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I have a friend house hunting in the mid $200K range in Cary/Apex, and houses are being snapped up so fast it's ridiculous. She put in an all cash offer for $3K over listing price on one place, and didn't get it (first day on the market). A flip up the street from me that needs a new roof, and is on a terrible lot, went under contract for somewhere around $320K (purchased for $220K by the flipper 2 months ago). I think my friend is crazy to be house hunting in this market - she doesn't have to move. In that situation I personally wouldn't get into bidding wars.
We live in Holly Springs, sold our house last June in 24hrs. We had friends that got $10k over asking by people that saw pics online, didn't even visit in person. As the realtors on here have said, especially in that price range, be ready to make an offer without visiting.
There are realtors walking around neighborhoods asking if anyone is considering selling as they have 5+ buyers lined up ready to buy. Craziest thing I've ever seen.
My friend's house sold in 24 hours with about 10 bids and the winning bid was $10,000 over.
This was two weeks ago.
Another friend is looking and already put in 3 bids and did not get any of them. He put in the bids on the 1st day they went on the market.
One house (in Cary) went way, way over asking.
I guess I'm wondering - people that are selling their homes.. are they building a new house? Moving out of the area? I mean, I'd love to get what Zillow (haha) says my house is worth, but it's not like I could find another house to buy in this area!
I guess I'm wondering - people that are selling their homes.. are they building a new house? Moving out of the area? I mean, I'd love to get what Zillow (haha) says my house is worth, but it's not like I could find another house to buy in this area!
Plum loco, indeed!
Relocating out of area..
Also, Separating, unfortunately.
Selling Mom's house.
Upsize. Downsize.
Every house has a story.
And, selling is easy. Selling and buying is a LOT dicier. You reap your profit, but the sellers you buy from take it and then some.
Last edited by MikeJaquish; 03-25-2016 at 06:16 PM..
Some just want to take advantage of the sellers' market.
But once they sell they become the buyer and their "profit" will be plowed right back into an overpriced house. Recent article in Fortune mag about housing prices starting to significantly outpace wages....and become unaffordable......in many parts of the country (not just NY, SF).....again. Bubble anyone?
But once they sell they become the buyer and their "profit" will be plowed right back into an overpriced house. Recent article in Fortune mag about housing prices starting to significantly outpace wages....and become unaffordable......in many parts of the country (not just NY, SF).....again. Bubble anyone?
Yes, sorry. A bit of irony was intended. That said, there truly are people selling in the crazy western parts and heading SE to Johnston County to take advantage. Yes, prices are rising in Clayton and the population is growing strongly but the market is certainly not as crazy as Cary, Apex and Holly Springs.
And, selling is easy. Selling and buying is a LOT dicier. You reap your profit, but the sellers you buy from take it and then some.
Well said, people who start having champagne and caviar dreams at the thought of selling better be prepared for something more like High Life (champagne of beers ya know) and Spam if they think they are going to stay in anything remotely comparable around here. Of course, if they are willing to live in a cardboard box, or commute 2 hours daily, then pop those corks!
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