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Old 02-26-2007, 08:27 PM
 
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How has the recent nationwide slowdown in housing affected the N. Raleigh and Cary areas? We are considering a relo to those areas, but wondering if we should wait to buy or build a home. I thought that those areas were not really affected bc they did not experience the recent booms, but on the other hand, I have noticed a few builders starting to offer incentives that were not there about a year ago.
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Old 02-26-2007, 08:44 PM
 
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Quote:
Originally Posted by jedi View Post
How has the recent nationwide slowdown in housing affected the N. Raleigh and Cary areas? We are considering a relo to those areas, but wondering if we should wait to buy or build a home. I thought that those areas were not really affected bc they did not experience the recent booms, but on the other hand, I have noticed a few builders starting to offer incentives that were not there about a year ago.
I guess it depends on what price range you are talking about, but I have not noticed any slowdown in the N. Raleigh market. Houses in good locations that are priced correctly seem to be selling. I imagine some of the new construction developments have seen slower sales than in previous years because of the residual effects of the slowdown in the Northeast. People in NY and NJ are waiting for their homes up there to sell before they can buy down here. Aside from that.... not much of a widespread slowdown here.

I don't doubt that you have seen some increased incentives over the past year for new construction since they have been popping up pretty fast all over the place, but if you are real serious about buying here, I wouldn't wait too long as this area seems to experience modest but steady appreciation, the local economy is still strong, and more people keep moving here every day, so I doubt prices will be any lower than they are today as time moves on.

Last edited by North_Raleigh_Guy; 02-26-2007 at 08:54 PM..
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Old 02-27-2007, 05:50 AM
 
Location: Cary, NC
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Spot on, NRG!
We have a historically stable market, with little volatility.
That takes out much of the risk of buying.
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Old 02-27-2007, 07:19 AM
 
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According this report on latest home prices, Raleigh Metro is one of about 14 markets that are still seeing double digit gains in home prices...

http://money.cnn.com/2007/02/15/real...ion=2007021514
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Old 02-27-2007, 08:08 AM
 
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I really don't see any slowdown at least in the area I live (border of Cary with Holly Springs). Just during the past weekend I saw new "SOLD" sings being put in 3 new houses being built in my subdivision.
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Old 02-27-2007, 08:16 AM
 
Location: Oxxford Hunt, Cary NC
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There were some newspaper articles that mentioned things slowing down a bit in the Raleigh area due to people having difficulty selling houses in other parts of the country. That makes a lot of sense if you think about it.
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Old 02-27-2007, 08:37 AM
 
Location: Raleigh, NC
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I remember reading an article that the Raleigh-Durham market was rated dead last in cities as far as having a housing bubble situation.

This is definetly good news, so we don't have to worry about house prices falling at least for the next few years especially with all the new jobs being created and headquarters moving here. Not to mention the transplants moving here from the north & florida especially, but other areas too.
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Old 02-27-2007, 09:58 AM
 
Location: Portland, Oregon
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Originally Posted by adlnc07 View Post
There were some newspaper articles that mentioned things slowing down a bit in the Raleigh area due to people having difficulty selling houses in other parts of the country. That makes a lot of sense if you think about it.
The NYT ran an article the other day addressing the issue of sub prime lenders going under, I think the largest one in the U.S. Foreclosures are on the rise. I don't see how this is not going to eventually affect real estate markets everywhere. Won't everyone eventually pay the price for all this creative financing? Just my layman's opinion. I'm certainly no expert.
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Old 02-27-2007, 10:35 AM
 
Location: Raleigh
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I just sold a rental property in North Raleigh I own in a little over a week. As always, the location determines how quickly things move. I sat on my property until 540 was complete and am glad for it! Good luck with your relocation.
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Old 02-27-2007, 12:32 PM
 
Location: Oxxford Hunt, Cary NC
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Originally Posted by tigerlily View Post
The NYT ran an article the other day addressing the issue of sub prime lenders going under, I think the largest one in the U.S. Foreclosures are on the rise. I don't see how this is not going to eventually affect real estate markets everywhere. Won't everyone eventually pay the price for all this creative financing? Just my layman's opinion. I'm certainly no expert.
Yup, the 'creative financing' is just bad for everyone. I read that foreclosures are at record levels in NC (and elsewhere).
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