes, and not afraid to make a strong offer. Especially on the lower end of price points.
I do have a buyer's agent and I get an email notification as soon as something in my price-range and target location (CH/Carrboro/SW Durham) hits the notie market.
I expected a lot more to come on the market in April but that hasn't been the case. There have been three new ones that I've been interested in that have come up within the past 3 weeks. Toured 2 and was "so-so" with both; and of course the one I was most interested went under contract within 12 hours of the notification I got (I got the email from my client-connect site at 7pm; emailed my agent to get an appointment for a viewing, place was under contract in the morning before I left for work!)
Still holding out and checking MLS several times a day (not sure what the lag-time is; but a place in Finley Forest showed up when I did my own search Thursday morning and I didn't get the client connect email until later that afternoon).
Not from North Carolina yet housing is Booming in MA. On some roads in certain locations every older home is being torn down and replaced with a mic mansion. And on lot's that r not even 10,000 sq ft.
Real estate and the economy go in cycles as seen in 2007, the mid 90's and late 80's. People buying now r paying over inflated prices and many making the same mistakes like taking out equity out of the home when u have a loan on it while keeping up with the jones next door. Having the SUV or whatever.
Yes it's crazy right now but i don't see the industry in general staying this way for many years (as history has shown) and people will get burned for making the same mistakes.
Stay under ur means and project for a downfall in the market. The economy and RE go hand in hand.
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