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Actually I should have said in Cary since that is where I have been looking. Good thing I admitted to being an outsider. Zillow calls it a "cool market" that is heavily leaning towards buyers. Is this accurate? Thanks.
Actually I should have said in Cary since that is where I have been looking. Good thing I admitted to being an outsider. Zillow calls it a "cool market" that is heavily leaning towards buyers. Is this accurate? Thanks.
Even that link says prices have rise 5% the past year and their expectation is 4.2% the next year. They rate the Cary market 8/10 - Very Healthy. There show delinquent mortgages at 0.0% (not certain there are none at all). I am not sure I understand how all those inputs lead to an output of "Cool".
I can't say that I concur with the omniscient Zillow Group on this one. I am not even confident their own economists would.
Having said that, there are certainly homes which have sold below list. There are also some Cary listings which have sat. I guess "it depends" on which particular property you highlight.
Even that link says prices have rise 5% the past year and their expectation is 4.2% the next year. They rate the Cary market 8/10 - Very Healthy. There show delinquent mortgages at 0.0% (not certain there are none at all). I am not sure I understand how all those inputs lead to an output of "Cool".
I can't say that I concur with the omniscient Zillow Group on this one. I am not even confident their own economists would.
4-5% is historical average appreciation actually, especially considering the boom going on around the country. Houses in my neck of the woods have probably gone up close to 20% this past year. I have definitely noticed houses are coming in about 5% below asking on quite a few that I've looked at in Cary and was wondering what was going on. But I totally get that some are going to be hotter than others. I am just trying to understand what is really going on as a potential future buyer so I get the best price possible.
Edit: Just for s&gs I did a recently sold search on Zillow and I think 13 of the first 15 listings sold under asking, some by only a few grand others by quite a bit. http://www.zillow.com/homes/recently...16_rect/11_zm/
Last edited by bluehorseshoe; 07-13-2016 at 10:50 PM..
Listing price can be very misleading. If seller listing price is based of what they think the home is worth it is highly probable that the price will be over the sales price. This is due a behavioral bias called Endowment Effect: people value stuff more because they own it. If the list price has been set by a real estate agent knowing the "market price" with the motivation to get lot of offers, then the home will sell for above the listing price.
Above, is just a few examples that explain why some homes sold for above asking price and other for below asking price. There are many other reasons for the same output. To conclude, listing price does not really say anything.
4-5% is historical average appreciation actually, especially considering the boom going on around the country. Houses in my neck of the woods have probably gone up close to 20% this past year. I have definitely noticed houses are coming in about 5% below asking on quite a few that I've looked at in Cary and was wondering what was going on. But I totally get that some are going to be hotter than others. I am just trying to understand what is really going on as a potential future buyer so I get the best price possible.
Wow...20% yoy appreciation; I'm guessing your part of the woods is Seattle? That market is crazy hot and starting to make CA (including San Fran) look "normal". Had friends buy in Kenmore last year for 440 now they cite zestimate at 630!!!! It was not a foreclosure and they have done nothing to the property, absolutely nothing. Even if zestimate is waaay off (which as it's sort of wild guess it could very well be) still some fantastical (as in most peoples fantasies or dreams) appreciation. Makes the "pros" on HGTV look like chumps (as they put some work into their flips).
The 540 tollway extension has definitely taken some upward pressure off Cary as it has opened up Apex, Holly Springs and even Fuquay-Varina (FV). Really, Holly Springs is experiencing some serious growth and home appreciation now; not Seattle of course, but still impressive. They are running into some growing pains with infrastructure though - all the two lane country roads are jamming up. Also, they have no ring road like Cary, Apex and soon FV.
I live in north Cary 15 min to Raleigh and 15 to RTP (toll free) in one of those supposed "holy grail" under 300 homes. Ubiquitous Wake County Good schools, parks everywhere, greenways everywhere, trails everywhere (Umstead and Crabtree less than 5min), non chain amenities everywhere (love me some Bosphorus). Personally, if someone low balled me I would decline and politely wish them well enjoying their commute (30-45 minutes).
Wow...20% yoy appreciation; I'm guessing your part of the woods is Seattle? That market is crazy hot and starting to make CA (including San Fran) look "normal". Had friends buy in Kenmore last year for 440 now they cite zestimate at 630!!!! It was not a foreclosure and they have done nothing to the property, absolutely nothing. Even if zestimate is waaay off (which as it's sort of wild guess it could very well be) still some fantastical (as in most peoples fantasies or dreams) appreciation. Makes the "pros" on HGTV look like chumps (as they put some work into their flips).
The 540 tollway extension has definitely taken some upward pressure off Cary as it has opened up Apex, Holly Springs and even Fuquay-Varina (FV). Really, Holly Springs is experiencing some serious growth and home appreciation now; not Seattle of course, but still impressive. They are running into some growing pains with infrastructure though - all the two lane country roads are jamming up. Also, they have no ring road like Cary, Apex and soon FV.
I live in north Cary 15 min to Raleigh and 15 to RTP (toll free) in one of those supposed "holy grail" under 300 homes. Ubiquitous Wake County Good schools, parks everywhere, greenways everywhere, trails everywhere (Umstead and Crabtree less than 5min), non chain amenities everywhere (love me some Bosphorus). Personally, if someone low balled me I would decline and politely wish them well enjoying their commute (30-45 minutes).
Yep I'm in Seattle. Not sure how long it will last though. I am hoping for one more big bump up and then sell next spring and move to Raleigh. I appreciate the info on Cary this is very useful. I need to drive around when I visit next month and really understand the different areas since I am just learning about things online right now the best I can. It seems like you are in the sweet spot for home prices!
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