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How much new construction besides the urban core is actually desirable? Why would someone who got in a 1800 rancher on a 1/2 half acre pre 2010 ever want to move to a townhome for more money?
Because the kids have moved out and they're tired of hassling with the lawn/maintenance?
Housing prices are just insane now. Average prices in my North Raleigh neighborhood are now well over 300k with some near or above 400k. Great for realtors and long time homeowners looking to sell but at some point prices will become out of reach except for the higher wage earners that can still afford the mortgage payments.
No, this is NOT great for Realtors. NOT great for buyers, especially my first time buyers.
I have had to write more offers for each buyer than ever before. I've heard from other Agents in my office that they have written SIX OFFERS for ONE BUYER and still don't have a home for that buyer. How is that "Great" for anyone, other than sellers?
And even my sellers are freaked out when I have to go through explaining 27 offers to them!
And the stress of waiting for that appraisal to come in, when the winning buyer offered $30,000 over listed price.
And those sellers are mostly moving out of town or building because even the $600,000 to $800,000 market is getting multiple offers.
Sorry Starglow but you have NO IDEA how this market is causing stress for almost everyone involved.
If said longtime homeowners are looking to sell and buy locally; it isn't quite as "great" for them as one might believe if they are staying local unless they are "moving up" to custom-built new construction. Otherwise they are faced with the same daunting task of getting an offer accepted on their new house as well....
bingo. anecdotally, I know of 3 situations where would be sellers have indefinitely put off selling their homes (all ITB) due to reasons that essentially boil down to '...but where will we go?' angst of finding other homes in raleigh to move to/buy. All 3 situations involved selling larger, more expensive homes to purchase smaller, lower priced homes...that sweet spot of 300-350k that is rapidly becoming sourish with 20 offers after a weekend on the market, from what I am told.
Disregarding the many bogus phone calls, I get a couple of solicitations from real estate agents and would be buyers in the mail almost every week (as probably every homeowner in raleigh does?). Last week I had one from an agent forwarding a handwritten letter from some lady in NY who wanted to buy in my neighborhood b/c her daughter lives here and she wants to be close to her grandchildren, blah blah. Another was from an agent that included a copy of a bank pre-approval for her client that had the client name and the $ amount blacked out... what good is that?
I agree with another poster that said that this current environment is stressful for all participants.
In our situation the only people that benefit from our home’s escalating value is our two kids upon our deaths. I do worry for them knowing they will most likely not be able to afford to live near where they have grown up due to pricing. We bought in 5 Points 20 plus years ago and house is worth 2.5 times what we paid for it. $300 per square feet is minimum around here. $2000 square feet will cost you 600k or more. The smaller the house, the higher per square foot in most instances.
In our situation the only people that benefit from our home’s escalating value is our two kids upon our deaths. I do worry for them knowing they will most likely not be able to afford to live near where they have grown up due to pricing. We bought in 5 Points 20 plus years ago and house is worth 2.5 times what we paid for it. $300 per square feet is minimum around here. $2000 square feet will cost you 600k or more. The smaller the house, the higher per square foot in most instances.
Hi neighbor, I moved here around 22 years ago. I used to own a house in apex (which actually has increased in value more than my current house) but would come to 5 points to walk my dog with a friend that lived here. I got tired of the drive and didn't like how 'remote' and 'undeveloped' apex was at the time, and saw current house for sale by owner while walking one day and here I am. I could not afford to buy here now.
As others have demonstrated, "not enough houses to move to" also means "not enough houses to move from," which means that other people don't have enough houses to move to.
Quote:
Originally Posted by herringbone
I always thought- perhaps incorrectly- that the pre-existing community had to have a majority vote to allow zoning to be modified in their neighborhood ?
You may be thinking of HOA covenants. Zoning is a city law, and there are city procedures to change city rules. You can register disapproval, but the city's laws exist solely to protect public health and safety. "Because my neighbor & I don't like it" is not a valid basis for a city law.
Quote:
Originally Posted by hey_guy
Why would someone who got in a 1800 rancher on a 1/2 half acre pre 2010 ever want to move to a townhome for more money?
My parents want to do this. The split-level has too much stuff, too much space, too much work, too many stairs.
bingo. anecdotally, I know of 3 situations where would be sellers have indefinitely put off selling their homes (all ITB) due to reasons that essentially boil down to '...but where will we go?' angst of finding other homes in raleigh to move to/buy. All 3 situations involved selling larger, more expensive homes to purchase smaller, lower priced homes...that sweet spot of 300-350k that is rapidly becoming sourish with 20 offers after a weekend on the market, from what I am told.
Disregarding the many bogus phone calls, I get a couple of solicitations from real estate agents and would be buyers in the mail almost every week (as probably every homeowner in raleigh does?). Last week I had one from an agent forwarding a handwritten letter from some lady in NY who wanted to buy in my neighborhood b/c her daughter lives here and she wants to be close to her grandchildren, blah blah. Another was from an agent that included a copy of a bank pre-approval for her client that had the client name and the $ amount blacked out... what good is that?
I agree with another poster that said that this current environment is stressful for all participants.
Our house/neighborhood is in the 250-260 range. I literally watched a home go up "for sale" last week with the "under contract" sign on it already attached as they put it in the ground...
I have similar thoughts...we could sell...great...but then where do we go? Everything on the market for the most part is just junk or recently flipped with crap materials from folks looking to make a quick buck. The ones that are decent are getting lots of offers. I'm not going to get in a bidding war with a half million+ dollar home.
There just isn't really anything out there that we'd want, so our first time buyer house remains unlisted...and will probably just end up being rented out if this path continues. We replaced the HVAC, roof, and water heater and it's primed for a rental home as there isn't anything else much that must be done to it for years (knocking on wood). Eventually new flooring and countertops but might as well get the renter to pay for that (and have them pay for my appreciation as well). Since homes are selling for the same price regardless if they have new roofs or HVAC why should I sell? I'm not going to get that 20k back on sale.
would be sellers have indefinitely put off selling their homes (all ITB) due to reasons that essentially boil down to '...but where will we go?'
When someone reaches 70, it's very tempting to sell the house that you own debt-free and then pay apartment rent for the 5-15 years of independent living that remain. CMV of a house can cover often cover all the monthly rent payments for the rest of one's life, and inflation becomes less of a worry the longer one lives.
For my friends in that situation who have chosen to buy another home instead of renting, most of them are leaving Wake County. Some are going to the outer ring of Triangle counties, others are going east to the coast or west to the mountains, and others are moving out of state.
As others have demonstrated, "not enough houses to move to" also means "not enough houses to move from," which means that other people don't have enough houses to move to.
Indeed it is a vicious cycle. And the extreme lack of inventory that this cycle keeps perpetuating is making the market here competitive beyond what anyone has ever seen.
I just offered on house for myself in Cary in the $300k price range while it was still in "coming soon" status (ie...no showings allowed)....I offered SIGNFICANTLY above list price with a Due Diligence amount well into the 5 figures....and there were 10 other offers and mine only came in second. All of this a full week before showings were set to begin.
Our house/neighborhood is in the 250-260 range. I literally watched a home go up "for sale" last week with the "under contract" sign on it already attached as they put it in the ground...
I have similar thoughts...we could sell...great...but then where do we go? Everything on the market for the most part is just junk or recently flipped with crap materials from folks looking to make a quick buck. The ones that are decent are getting lots of offers. I'm not going to get in a bidding war with a half million+ dollar home.
There just isn't really anything out there that we'd want, so our first time buyer house remains unlisted...and will probably just end up being rented out if this path continues. We replaced the HVAC, roof, and water heater and it's primed for a rental home as there isn't anything else much that must be done to it for years (knocking on wood). Eventually new flooring and countertops but might as well get the renter to pay for that (and have them pay for my appreciation as well). Since homes are selling for the same price regardless if they have new roofs or HVAC why should I sell? I'm not going to get that 20k back on sale.
Exactly. if you WANT to sell, but don't NEED to sell... why would you when you don't feel confident you can buy another home you would want in wake county?
As another poster said... perpetual cycle of low inventory. That's why I was curious about the mayor/city of raleigh's response to that low inventory/affordability of housing. Do they have a plan to break up that cycle or will this continue for the foreseeable future?
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