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I've been amazed for more than a year that we've gotten to where "any popular area within city limits in Wake County = $200+/sqft".
did you (or Mike or Vicki) by chance see the NC Realtors "Legal What if..." this week about we shouldn't be running water, testing thermostat, etc?
I got a good chuckle a few months ago in a Zoom CE class when we were discussing pricing/CMA methodology and the instructor (who has not been in production for several years) made the comment "And of course location is a huge factor and you can expect that when you get to areas like ITB and Chapel Hill prices start to get close to $200/sq ft!"
Quote:
Originally Posted by BoBromhal
found it - 2409814
Agent remarks on that one seem to suggest an "oops we need to move again" for the most recent sale. The buyers agent is someone I know fairly well and he loves to tell stories about past transactions; maybe I'll get more of the story out of him!
Last edited by TarHeelNick; 01-26-2022 at 10:09 PM..
I thought this paragraph (bold by me) was rather poorly crafted: "In today’s market, with buyers feeling pressure to offer large due diligence fees in order for their offers to be competitive, we understand their desire to know as much about a property as possible before an offer is submitted. However, buyers and their agents need to understand that just because they have been given permission to view a listed property, that permission does not include authorization to conduct any sort of investigation. Absent express permission from the seller or the listing agent, the time for buyers to perform their due diligence investigation is after a contract has been signed, not before."
The NC REALTORS Offer to Purchase and Contract, Standard Form 2-T, Pages 5-6/15, Section 4, (b), Property Investigation: specifically lists 11 general areas which Buyers may care to "investigate," many of which are assuredly "due diligence investigation" advisedly and routinely performed prior to contract. Item (ii) actually specifically recommends the Buyer should review disclosures prior to signing the Offer, as part of Property Investigation.
And, surely any capable agent will consider drainage, consult available survey and plat, check flood plains, public or private street access, request info on private road maintenance, seek out fuel tanks, and a variety of other relevant items prior to writing an offer for a client. All of these items are suggested in 4(b), but who is cavalierly throwing down $2500--$100,000 nonrefundable DD Fee without doing some initial legwork? Caution is even more so advised when more sellers are doing the "No Representation" dance on important points in the Property Disclosures.
Buyers:
If there is a stream or river within 500 yards of a property, and your agent cannot show you precise flood plain mapping before you go to contract and throw down the kids' college funds in a NONREFUNDABLE $50,000 DD Fee, FIRE THE AGENT!
I would like to see Will Martin reconsider and put a bit finer point on his input.
OTOH, yes, some buyers do overreach.
But, if the toddler, or parent, uses the potty, should we flush or not flush?
I got a good chuckle a few months ago in a Zoom CE class when we were discussing pricing/CMA methodology and the instructor (who has not been in production for several years) made the comment "And of course location is a huge factor and you can expect that when you get to areas like ITB and Chapel Hill prices start to get close to $200/sq ft!"
Agent remarks on that one seem to suggest an "oops we need to move again" for the most recent sale. The buyers agent is someone I know fairly well and he loves to tell stories about past transactions; maybe I'll get more of the story out of him!
yes, he loves to chat
When it sold in June, it included a condition that "free rent back until early September" was granted. It was listed late September, and included a notation about renovations....which I don't notice at first glance. I did see some of owner 1's furnishings were still there, and some were not.
I thought this paragraph (bold by me) was rather poorly crafted: "In today’s market, with buyers feeling pressure to offer large due diligence fees in order for their offers to be competitive, we understand their desire to know as much about a property as possible before an offer is submitted. However, buyers and their agents need to understand that just because they have been given permission to view a listed property, that permission does not include authorization to conduct any sort of investigation. Absent express permission from the seller or the listing agent, the time for buyers to perform their due diligence investigation is after a contract has been signed, not before."
...
OTOH, yes, some buyers do overreach.
But, if the toddler, or parent, uses the potty, should we flush or not flush?
It also says basically "don't test water, but if you do, dry it up afterwards". as if you're supposed to hide the fact you did.
I get the admonishment to not turn on furnace/AC since AC can't operate below a certain temp ... but the kind of agents that would do that anyway are also ... the type of agents who wouldn't read the email in the first place.
I thought this paragraph (bold by me) was rather poorly crafted: "In today’s market, with buyers feeling pressure to offer large due diligence fees in order for their offers to be competitive, we understand their desire to know as much about a property as possible before an offer is submitted. However, buyers and their agents need to understand that just because they have been given permission to view a listed property, that permission does not include authorization to conduct any sort of investigation. Absent express permission from the seller or the listing agent, the time for buyers to perform their due diligence investigation is after a contract has been signed, not before."
The NC REALTORS Offer to Purchase and Contract, Standard Form 2-T, Pages 5-6/15, Section 4, (b), Property Investigation: specifically lists 11 general areas which Buyers may care to "investigate," many of which are assuredly "due diligence investigation" advisedly and routinely performed prior to contract. Item (ii) actually specifically recommends the Buyer should review disclosures prior to signing the Offer, as part of Property Investigation.
And, surely any capable agent will consider drainage, consult available survey and plat, check flood plains, public or private street access, request info on private road maintenance, seek out fuel tanks, and a variety of other relevant items prior to writing an offer for a client. All of these items are suggested in 4(b), but who is cavalierly throwing down $2500--$100,000 nonrefundable DD Fee without doing some initial legwork? Caution is even more so advised when more sellers are doing the "No Representation" dance on important points in the Property Disclosures.
Buyers:
If there is a stream or river within 500 yards of a property, and your agent cannot show you precise flood plain mapping before you go to contract and throw down the kids' college funds in a NONREFUNDABLE $50,000 DD Fee, FIRE THE AGENT!
I would like to see Will Martin reconsider and put a bit finer point on his input.
OTOH, yes, some buyers do overreach.
But, if the toddler, or parent, uses the potty, should we flush or not flush?
I'm guessing someone left a faucet running and an (understandably) irate seller reported it.
Meanwhile I showed an opendoor listing last week that had been winterized with the toilet seat taped down...and clear evidence that someone who has been there previously couldn't hold it so they went in the bathtub instead. Ope.
I'm guessing someone left a faucet running and an (understandably) irate seller reported it.
Meanwhile I showed an opendoor listing last week that had been winterized with the toilet seat taped down...and clear evidence that someone who has been there previously couldn't hold it so they went in the bathtub instead. Ope.
Are you sure the tub wasn't just "OpenDoor Clean?"
LOL
Hey, my favorite sellers/listing agents are the ones who have a cattle call going, with 3, 4, 5 agents and who knows who parading through, with the lockbox on the kitchen counter, and the keys in the front door or passed hand to hand from agent to agent, through multiple showings and the instructions say, "Turn out all lights and lock all doors."
As if....
Lots of MLS fine potential for all those agents, right?
Interviewee on this Bloomberg podcast mentions that most of the "investors" buying houses (i.e., cash purchases, LLC purchases, overall purchasers who don't have the tax bill mailed to the address) are small-time landlords - and that "I'll just keep my current house and rent it out" has resulted in an overall reduction in available inventory over time. https://www.bloomberg.com/news/artic...ddlots-podcast
There are so many contributing factors to the extreme lack of supply; and I imagine one day it will be looked at historically as a paradigm shift in many ways.
You have the oft-cited factors of under-building for a decade, hedge-fund/venture-capital "RE investors/I-flippers" gobbling up starter homes, and millennials aging into homeownership with families/need for home offices....
But I think another more permanent factor in the decreased supply of homes for sale is the fact that inter-state moves are just not as commonplace now and probably won't be moving forward.
Interstate migration was already trending down for about a decade before the pandemic as remote work was gradually becoming more and more common. That gradual trend to sent into extreme hyperdrive with the pandemic and it is now it's basically the norm. Most people in corporate America do not need to live near where they work. While that may lead some to believe "well gee that should mean MORE people are moving around because they aren't tied down"....the reality is that for people who own a home and have family/community ties.....they're going to be way less likely to relocate. A huge segment of the motivation/necessity of folks to list and sell their homes; a job relocation, has shrunk dramatically and permanently...thus so has the inventory.
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