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I'm always amazed where they can jam another housing development. Just drove by Brookstone on highway 55 - big sign up "coming soon, Brookstone Townes"....yup they are gonna jam a townhouse development at the corner of Brookstone there. Hurray!
Saw that too. Was confused.
It amazes me that people will buy a crappy townhouse that sits 20 feet off a highway. Whatever floats your boat I guess. It's just too bad that TOC will approve/rezone almost anything.
I see some stuff sitting longer too. I have to wonder if investors might have been buying more a year ago when Amazon and Apple were possibilities.
This could be true to some extent cuz I had some folks tell me Apple was almost 100% done deal and they were trying to buy smaller townhomes for rentals..
plus, some of it is due to recession fear I guess.
At this point , Northern Virginia seems Recession proof cuz of Amazon and population.
I don't know what the actual sales statistics say but from an inspections standpoint this August has been extremely busy...probably the best August we've had going back several years!
Remove Opendoor from your calcs, as they always overprice coming out of the chute, to the extent that they impact market DOM.
Yes, buyers have burnout, and sellers who greatly overprice because they think the market is so hot they can charge anything end up with multiple price cuts. Lots of investors are dumping rental houses, and many of them range from dogs to putrid. "Price (cuts) fixes all issues" is a real estate truism.
But, make it right, price it right, and the property will still fly off the market anywhere in Cary.
I don't mean to say that most investors are leaving the market. But, there are too many listings that have been milked for every bit of profit and fully depreciated, and time to move on.
Some stuff is borderline uninhabitable.
So, it sits and builds DOM.
I was looking in Durham a year ago and houses around $350k would go in a day. Now I'm looking in Raleigh and ranches are going on the market for $450k and sitting for a few weeks. In my personal experience the market is a bit cooler. I expected these ranches to sell in a minute but that hasn't been the case at all.
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