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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.
This is the new norm.
As Frank Barone would say on Everybody Loves Raymond, "Holy crap!"
The housing market may not be exactly as bad as Wake is here in Durham County, but it's definitely similar in feel to all parties involved. I've had friends who want to move into a home in the area and I've had to tell them that with their criteria of wanting a house under $300K, they have virtually nothing available. That even includes if they try for something in Chatham County south of town.
I keep hoping it will change this year, just as hoped it would in 2020. And in 2019. But it ain't anytime soon.
Congratulations, Raleigh-Durham. This is what happens when you're named one of the best places to live, I guess.
As Frank Barone would say on Everybody Loves Raymond, "Holy crap!"
The housing market may not be exactly as bad as Wake is here in Durham County, but it's definitely similar in feel to all parties involved. I've had friends who want to move into a home in the area and I've had to tell them that with their criteria of wanting a house under $300K, they have virtually nothing available. That even includes if they try for something in Chatham County south of town.
I keep hoping it will change this year, just as hoped it would in 2020. And in 2019. But it ain't anytime soon.
Congratulations, Raleigh-Durham. This is what happens when you're named one of the best places to live, I guess.
It's happening literally everywhere - if you talk to a realtor in every part of the country, they'll probably say something similar as what is happening here. I talked to someone who is a realtor in Connecticut and they said that they are seeing 20+ offers on houses and going way over asking.
I think the Mayor is sincere in this. But after all, she is from the development community. In general her approach is Build, Baby, Build... as long as it's inside or along 440. Low end, high end, and anything in between.
what else would we do to increase affordability?
Increase supply of affordable housing, or subsidize rent? Are there other options?
As Frank Barone would say on Everybody Loves Raymond, "Holy crap!"
The housing market may not be exactly as bad as Wake is here in Durham County, but it's definitely similar in feel to all parties involved. I've had friends who want to move into a home in the area and I've had to tell them that with their criteria of wanting a house under $300K, they have virtually nothing available. That even includes if they try for something in Chatham County south of town.
I keep hoping it will change this year, just as hoped it would in 2020. And in 2019. But it ain't anytime soon.
Congratulations, Raleigh-Durham. This is what happens when you're named one of the best places to live, I guess.
Wake and Durham are both equally insane at this point. 27713 was the fastest-selling zipcode in the state for a while but now it is basically everywhere. I do most of my business in Durham and Chapel Hill; hence part of the reason I am looking for homes for myself primarily in Wake County; so that I'm not competing against my own clients. I've had 2 sets of clients aske me to see the same 3 houses in Hope Valley Farms in the past 2 weeks alone; one of them sold before it even went active and the other two had over a dozen offers each the day they went active.
And indeed; it is really nation-wide that this housing supply vs demand shortage is causing unprecedentedly competitive RE markets.
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.
I was looking at it from a realtor commissions point of view and most houses selling within only a few days of being placed on the market. My co-workers wife is a realtor and I keep asking him if she's made them rich yet. A neighbor is also a realtor and he has both a BMW convertible and a Tesla sitting in his driveway. From that perspective I think most realtors are doing quite well commissions wise.
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.
who knows what the future holds for 5 points...
when the next drop in prices comes, 5 Points will go down ~ 15% for 2 years. If you just bought, that's a near-term issue. If you bought 22 years ago, you've still "made a killing".
Now, go to some other neighborhoods that are suddenly selling for 90% of the sqft price of 5 Points and previously haven't sold within 50% of 5 Points, and you've got a different problem.
I can remember being in college in 1987 and going to some older students' rentals that were on Whitaker Mill and just jumping the curb to park in the "yard".
And all of that, going back to the first post, means we need a heckuva lot more "inventory".
I was looking at it from a realtor commissions point of view and most houses selling within only a few days of being placed on the market. My co-workers wife is a realtor and I keep asking him if she's made them rich yet. A neighbor is also a realtor and he has both a BMW convertible and a Tesla sitting in his driveway. From that perspective I think most realtors are doing quite well commissions wise.
that's an easy and obvious conclusion to reach. We all would. I heard David Geffen has some insane $600MM yacht, and he can't sing.
Did he pay cash for that Beemer and Tesla? He's single, or has a spouse?
Does your co-worker say that yes, his wife has made them rich and they can both retire?
There are 15,000 MLS members in the Triangle. Let's make it simple and say 5K* are appraisers, inspectors, hobbyists, etc.
The # of home sales in the Triangle last year was up 10%.
The average price of homes sold was up 10.6%.
That means the total volume $ increase was about 22%. If you had a white collar job, had your hours go up 20%, had your boss hire 20% more people doing your job, and you were a great worker and got a 10% raise last year ... were you killing it?
If you were given a salary of $0 on January 1, and told "hey - it's a great year, go work 50+ hours/week and you'll make 22% more" ... would you?
*And if there were 10,000 actual "Realtors" helping Buyers or Sellers in this crazy hot market, and their average pay was $24,300 - would you work for that? Would you for $97,000, understanding you pay 15%+ FICA plus all your expenses?
Because under the "20% do 80%" of any job, especially "sales", that's what the average of that 20% would be.
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?
it's important to know that what "we" (the typical person who participates in the forum) think of as affordable is nowhere near what the government definition of affordable is.
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