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Apex, Cary, Morrisville market will be strong for quite some time to come.
Mike, that's not the question though. Have you noticed more inventory or is it still tight? Do you feel like the average "time on market" has changed at all?
Mike, that's not the question though. Have you noticed more inventory or is it still tight? Do you feel like the average "time on market" has changed at all?
"Balance" is a key term. The market is still wildly out of balance, favoring sellers.
DOM is almost meaningless, but is still very very low.
"Inventory" is a vague topic. "Inventory" is turning fast enough to render it so. There sure aren't more houses to show on a given day or weekend.
If houses average 10 days on market, and then average 13 days on market, that is a meaningless 30% increase in DOM.
All applicable to the post to which I replied:
Quote:
Originally Posted by Fiona8484
I'm not a realtor, but I have an investment property to sell (in the next few years) so I diligently watch the listings. I check out Apex, Cary and Morrisville, to me it seems like inventory is still low but I'd be curious to hear what the realtors on here have to say.
"Balance" is a key term. The market is still wildly out of balance, favoring sellers.
DOM is almost meaningless, but is still very very low.
"Inventory" is a vague topic. "Inventory" is turning fast enough to render it so. There sure aren't more houses to show on a given day or weekend.
If houses average 10 days on market, and then average 13 days on market, that is a meaningless 30% increase in DOM.
All applicable to the post to which I replied:
Okay. Thanks. That was like pulling teeth. Also, thankfully we have historic data to compare, don't we? So you can't simply say that these things are vague topics. I am not asking you to find me that data, I may look for it myself. I was wondering if you noticed a shift in market as a person who is in it on a daily basis.
But, cool, be an Eeyore. I wait if cheerful Nick has something for us.
Okay. Thanks. That was like pulling teeth. Also, thankfully we have historic data to compare, don't we? So you can't simply say that these things are vague topics. I am not asking you to find me that data, I may look for it myself. I was wondering if you noticed a shift in market as a person who is in it on a daily basis.
But, cool, be an Eeyore. I wait if cheerful Nick has something for us.
No. No "shift" in Cary, Apex, and Morrisville.
"Shift" connotes a dramatic change. Nope.
Jeeze, Can't "share" what "ain't there."
Ask Nick about his home search, and measure the "cheerfulness."
No. No "shift" in Cary, Apex, and Morrisville.
"Shift" connotes a dramatic change. Nope.
Jeeze, Can't "share" what "ain't there."
Ask Nick about his home search, and measure the "cheerfulness."
It took me 7 offers and to get one accepted. Closed 2 weeks ago at $48k above list price and $12k above appraisal. Within the next year or two I'll need to replace the roof, HVAC, most kitchen appliances and already had popcorn ceiling scraped/panted and carpets all replaced which wasn't cheap. I was told there were 17 other offers on the house and I got it because my offer was "cleanest'...not necessarily the highest.
And I am one of the very lucky ones!
Clients of mine closed 2 days after me on the 15th house they offered on...miraculously the house appraised and they "only" had to go $25k over list price. The 14th house they offered on only a couple days earlier was one they offered $65k over and it just closed at $101k over.
I would say there is "somewhat" of a "summer slowdown" right now with everyone on vacation and crap listings are sitting (a couple months ago; EVERYTHING was selling right away). Seasonal slowdowns were common even in the few years of strong sellers-market proceeding the 2021 madness.
If a house makes your heart skip a beat.....it's going to be a bloodbath.
Last edited by TarHeelNick; 07-21-2021 at 02:58 PM..
Mike, that's not the question though. Have you noticed more inventory or is it still tight? Do you feel like the average "time on market" has changed at all?
I have READ a few articles about the "additional inventory" but I haven't seen it!
I haven't seen any increase in inventory nor have I seen any homes staying on the market longer than a few days unless they are overpriced!
well I don't see any slow down, maybe more crazy instead. I got mine with no due diligence and no inspection and free rent back basically whatever seller asks. A friend tried to buy another one last weekend and was told don't bother making an offer unless you want to put 100k over asking, and this was a 400k home. I have been watching the listings and there are very few new listings. Check the recently sold, lots of them are 50k or 100k over, so the listing price would go up. Let's wait and see if there are enough buying power. However I would say, compare nationally RTP house is still on the lower side.
It took me 7 offers and to get one accepted. Closed 2 weeks ago at $48k above list price and $12k above appraisal. Within the next year or two I'll need to replace the roof, HVAC, most kitchen appliances and already had popcorn ceiling scraped/panted and carpets all replaced which wasn't cheap. I was told there were 17 other offers on the house and I got it because my offer was "cleanest'...not necessarily the highest.
And I am one of the very lucky ones!
Clients of mine closed 2 days after me on the 15th house they offered on...miraculously the house appraised and they "only" had to go $25k over list price. The 14th house they offered on only a couple days earlier was one they offered $65k over and it just closed at $101k over.
I would say there is "somewhat" of a "summer slowdown" right now with everyone on vacation and crap listings are sitting (a couple months ago; EVERYTHING was selling right away). Seasonal slowdowns were common even in the few years of strong sellers-market proceeding the 2021 madness.
If a house makes your heart skip a beat.....it's going to be a bloodbath.
"Opendoor was the top buyer of properties in Wake County since January 2020, scooping up about 500 single-family homes through the first quarter of this year, an analysis of tax data by The News & Observer shows. The company paid just over $250,000 for the typical home during that time period."
Sure I guess so, but what value is Opendoor actually providing? They aren't making improvements to the home. They're hiding defects in order to artificially inflate the sale price.
I'm not involved in the housing market, but I understand that homes are selling extremely quickly and buyers are often forgoing inspections or surveys. Seems like Opendoor is taking advantage of this market dynamic.
I agree. That sounds like what’s going on here. OD is like the roofing company that shows up in town offering great deals after a major hurricane. Only in this case they are manipulating hot housing markets.
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I wait if cheerful Nick has something for us.
