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I would certainly say we are on an up and some of the prices now are silly crazy, especially anything that can be purchase without a jumbo mortgage. A friend is trying to purchase a 2nd home in the area and everything in her sub $300k price range is only on the market for a day with multiple offers above list. It is a stark change from when I sold/bought 5 years ago.
Yeah it's pretty crazy on a serious note. I'm going to be in the market for a new home soon and part of me is kind of hoping things even out or a crash happens within the next year.
That's me dreaming however. I feel like it's not going to let up anytime soon. New home prices be cray right meow.
Interest rates are creeping up a bit - the low interest rate party can only last so long. But the "experts" have been claiming rate increases for a decade now so who knows if it's temporary or a trend.
Either way not something that'll happen overnight.
New build is outrageous (375K townhomes ....sorry..."luxury towns" ) and the absurdly low resale inventory of any decent condition/location "affordable" (200-300K) sfh is compounded because no one wants to sell because they won't be able to find another place around here. Yes, you make a killing with selling your home... then what... have to downsize or move to Omaha; the hunter becomes the hunted.
I think the rock bottom was 2011-2012... for prices AND interest rates. The time to buy was then, especially one of the many foreclosures in southwest Wake near the newly opened, or soon to be opened(?), 540. People who bought in Holly Springs then..... Money! Know a person who bought 3000sqft foreclosure in HS in 2012 for 270K and locked in sub 3% 30yr fixed. Now, not even 5 years later, value is 425K! Lucky! Surprised his real estate agent didn't snatch it himself at the time. Another bought in south Apex for 320K in 2012 and now 500K. However, these people cash out now and where do they go? Sprawl baby sprawl!
Last edited by ncrunner77; 03-05-2017 at 04:32 AM..
Reason: Spacing
compounded because no one wants to sell because they won't be able to find another place around here. Yes, you make a killing with selling your home... then what... have to downsize or move to Omaha
That would be us. We're ready to get into a small condo but pickings are slim to none in Raleigh
have to downsize or move to Omaha; the hunter becomes the hunted.
Fayetteville, Arkansas and Des Moines, Iowa are in the top 10 places to live along with Raleigh so I guess move there and beat the next real estate rush haha
Rent a nice apartment until the tech boom crashes again and the overpaid hipsters run home with their tails between their legs.
Jokes aside, you do have a good point. If a person is in a position where they could sell and "make bank", it could potentially behove themselves to just rent in an ideal location until the market tanks again.
That being said, who knows if/when it will tank again.
We're not ruling out renting either We have dogs though. It'll have to be the right situation.
Quite a few residents in our apt. community have 2 dogs.
Two pets are accepted except the banned breeds.
There is a dog park.
Sterling Town Center in North Raleigh.
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) and the absurdly low resale inventory of any decent condition/location "affordable" (200-300K) sfh is compounded because no one wants to sell because they won't be able to find another place around here. Yes, you make a killing with selling your home... then what... have to downsize or move to Omaha; the hunter becomes the hunted. 
