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Hello,
My husband and I have been renting in Cary since 2005. True to nature, we have analyzed the various towns and cities of the Triangle for almost three years and are now looking to buy a house pretty much in the same zip code we've been living in (27519.) (I would prefer ITB Raleigh, but with our budget of ~$330K we'd probably have to do a lot of work and/or have little room.)
Renting has been fun, after losing every weekend in the early part of the decade to home improvement work on our house in CT. But now it's time to settle in. We want a 4 br home in an established neighborhood. Budget may likely go up, as husb. is expecting nice jump at work. Question is whether my husband is right to insist we wait til the fall to pull the plug and buy? He wants the best deal possible. I'm thinking that there probably won't be many sellers in the neighborhoods we want and that we should jump on the first house we like.
Hello,
My husband and I have been renting in Cary since 2005. True to nature, we have analyzed the various towns and cities of the Triangle for almost three years and are now looking to buy a house pretty much in the same zip code we've been living in (27519.) (I would prefer ITB Raleigh, but with our budget of ~$330K we'd probably have to do a lot of work and/or have little room.)
Renting has been fun, after losing every weekend in the early part of the decade to home improvement work on our house in CT. But now it's time to settle in. We want a 4 br home in an established neighborhood. Budget may likely go up, as husb. is expecting nice jump at work. Question is whether my husband is right to insist we wait til the fall to pull the plug and buy? He wants the best deal possible. I'm thinking that there probably won't be many sellers in the neighborhoods we want and that we should jump on the first house we like.
Any thoughts?
Rates are low...it has been very slow for the past 5 or so months...with that said, as time progresses I would think the sellers are getting a better position...although it is still a buyers market.
Rates are low, no doubt. But with economists saying we are edging closer to a recession, i would suggest waiting a little more. Our market may not be as bad as as say Detroit. But when a country is heading towards a recession, NC won't be totally immune from the downturn. You may find a better deal than you do today. Just my take.
Rates are low...it has been very slow for the past 5 or so months...with that said, as time progresses I would think the sellers are getting a better position...although it is still a buyers market.
I agree the rates are low but the oversupply and price drops are just beginning for the Triangle. Sellers will be getting more desperate if spring is slower than normal. All indicators point to that.
I'm thinking that there probably won't be many sellers in the neighborhoods we want and that we should jump on the first house we like.
If you are interested in neighborhoods that don't have much turnover, or are popular, I think there is no harm in starting your house hunt sooner rather than later. Yes, prices may be a little lower in six months - but what if your "perfect house" comes and goes in that time? If you were looking at buying new contruction, I think it'd be a different story.
Hello,
My husband and I have been renting in Cary since 2005. True to nature, we have analyzed the various towns and cities of the Triangle for almost three years and are now looking to buy a house pretty much in the same zip code we've been living in (27519.) (I would prefer ITB Raleigh, but with our budget of ~$330K we'd probably have to do a lot of work and/or have little room.)
Renting has been fun, after losing every weekend in the early part of the decade to home improvement work on our house in CT. But now it's time to settle in. We want a 4 br home in an established neighborhood. Budget may likely go up, as husb. is expecting nice jump at work. Question is whether my husband is right to insist we wait til the fall to pull the plug and buy? He wants the best deal possible. I'm thinking that there probably won't be many sellers in the neighborhoods we want and that we should jump on the first house we like.
Any thoughts?
Sounds like you have a neigborhood in mind. How often do homes go up for sale in the target neighborhood? How long do they last on the market? Do you see the list and sale prices going up or going down in that neighborhood? These are things I would keep tabs on for the next few months. Go check out any houses that get listed. Maybe none will suit your needs, but you will get a better idea of what that neighborhood has to offer and when you are ready to pull the trigger you will be wel informed. Heck, Septemebr is only 7 months away. No harm in starting your search now. If you start looking now, you very well might not find you dream house until september or october anyway. Keeping a close eye on your target neighborhood will help you get a feel for what the prices are doing there. I would start doing your research now, and pull the trigger when the right house comes on the market and you fell comfortable moving forward with a purchase.
The number to watch is the inventory compared to the same time last year and the year before. It's been climbing significantly as the market has cooled. Unless you can get a good deal (substantially below comps) I'd be wary of buying before that number starts to stabilize or decrease. Until that time, it'll just keep getting better and better for buyers.
It's simple supply and demand in action, but it works.
All bets are off it you are looking for something unique, though - supply in that case isn't the same as the general supply of houses overall.
Thank you so much for all the responses! Friends and family keep asking when we're going to buy, and we want to-in theory-, but I guess maybe it's not as urgent now as it was when we first went from being owners to renters. The pressure we feel now is that our growing family is outgrowing our uber-cheap ($1000 for 1700 sq/ft in community with NICE pool right off Davis Drive) and super-located rental house. Plus, we're fed up with popcorn ceilings, wallpaper borders, white walls, and cheap faucets!!
I am keeping a close eye on mortgage rates. I wish M/I Homes had a community with "inventory homes" close to where we are, their rates are insane! Our favorite model home ever was one of theirs in Hillsborough. We live close to Standard Pacific's Laurel Trace and Laurel Park, they have great rates too, but boy are those neighborhoods hideous! The houses look pleasant, but the environmental aesthetics and factory look of it are such a waste! I've heard others have the same opinion, and will definitely not be surprised if there's some massive price reductions (although one of the neighborhoods is very nicely situated b/t Apex Park and a brand-new elementary.)
The number to watch is the inventory compared to the same time last year and the year before. It's been climbing significantly as the market has cooled. Unless you can get a good deal (substantially below comps) I'd be wary of buying before that number starts to stabilize or decrease. Until that time, it'll just keep getting better and better for buyers.
It's simple supply and demand in action, but it works.
All bets are off it you are looking for something unique, though - supply in that case isn't the same as the general supply of houses overall.
Good point....inventory can be monitored by figuring the absorption rate, which will determine a buyers of sellers market...quick equation:
Determine the number of homes that sold in the 12 months you are measuring….let’s say Jan-Dec. Take that number and divide it by the number months…which is 12. That should give you the per month absorption rate. Take that rate and divide it into the current number of listings and that will give you the months supply of homes. Supply of homes is a way professionals will determine a market to be favorable to a buyer or a seller. If supply is 6 months it is considered to be balanced. Anything over 6 months is a buyer’s market, anything below six months is a seller’s market. Opinions may vary.
Well if you just want a good deal then trying to time the low point may be tough. I still think well built houses on a good size lots (such as cul-de-sacs) in good locations in nice neighborhoods are not going to drop that much and will sell quickly especially in your price range.
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Thanks
