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TSmith, I don't want to give too many details on my home on this board, but it's under $300k, has lots of interior and exterior space, and is well built. Shows like its newer.
NYC, what you said is what I would normally expect. But several realtors have told us our home is ready to go and topnotch. We went with the price most of these realtors thought was best. Our home is priced less per sq. ft. than other houses.
That's why I suspect this has more to do with the overall market. This is why I'm hoping to hear more from realtors on this board.
Realtors I've spoken with in person say transplants are having trouble selling their own homes. Also, many people got adjustable rate mortgages, and they messed themselves up. Stuff like that.
I don't want to sell my house at a loss when, in a normal market, it would bring in its true worth. So I'm thinking of removing it off the market.
How long have you been on the market? If your house is under $300k then there should be more than enough buyers at that price level. My friend sold his $330k in a week and had 3 people bidding on it and he got $5k more than he asked because of this. It's a solid house not super fantastic or anything, .33 acre lot, 4 BR 2.5 baths but in a great location in Apex, off Hwy 55. So it was location that sold his house. I am not sure about your location but that could be a big component of it?
GOOD POINTS! Starting to hear that maybe north Raleigh is where I should look. That's all I want to is flat lot not big yard but decent just to play with my kids. Want a sunny backyard, will pay up to $400,000 in Cary with FLAT driveway and lot. Am I really being to picky? I don't even care about the inside to me they are all basicly the same 4/2/bonus or whatever. It's just give me a little space between homes 30 ft? Again asking to much?
As far as realtors thanks, but his is the number 1 office in all of the Carolina's and he has been fantastic. You really can't even get an oppointment with him. He is straight out but I have been talking with him now for over a year and a half.
He is a super person more than an agent which is everything to me. But thanks for the offer she sounds like a great agent too.
Listen I know what I need to do, Have been in the real Estate business myself for over ten years. And you need to make this a full time job for at least a mointh and be ready to pull the triger on a ' good one " when they come up, and they do , but they go the same day.
I have been in Cary for the last month and witness this happening every other day. I just have to get a little lucky, and beat the other 100 people who are doing the same thing. And the reason they go fast is lots of buyers are like me, have done their duu diligence and now are just waiting. Believe me what you don't hear anyone talk about is the homes in all the neighborhoods that are over priced or the owners can't believe somene would actually care about a flat lot and driveway.
when your spending close to $400,000 you better care about what side of your home gets sun......
Dman, you're right that in some places like Cary you do have to jump like a cricket to get the right house. I've heard of buyers literally camping out outside new home developments in Cary, hoping they can be first to get some postage stamp lot. I'm sure some bidding is going on because people are being duped. A lot of people living in other parts of Raleigh shake their heads over it and laugh because there are better areas to live around here, with plenty of shopping, convenience to major roads, low crime, clean environment, etc. where you can get what you really pay for and where appreciation is as good as Cary, or even better.
Cary has really become a local joke to a lot of people, and many of the people moving here just don't realize it. It's basically a tract house city. And anyone who denies that here is just pulling your leg. Cary was a great place 30 years ago, but then developers came in and turned it into a concrete jungle. To give another impression, they just stuck pretty shrubs along the main roads and required that signs be regulated. I'll get a lot of heat for saying that, but it's something an awful lot of people down here know is true. I'm not alone at all on that point.
A lot of transplants are coming down here from congested, noisy, restrictive, high-tax areas, and they're buying into more of the same when they move to Cary. If that's what someone likes, then that's fine. But a lot of people don't.
TSmith, the location we're in was rated in the N&O as being the best around here. It appears partly that transplants are coming in and getting caught in builder's sale pitch webs, so they're not really searching the whole Raleigh area. I'm not sure new people coming in know where the really good areas are. If I was new coming here, I'd sit down with 5 different realtors with topnotch reputations who work in different parts of Raleigh. Then, and only then, would I have a good feel for where to go. Despite what some realtors will tell you, most of them specialize in certain areas in order to be truly effective.
To me it's just puzzling why people would want to move to a place where you can either wave from your doorstep to the UPS man driving down the freeway, or you can wave at the airline passengers flying overhead, or you can pinch your neighbor's wife while sitting on your deck. I'd rather enjoy viewing the deer and birds from my back deck.
Well to get back to the original question (not a realtor, but a 2yr transplant).
It is a combination of things and most of them are not in our control that is slowing the market here....
1. House ARE (I have 2 friends that have home on the market, one 1 yr and another 7 months and no sale) sitting on the market up north more and more. I can tell you that if I had this problem 2 yrs ago I wouldnt be here why let go to #2.....
2. Because now that "deal down south" isnt a deal FOR THAT person. THey need to lower the price but dont want to. As the prices climb higher here then they dont want to lower the price even less. Many then say then I will just let the house sit there on the market until it sells.
3. Now aside from that the market here is now softer but not a northern market.(spring has come and past). Less buyers, ALOT of inventory, and people / builders still trying to push prices as much as possible.
4. NOW that prices arent as much as an attraction as they were before, people are now not willing to look past issues that they were before like lot size, traffic ect....
5. This is simply the effect of causes mostly outside of the triangle. I think the economy is to blame for the fall of northen prices (and the fact that there was a bubble).
6. In the end noone wants to lower the price or admit that they are in a slow market so house prices stay the same and the houses sit and then maybe prices go down some and the market picks up.
Sal,
To me it's just puzzling why people would want to move to a place where you can either wave from your doorstep to the UPS man driving down the freeway, or you can wave at the airline passengers flying overhead, or you can pinch your neighbor's wife while sitting on your deck.
SAl,
That was funny. OK I agree with you BUT WHY DOESN'T ANYONE BE SPECFIC?
Sal, where in North Raleigh. I agree with everything you just said . best reply that I have read! perfect but your leaving out one thing where?
I feel like I'm buying one of those real estate books sells you on the hype and all filler. Never tells you how or gives you examples.
So bring it on Sal where? neighborhoods in NR? Delelopments/builders/areas
Need more imput!!!!!!!!!!!!!!!!!!!
I won't tell you where I am looking either. Why? Because I don't roll like that.
I don't need you beating me out on a good deal. I know the triangle lived there 14 years ago for near 5 years. Maybe because I lived there before I know where not to live. If you look at some of my posts about Cary I would have saved you 3 weeks of time.
Of course this is all my opinion. Jersey Girl, Carolina transplant and Penciltukian. I been where you are now both here and there and back.
I may have to write a book with that in the forward.
Dman maybe you should find another realtor. The one you are using should be doing much of this work for you. My realtor knows what I like and her and I we got a vibe. You may need a former yankee realtor one who gets your vibe. Capisci?
Ducter, that is one good post. A lot to look at there.
Dman, since this is a public board, and I'm sure we're not supposed to sell homes here, I can't give you specifics on mine. But I can tell you the areas that many who have lived here a while think are the best.
1. This location is by far the best if you want good appreciation, quiet, space, quality, best schools, parks, and convenience. Good homes under $350k in this area are rare jewel finds. A Business Journal article about this is posted in italics at the end of this post.
2. Wake Forest is a great area, except it's farther from RTP, and going Capital Blvd. can be a headache. They're not building enough roads to accommodate traffic fast enough out that way. Neighborhoods like Bedford and Wakefield are jokes, by the way, because you sit on Falls of the Neuse, Hwy. 401, or on Capital during rush hour the same as you would in Jersey. Bedford is right next to the city landfill and people keep buying homes there like they can't smell with their noses.
3. I've heard good things about Clayton, but there isn't a good shopping infrastructure there yet and the nuclear plant isn't that far away.
4. The Wendell area is going to take off from what I'm hearing so it might make a good investment area, but it's farther from RTP than Wake Forest is. Crime is higher there too, believe it or not. It's more in the flat coastal plain.
I could list the areas that aren't the best for resale, safety, or what have you. But then all the people living in those areas would jump in here and sidetrack this thread. So I'll shut up about that.
North Raleigh leads ranking of Triangle luxury ZIP codes
Upscale suburban neighborhoods overtake traditional pockets of wealth
Triangle Business Journal - August 12, 2005
by Kim Nilsen
RALEIGH - St. Lawrence Homes Chief Executive Bob Ohmann chose well in 1995 when he settled in the Bartons Creek area of north Raleigh.
Ohmann built a stately red brick home on four acres of land off Six Forks Road. The house is a rambling 8,800 square feet and puts the home-building executive squarely within 27614, the wealthiest ZIP code in the Triangle.
That's according to the demographics researcher and mapping software company , which ranked the ZIP code richest based on a number of indicators of affluence, including household income and net worth.
The golf course community Wakefield Plantation and upscale residential enclaves such as Greywalls, Chatsworth Overlook, Bay Leaf Farm, Devon and Sheffield have helped propel 27614 from boondocks to best address in recent years.
With newer homes, the area pushed past Raleigh's North Ridge, bested Cary's Preston and trumped Durham's Treyburn.
A typical 27614 dweller, according to , would be part of a well-educated, well-traveled 40-something couple with an enviable net worth totaling about $935,000.
Their average household income would hover around $145,150. Speaking of households, theirs is plush. The ZIP code boasts an average home value of $378,475.
And with the luxury of disposable income in the $99,815 range, Mr. and Mrs. 27614 can afford gadgets and country club memberships.
Several 27614ers are avid collectors. Eliza Olander has somewhere between 8,500 and 9,000 bottles of wine in her wine cellar. Entrepreneurs Joe Wise and John Q. Walker and venture capitalist Bud Whitmeyer and his wife, Suzanne Whitmeyer, have invested in paintings and other art. Ohmann's toys have included a fire truck kept in a garage on his property.
has a name for areas such as 27614 - "suburban splendor." Residents of such areas are typically "the epitome of upward mobility," the Redlands, Calif.-based demographics company says.
Have to disagree on #3....Nuclear plant is on the other side of Raleigh from Clayton. SW as opposed to SE-- In New Hill it looks like, although I'm going from the web site having never actually seen it. Wouldn't say that's close to Clayton.
and I think you should send the details of your house via pm to dman, from the posts it seems like you might have what he's looking for.
Chip, you're right. The nuclear plant isn't in Clayton's backyard at all. It's just closer than I personally would feel okay with. The plant is located very close to Fuquay-Varina, Apex, and part of Cary.
Clayton at least feels more like country, but developers have ways of destroying all that over time, don't they. Someone here said that if people would stop buying homes on postage stamp lots, then the developer/builders would change their ways. I honestly feel sorry for kids in those places. When I was a kid I had creative places to play, not just a dinky treeless park with plastic slides and swings.
I'm probably giving too much of my opinion and inviting the ire of a few here, but I'm serious. It seems people would want an actual yard their kids can play in while they sit on their deck sipping lemonade. I think kids need that. Anyway, forget I said that. I'm going to drift my own thread!
In all honesty, I'm thinking of just pulling my house off the market. We're in a topnotch area, and after looking around at new homes, I just don't think we can do better than what we already have. It sounds like we'd have to take less than the realtors have advised because a lot of people coming in still have houses to sell. What's happened elsewhere is not likely to happen here because RTP has lots of diversity in the tech, medical, and government fields. We generally weather economic slumps here better than some other parts of the country. So in time if homeowners here hold on to what they have, the market will improve.
I agree, I can't see why people would want those homes either. But, the beauty of the area is there are many places that offer woods, creeks, and roads with no traffic for the kiddies.
In answer to your questions in the beginning or middle of this thread, I can speak for the problems with selling in other areas, and the lending side of it.
We currently have been waiting for a home to sell in FL, and it's a never ending story. nice neighborhood, nice home, just too many on the market right now, with too high of taxes and insurance.
For the lending, the subprime crunch has had an effect on who's able to buy a home. The LTV's are cut for the lower credit borrowers due to the amount of foreclosures, and the banks pulling out. The tightening of the belt strings on the lending side has pushed a lot of the "renters who want to be owners" out of the marketplace until they clean their credit up a bit. Get rid of the collections and things like that and be able to qualify for a Government backed loan at the higher ltv's.
So, yes, I believe a big part of it is those two factors right there.
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