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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.
basically every year since 2001.
Your friends that want to buy a $300K house? They need to earn about $80K today, combined.
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".
mere serendipity... walking dogs. and I don't think of it as a 'killing.' One day, for curiosity's sake I calculated all the interest paid on the mortgage, the property taxes, and the home insurance over 22 years and I gasped and shuddered and
and that's why I posted mayor clip-- if as she says 80% of raleigh is not zoned for multi-family, and ~64 people move here each day, and fewer are inclined to sell b/c of the where will I go factor--- que pasa then? How will housing inventory ever increase, I wonder. That may sound like a too simplistic question for a no doubt complex answer... but I am genuinely curious.
yes, most of the "residential" property is zoned for single family. Whether that's a vestige of racist times (See "Color of Law") or just "I want a house on a 1/4 acre" is not for me to answer.
There's some much simpler answers than they're willing to lead, and tackle.
PS - if anyone got a mortgage 20 yrs ago and never refinanced, then yes - you paid as much interest as principal. I haven't even looked at an amortization like that (Good Faith Estimate) in 3 years.
Location: Chapel Hill, NC, formerly NoVA and Phila
9,777 posts, read 15,785,332 times
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Quote:
Originally Posted by pierretong1991
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.
It does indeed seem like it is happening everywhere. My friend is a Realtor in NoVA. She said that at an open house for a home listed at $935K, there were hundreds of people lined up around the block. They wrote an offer for $980k escalating to $1,005,000 and waiving ALL contingencies. They lost to an offer that went over $1,040,000. That is insane. I could not afford to move back to the town I moved from 9 years ago.
I've been watching properties in suburban Philadelphia and in Florida for a future move. Prices are escalating and nothing is available. It is absolutely crazy! Where are all of these buyers coming from?
Everyone here wants a house with a yard and no one (<1%) want alternatives like condos. In a healthy city we should be building a new 200+ unit condo tower every year instead there hasn't been a new condo building greater than 90 units built in Raleigh in over 14 years. Current condo developers in the area will let you know it's a tough sell. 615 Peace still isn't sold out and nor is the Fairweather.
Soon there won't be enough empty space inside the city limits for new single family housing and the crisis will only explode exponentially.
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.
and smile sadly.
It really isn't much fun anymore. The current market favors only sellers, and generally only if they don't need a new home locally.
Quote:
Originally Posted by VickiR
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.
^^^
Fact. Absolute fact.
Working as a fiduciary for buyers in this market is more stressful than at any time in the 15 years I have been licensed.
Sellers, not wanting to have to weed through 15, 20, 30 offers, are taking very good offers before the house goes Active for showings. Keeping it simple.
Quote:
Originally Posted by Starglow
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.
Are they new? Or, have they been in working real estate for many years? Dumb newbies lease that big car after a few closings. Experienced, smart, successful agents get the toys when they have built a business history that they believe will support their lifestyle choices moving forward.
Oh, yeah... Never count the other guy's money. We seldom really know the exact source of funds.
I don't think most REALTORS are doing quite well because of the current market dynamics. And, it concerns me that schools are pumping out more and more licensees who envision a gravy train without a clue how they will get aboard. Those cannon fodder licensees remind me of 2005-2009, before you couldn't give a house away. Reminds me of stories of 1929, when cab drivers were stock market touts. "Too easy to believe."
And, in the shallow nouveau "Let's build a team" brokerage environment, too many agents are at license-hanging shops, untrained for professional attitudes and execution and unsupervised, making working through a transaction more difficult than it should be.
I have clients under contract, after making several phat offers. "Hit the lottery!" Client's words, not mine. But, it DOES feel that way.
and smile sadly.
It really isn't much fun anymore. The current market favors only sellers, and generally only if they don't need a new home locally.
^^^
Fact. Absolute fact. Working as a fiduciary for buyers in this market is more stressful than at any time in the 15 years I have been licensed.
Sellers, not wanting to have to weed through 15, 20, 30 offers, are taking very good offers before the house goes Active for showings. Keeping it simple.
Are they new? Or, have they been in working real estate for many years? Dumb newbies lease that big car after a few closings. Experienced, smart, successful agents get the toys when they have built a business history that they believe will support their lifestyle choices moving forward.
Oh, yeah... Never count the other guy's money. We seldom really know the exact source of funds.
I don't think most REALTORS are doing quite well because of the current market dynamics. And, it concerns me that schools are pumping out more and more licensees who envision a gravy train without a clue how they will get aboard. Those cannon fodder licensees remind me of 2005-2009, before you couldn't give a house away. Reminds me of stories of 1929, when cab drivers were stock market touts. "Too easy to believe."
And, in the shallow nouveau "Let's build a team" brokerage environment, too many agents are at license-hanging shops, untrained for professional attitudes and execution and unsupervised, making working through a transaction more difficult than it should be.
I have clients under contract, after making several phat offers. "Hit the lottery!" Client's words, not mine. But, it DOES feel that way.
I am about to head to an inspection with a client who used this exact same phrase the other day. This will be the first time either of us have been inside the house. At the inspection. Had multiple offers in coming soon and hers was the best. She lost out on 4 before this. She is beyond excited for today; I am stressed to the max.
I am about to head to an inspection with a client who used this exact same phrase the other day. This will be the first time either of us have been inside the house. At the inspection. Had multiple offers in coming soon and hers was the best. She lost out on 4 before this. She is beyond excited for today; I am stressed to the max.
Hope inspection is a good one for your buyer, Nick!
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.
Not wise to make judgements/assumptions on personal wealth by looking at vehicles.
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