Unbiased real-estate advice (Raleigh, Garner, Clayton: sale, how much, attorneys)
Raleigh, Durham, Chapel Hill, CaryThe Triangle Area
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Things are in such turmoil right now, why not wait and see what happens in the 1st quarter next year. Prices certainly aren't going to start shooting up anytime soon, and there may be one or more shoes yet to drop in this thing...
I think you realtor's hidden agenda is to make money, and put you in a home (one you like hopefully), but to do it quick and with as little effort as possible on their part. That probably means playing up the "home as a dream" type reactions, and down playing any indications of a softening market...
The real estate market has been good until recently. Like any other industry, when times are good, the market becomes saturated with people - in this case agents - that may not have all the skills for the industry. However, a good market hides this fact. When industries turn downward, these flaws become more apparent. I've witnessed it first hand when selling real estate - not in the Raleigh market. We had top selling agents that weren't great agents nor very knowledgeable, but she/he was well connected.
This is by no means a slight against real estate agents. It happens in every industry. Hard times will weed out the best from the rest.
The real estate market has been good until recently. Like any other industry, when times are good, the market becomes saturated with people - in this case agents - that may not have all the skills for the industry. However, a good market hides this fact. When industries turn downward, these flaws become more apparent. I've witnessed it first hand when selling real estate - not in the Raleigh market. We had top selling agents that weren't great agents nor very knowledgeable, but she/he was well connected.
This is by no means a slight against real estate agents. It happens in every industry. Hard times will weed out the best from the rest.
Technology will make real Estate Agents irrelevant before too long - same way as most people book travel using the internet they will buy and sell their homes in the same way. Why pay crazy amounts of money to sell a home when technology can do the same for a fraction of the cost. Obviously there will always be a market for a minority of people who are happy to pay a premium rather than do it themselves.
Do you have specific areas that you are looking at and/or trying to compare?
I am not sure that anyone has a magic ball to determine where prices are headed, but even to pay realtor commission, the value has to rise at x% so that you don' t lose your shirt.
If you can determine sales of similar homes, and just calculate it by $ per sq. foot - you'll have a sense of at least comparing apples to apples. If a home is priced higher than another (per sq. foot), then you can ask what the neighborhood offers to make the sq. ft. so much higher...
Are you looking at new construction or existing homes? If existing homes, as someone already mentioned, the price that the home was bought and also recently evaluated will be on-line -- at least in wake county. You might be able to use that information to make an offer and/or determine whether they are asking an inflated or reasonable price for a home.
Technology will make real Estate Agents irrelevant before too long - same way as most people book travel using the internet they will buy and sell their homes in the same way. Why pay crazy amounts of money to sell a home when technology can do the same for a fraction of the cost. Obviously there will always be a market for a minority of people who are happy to pay a premium rather than do it themselves.
Yhea, yhea. And with all the ads on TV now that advertise medications, patients will soon be writing their own prescriptions!
And since law books are now online, criminals can act as their own attorneys, as well. And you know what they call a criminal who acts as his own attorney?!!
There is so much more that a real estate agent does than just FIND the home for the buyer. Some people have been saying that with the internet, real estate agents will become obsolete. As a matter of fact...they have been saying it for the last 10 years!!!
We’ve been looking at homes in the triangle for a few months now, and frankly, I need some solid market advice, which hasn’t been forthcoming from our buyer’s agent. With the recent financial meltdown and a sagging housing market, the overall picture is confusing to me. And god bless our realtor; she is areally nice person, with lots of listings in our price range (highish-end) and great community contacts. If I wanted to organize a cotillion at the country club, or pull strings to get my kid into prep school, or meet the CEO of Glaxo-Smithkline she’s exactly who I’d call. But when looking at houses, I need clear, concise answers to concrete questions like “when was this property most recently sold and for how much” or “what is the history of price reductions and the ratio of initial list price to final sales price of comps” or “how long has this property been on the market” or even “what’s your honest opinion about whether this price is reasonable.” But all she wants to do is chat up my wife about the “fabulous bonus room!” and the “gourmet kitchen with granite countertops!”
In following the listings at the medium/high-end for the last year or so, it seems to me like an increasingly bad situation, where many of the houses have sat for nearly a year and prices are just starting to really drop. The “handmade brick exterior” and “genuine heart-of-pine flooring” is great, but frankly I’m more worried about losing my shirt if we need to sell in a couple years. Platitudes like “housing never goes down long-term” or “Renting is just throwing away money” just don’t cut it anymore in the midst of what appears to be worst financial crisis of my lifetime. I’m not sure if our agent is just clueless, or has some hidden agenda that I don’t understand. What would the area realty experts advise as far as seeking out an unbiased source of advice with regard to specific properties?
"Your" buyer's agent works FOR YOU. You should be able to ask her most any question and get an experienced professional answer, as long as it is not illegal for her to answer.
Send her an email...tell her that you are becoming frustrated that your questions are not being answered. Then list your questions and hopefully, she will email back some answers. You deserve that.
We’ve been looking at homes in the triangle for a few months now, and frankly, I need some solid market advice,
While one can never predict the future, this is how I look at it:
This area never had a bubble buildup in price, therefore there is no reason to believe there would be some huge overall drop in price
As the market is slower, you will see the questionable locations struggle with pricing, while better locations will do much better
Interest rates are incredibly low NOW. This we know. What happens a week or further down the road is a guess
Inventory from builders is where you find the best deals now. Builder inventory is now lower than it was a few months back, as they discount heavily to unload the cost of carrying the home. At some point, these deals will be gone
Higher priced homes are where you normally can find bigger drops in pricing, due to the amount of upgrades usually found in them
The future is a complete unknown and given the things I thought I would never see our country do, who knows what the heck is going to happen. But we do know what we have now and it looks like a really good time to buy. I just wouldn't buy if you didn't plan on staying in the home for a few years.
I would not buy a luxury home/estate home at this point in time. Especially if you're only going to hold for three years or less. That market seems to be the most likely to tank, IMO. Makes sense, since there isn't a huge influx of yanks/Californians flocking here with ridiculous amounts of equity anymore.
This is exactly why I'm glad our buyer's agent is an attorney by training (admitted to the bar in another state, then moved here, eventually wants to take the bar here and practice real estate law). She's such a far cry from the idiot who will do anything to get you to buy like some people in this (and any other sales-driven) field. No, she can not and does not offer us legal advice, but she brings to the table an attorney's keen eye for detail, appreciation for concrete facts, and the ability to really advocate and go to bat for her clients. Her pleasant exterior belies a razor-sharp mind and (when necessary) attack-dog mentality.
I can't say she'll necessarily provide unbiased advice, but she certainly doesn't BS around. PM me if you'd like her info.
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