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I see a number of homes sitting there in established custom neighborhoods such as copperleaf, bellewood manor, weycroft, cameron pond etc. I've also seen people slashing prices quite a bit.
This is very unlike last year when people were getting multiple offers within days.
Buyers are getting battle-fatigued.
Prices are very high on many very poorly kept homes, or just compromised homes.
Even with low inventory, buyers are standing pat rather than acting too rashly. If they don't have to buy, they are not buying unless it makes some level of sense.
I have shown several lately that were priced as if well-maintained, but were either filthy or needed easily $10,000+ in obvious repairs. Or, both.
Not "upgrades." $10,000 or more in basic repairs.
Too many sellers are reading about tight inventory and a sellers' market and think now it the time to cash in without much effort.
I see a number of homes sitting there in established custom neighborhoods such as copperleaf, bellewood manor, weycroft, cameron pond etc. I've also seen people slashing prices quite a bit.
This is very unlike last year when people were getting multiple offers within days.
The neighborhoods you're referring to were not (generally) seeing multiple offers immediately.
That's something that's been more common in the conforming 400k and under bracket.
Did homes at higher prices get fast offers and/or multiple bids last year? Sure, but those were usually well-maintained, ready to list, and particularly desirable for some reason.
Plenty of homes sit for awhile.
We sold a house in West Cary last year and were under contract within a month.
That's pretty good for homes up near the 700s, I think.
Our house was immaculate and fairly new, though.
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I have shown several lately that were priced as if well-maintained, but were either filthy or needed easily $10,000+ in obvious repairs. Or, both.
Not "upgrades." $10,000 or more in basic repairs.
But that doesn't explain so many homes in Bellewood Manor with average days on market of over 100.
Quote:
Originally Posted by RedZin
We sold a house in West Cary last year and were under contract within a month.
I noticed that too last year. We bought our home last year this time and missed out on couple of opportunities due to over bidding. In one case someone bid 35k over asking.
This year not so much. A friend recently sold his home in Cameron Pond in the 400s but had to slice his price agressively.
But that doesn't explain so many homes in Bellewood Manor with average days on market of over 100.
I noticed that too last year. We bought our home last year this time and missed out on couple of opportunities due to over bidding. In one case someone bid 35k over asking.
This year not so much. A friend recently sold his home in Cameron Pond in the 400s but had to slice his price agressively.
Bellewood Manor has had homes sitting for long periods of time ever since they started building out there. I would not draw conclusions based on their numbers at all.
Cameron Pond has a road noise issue.
Some buyers won't care at all.
Some need persuading with the right price.
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But that doesn't explain so many homes in Bellewood Manor with average days on market of over 100.
...
Bellewood Manor spec homes have never sold quickly. People have choices in that price range, and one of those choices is to build from scratch.
And the $600,000+ market has not been nearly as crazed as the sub-$500,000 market.
An MLS graph.
Trailing 13 months.
27519
Wake County
$500,000+
A better representation of what you are seeing, with the graph going back through April, 2016, to compare to April, 2017 which was our last full reporting month:
Last edited by MikeJaquish; 05-25-2017 at 04:58 AM..
Thanks Mike! So this confirms what I was thinking. Only 10+ sales this April compared to close to 50 last year. While the the inventory is up from 80+ to 100+.
Thanks Mike! So this confirms what I was thinking. Only 10+ sales this April compared to close to 50 last year. While the the inventory is up from 80+ to 100+.
One thing to bear in mind is that 27519 stats include enough new construction to impact market stats.
The builders can tilt the figures when they decide what to enter on MLS. They may also choose to build less on speculation or not to enter presales.
They can put houses on MLS when they pull permits which runs up the days on market, or not at all, etc.
None of that is "wrong" or "misleading." Just worth recognizing.
But, I think we are seeing somewhat of a trend in the stats.
My next door neighbor (I live in North Raleigh) has been trying to sell their house for over a year in a neighborhood where homes typically go to contract within a few weeks. They purchased their home four years ago for $356k, did almost nothing to upgrade anything (to be fair, it's in great shape), and are now asking for $569k. Most homes in the subdivision sell for between $275k and $425k.
The most fundamental rule of real estate is that houses priced correctly sell, they just sell. If they aren't, it's not a sign of market changes, it's a sign of market savvy.
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