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Raleigh, Durham, Chapel Hill, Cary The Triangle Area
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Old 11-29-2006, 09:09 PM
 
41 posts, read 56,824 times
Reputation: 18

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Realizing that everyone's price range including that of first time homebuyers is all relative, how long do you think it will be before it is completely impssible for a young couple looking to purchase ahome for the first time in the $150K-$165K Range in Raleigh? I just went through the home buying process myself and was shocked at how difficult it was to find a decent home in a good area in that price range. Sure if you do a check on realtor.com or any other real estate website and look for a 3 bedroom 2.5 bath in this range over 300 homes in Raleigh pop up. However, once you actually go out and look at the neighborhoods these homes are located in or the surrounding areas you discover they are not nearly as attractive as they appeared online. In my experience anything in a good area (low crime, at least decent schools, and in an area that at least keeps its value) in this price range was extremely rare. Although there are hundreds of homes in this price range anything in a good area was snatched up literally within the first week it was on the market. I got lucky and found a place that I am extremely happy with, but I wonder just how much longer people like me will be able to settle in Raleigh and feel like they live in a nice area. Everywhere I look I see new homes being built that start in the high 200's all they way up to low 700's. Anything older is generally inside the beltline and therefore very expensive already, or is located outside the beltline in an econimically depressed area.

I know a lot of people move here to get more bang for their buck when it comes to buying a home and don't have to worry as much about affordability , I just hope things don't go so far that eventually people trying to get their foot in the door are shut out.
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Old 11-30-2006, 06:43 AM
 
693 posts, read 2,756,349 times
Reputation: 320
I think you might be right. The new houses in my neighborhood in Holly Springs are selling faster than they are being built and the price just went up from the $300Ks to the $400Ks. Now I'm starting to see SOLD sings in lots where they haven't even started building.

Last edited by Grass Is Greener; 11-30-2006 at 07:29 AM..
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Old 11-30-2006, 06:58 AM
 
Location: Wake Forest
2,834 posts, read 12,008,090 times
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I have to say, when my husband and I bought our first house in 1997 (holly springs, new construction) it was 132k...........that was with a 2 car garage, 1800 square feet and built by a custom builder...........

I have clients looking in the 160's and it is tough to find that "diamond in the rough" in a nice neighborhood. Makes me sad to be honest. We felt so happy in our first house, everyone should have that opportunity!

Leigh
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Old 11-30-2006, 07:34 AM
 
41 posts, read 56,824 times
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Leigh,

I completely agree with you. I am so Happy that my wife and I have the opportunity to own our first home here and Raleigh and I would like others to have the same opportunity as well. I realize market pressures are beyond our control, it just makes me sad that the opportunity seems to be slipping away. There are still some great homes out there in that price range, but it sure took a lot of work and a great realtor. Our realtor was very honest with us when we started working with him. He explained that nice homes in that price range don't sit on the market for long....and he was right! We were very happy with our realtor becasue eventhough our price range was well bellow theaverage home price here in Raleigh he treated us just like his clients who were looking more high end homes.
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Old 11-30-2006, 07:51 AM
 
Location: Wake Forest
2,834 posts, read 12,008,090 times
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Regardless of the price range, every person should have that opportunity! I think that if I have a client buying a 140k house and one buying a 600k house, they are both looking for the same thing, quality, safety, nice neighborhood, etc. The only things that consistently change is the type of neighborhood (as in how much land).

As cheesy as it sounds I feel like every house is a "home" to someone.

Leigh
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Old 11-30-2006, 08:25 AM
 
Location: Raleigh, NC
271 posts, read 1,211,005 times
Reputation: 63
This is a good question. I'm a young single guy in my early 20's and just purchased a brand new townhome in North Raleigh. Priced in the 120's but already it's appreciated quiet a bit. It won't be much longer before new homes began get get out of reach for single individuals who are looking too buy. That was one of my motivations for going ahead and purchasing now rather than waiting until I was older or until I got married. I could definetly see this area becoming a DC of the South in a decade or two. Oh well I guess we will all cash out then and move to the next hot spot. But seriously the way things are going around the triangle it won't be long.
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Old 11-30-2006, 08:37 AM
 
Location: Phoenix metro
20,004 posts, read 77,176,858 times
Reputation: 10370
Those prices are not that bad, really. I eyeballed the area because of that. Around here, most new homes (tiny ones) start at 220K or so and if you want a spacious new home (ie 3 BR, 2.5 bath) be prepared to spend 325K to 400K. Its rediculous, isnt it????
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Old 11-30-2006, 08:53 AM
 
Location: Raleigh, NC
12,475 posts, read 32,163,179 times
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There are still townhouses out there in good neighborhoods for the $140s and $150s that my first time homebuyers are thrilled with. And if you go into the surrounding areas like Johnston County, you can still get a very nice house for the $175s. Sometimes I have to search more for my first time homebuyers but they end up happy. You have to start somewhere. If the townhouse they buy today is $145,000, then in 3 years or so when they are ready for a larger home, at least they have built up some equity.

My first home cost almost $40,000 for 1100 square feet and my parents thought we were crazy to pay so much for a house!!!

Yep...times are a changing!

Vicki
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Old 11-30-2006, 10:26 AM
 
72 posts, read 212,145 times
Reputation: 31
Default at least there is still a chance in raleigh!

i am in my mid twenties and that is precisely the reason i am moving to raleigh, and of course that it is a beautiful area with enough jobs and great people! In Orange County California, where i live, a one bedroom studio (500sq ft) can go for $500K, and the cheapest you will find in my city or the ones next to it are $350K for a studio! in a dumpy apartment complex with rude neighbors!! forget a house, a normal 3 bedroom here will easily go for $800K +.... not only would i not be able to afford one now with roommates, i dont think at that rate i would ever be able to afford my own home or apartment!. In Raleigh, I just closed today!! on my own 3 bed 2 bath with a 2 car garage in raleigh for under 200K in a great neighborhood!! unheard of around here (it's like a fairytale ), and i have a feeling im gonna like my life out there much better too! Raleigh has given me the chance to have my own home, and the peace of mind that if i do have a family someday, they will have a yard to play in and a nice sturdy home, and i really do hope that this opportunity will stick around for future first home buyers as well! Cant wait to be out there, 4 more weeks!
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Old 11-30-2006, 11:03 AM
 
Location: Oxnard, CA on the way to Raleigh NC
306 posts, read 1,190,459 times
Reputation: 149
Default I am so jealous - still

Oh socalkitti I am still so jealous of you - I would love to be in your place right now. Here in Ventura County it is almost as ridiculous as the Orange area. The homes are not selling as fast now though. We have an area of town that has historical old homes and on just one street in that area in two blocks there are 5 homes for sale and they have now been for sale for months. We have new homes going up like crazy in this area called River Park and they are even selling slow. I am a single parent and without that second income it is impossible for me to buy here, even a little condo is $300k and I just can't do it. My sister is going back to Raleigh in January to visit our friend who moved there a year ago. She can't wait to go. I told her to tell Jen to be aware that getting on the plane to go back there won't be a problem but coming back here Jen is going to have to push her on the plane - lol. She said she may not come back. I am just looking forward to the day when I too can follow your lead. Congrats to you.
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