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What makes you think this place is overpriced? There are jobs, there is infrastructure. Between RTP, Duke, UNC, there are lots of people who can afford these places. Especially if they are coming out of state -- these RE prices are simply "under priced" for them. You can actually have a SFH with a decent lot, in a good neighborhood for 400K-500K that can actually be close to your work?! Find me one place that competes with this place in terms of white collar, IT jobs where you can afford the same? You can't meet all three criteria and still snag something for that price.
Comps & a well-seasoned agent? I didn't say we couldn't afford the house, just that I suspect it went under contract so quickly because the inventory is so low.
Location: River's Edge Inn, Todd NC, and Lorgues France
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I guess I don't know what "overpriced" means.
If a house is for sale for $200k more than all of its comps --- and it sells in one day, is it overpriced?
What makes you think this place is overpriced? There are jobs, there is infrastructure. Between RTP, Duke, UNC, there are lots of people who can afford these places. Especially if they are coming out of state -- these RE prices are simply "under priced" for them. You can actually have a SFH with a decent lot, in a good neighborhood for 400K-500K that can actually be close to your work?! Find me one place that competes with this place in terms of white collar, IT jobs where you can afford the same? You can't meet all three criteria and still snag something for that price.
I agree, these places all look very reasonable to someone coming down from Long Island or Boston. I do still feel bad for locals or lower paid folks who are being priced out.
A tech employee making $125-140k a year can easily afford a $450k house here if they aren't spendy with their $ (doesn't buy extravagant cars and blow $ on lavish vacations -- easy to not do now). Will the $450k place be a mansion? No, but it will be in a safe area and a decent home for a family of 4.
I'm interested to see what the housing market does here... I can see some small dips happening in the desirable areas (Raleigh, Apex, Cary) and some bigger ones (10-20%) possibly happening in less desired areas (Wake Forest, Fuquay, Clayton).
I confused...demand (buyers) is off? That means fewer buyers, correct? But houses are selling even more quickly? Which means inventory (sellers) has dropped as much or more than the number of buyers? Thanks!
What is interesting what I have noted is it looks like the supply vs demand curve is so distorted and lopsided right now for certain price points that it has gone back to the "anything under $x amount will sell right away"
Houses that probably would been perceived as inferior before and thus sat a while (everest driveways, exposed corner lots, powerlines int he back yard) are back to selling quickly because there is just NOTHING out there.
If it's a ranch; forget it. Team mate just listed a ranch for $260k and had 17 offers in 4 days (6 of them site unseen; house is in Durham County so only 3 showings per day means 11 out of the 12 in-person showings made an offer) . Pre-covid I'm sure it still would have been a popular house but not 17 offers in 72 hours worthy.
I do think the fact that the tire-kickers are staying home; and it is pretty much only serious buyers out there now; have made it so that the offers-to-showings ratio has skyrocketed.
Another case in point; the listing I was poking fun at here....
Is now under contract. Egg all over my face. Good news/timing for my seller and me though!
I’m inspecting one in Durham next week where the buyers only got to see the house one time for less than an hour and now they’re buying it! Crazy.
I’m inspecting one in Durham next week where the buyers only got to see the house one time for less than an hour and now they’re buying it! Crazy.
There's a house down the street for sale, reasonable asking price IMHO. Durham county, City of Raleigh (yes, that exists).) Had an contract in about 5 days, with a small deposit Then the buyer said she wanted to see the inside. Selllers said no, deal fell apart. Within 48 hours, the Backup buyer made offer, signed contact, in pending status. They didnt get a personal tour either. (BTW we live in a neighborhood that typically have houses that have long DOM.)
Actually, in 2012, our home in Mesa, AZ sold sight unseen - in less than a week for asking price. In a terrible market.
I am the OP, we sold our house first day, 2 showings with 2 offers and got asking. Two other friends listed at same time and both under contract. One friend sold her 1.4m home sight unseen to a NY couple. They came last weekend during inspection and saw home for first time. I am only one of us that needed to buy too, one was already building and the other is moving out of state. Inventory is so low. We put an offer in tail end of April. I wondered if there would be more listed after first couple of weeks in May, but so far that has not been the case. Glad we went under contract when we did. We were all in the slower to sell market, it was good for us.
I confused...demand (buyers) is off? That means fewer buyers, correct? But houses are selling even more quickly? Which means inventory (sellers) has dropped as much or more than the number of buyers? Thanks!
you have it right. the # of Sellers putting their house on the market has dropped even more than the # of Buyers who've hit the pause/stop button.
Visually...
I would say before, we had 10 Buyers for every 8 Sellers. An excess demand of 25%
Now - 2 Buyers drop out, but 3 Sellers drop out. Still an excess demand, now of 40%
you have it right. the # of Sellers putting their house on the market has dropped even more than the # of Buyers who've hit the pause/stop button.
Visually...
I would say before, we had 10 Buyers for every 8 Sellers. An excess demand of 25%
Now - 2 Buyers drop out, but 3 Sellers drop out. Still an excess demand, now of 40%
Wow, interesting. I didn't expect it to play out that way. Thanks for the info!
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