To those in the know: What is up with Fuquay Varina???Need answers quickly please (Raleigh: fit in, transplants)
Raleigh, Durham, Chapel Hill, CaryThe Triangle Area
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We are in the area for a few more days and are heading to Fuquay Varina to house search today. I have noticed a HUGE amount of homes on the market there. Nice one-level homes and within my price range. What baffles me greatly is, first, why there are so many on the market? And most importantly, why have so many of those homes been on the market for long periods of time? Why aren't they selling? Is it a crime rate issue? If I could get posts quickly from as many of you, it will give me a great deal more insight. Thank you all!
Supply and demand. There is a huge supply of homes for sale in FV and not as much demand. There is less demand because of location. It is further from RTP.
FV is a cute town. I like it. However, I caution my buyers: I can get a house in North Raleigh sold in about 2 months but it would take about 9 months to get it sold in FV.
Great homes for great prices in FV. Just sold one for $260,000 and the appraiser said if the same home were in North Raleigh, it would be $360,000 and if that home were in Chapel Hill, it would be $460,000.
I think the outlying suburbs like Fuquay were hurt most by the housing slowdown in this area. They saw a lot of rapid development at the peak based on the assumption that those areas would continue to grow at a fast rate as people continued to spill further out into the fringes of wake county, but development in places like Fuquay outpaced demand and then the housing slump hit and now there is a lot of inventory in those areas. Still a very nice place to live, but the full demand expected never fully materialized.
Yup, supply and demand. I would not worry as much about crime in F-V as resale value. There are distinct sides of the small town so where you buy there will matter.
We are in the area for a few more days and are heading to Fuquay Varina to house search today. I have noticed a HUGE amount of homes on the market there. Nice one-level homes and within my price range. What baffles me greatly is, first, why there are so many on the market? And most importantly, why have so many of those homes been on the market for long periods of time? Why aren't they selling? Is it a crime rate issue? If I could get posts quickly from as many of you, it will give me a great deal more insight. Thank you all!
I don't live there, but I have visited a few times to house hunt. IMHO, FV is a decent area with select shopping and restaurants. There is no mall, but there is Walmart nearby. There is a cute downtown there. I know ppl on here are going to say it's kind of far out if you have to commute.
The last time I visited was about 2 years ago and I'm sure things could've changed. Everyone was firendly, mix of locals and transplants. It feels diverse to me too. I saw a mix of whites, blacks, and mexicans. We almost moved there about 6 years ago but didn't b/c it seemed like there were too many locals and we didn't fit in. I know that has changed though with more transplants that have moved there. The houses were nice and you can get more bang for your buck. I think homes are prolly not selling just b/c the way the market is and also location. It is the same where I live. I hope this helps. Go check it out and see what you think.
Definitely not a crime issue - like everyone else said, there is just too much supply. They started building South Lakes (a large development) just before the housing market took its big downturn. My address is Fuquay, and it takes me less than 20 minutes to get to Crossroads or downtown Raleigh; however, some addresses in Fuquay would be 35-40 minutes to those places, so location in the town matters too. Several homes in our neighborhood have sold recently, so the market's not completely dead, but we are on the northern edge of town.
I also think the neighborhoods that built up here in the last few years with tiny lots (less than 0.2 acres) are hurting - one of the reasons we chose to live here is because we could get a decent-sized lot; if I wanted a tiny lot I would've chosen one in Cary.
But it is a safe area, lots of transplants, friendly, and very affordable (yet nice and safe) homes.
I think the outlying suburbs like Fuquay were hurt most by the housing slowdown in this area. They saw a lot of rapid development at the peak based on the assumption that those areas would continue to grow at a fast rate as people continued to spill further out into the fringes of wake county, but development in places like Fuquay outpaced demand and then the housing slump hit and now there is a lot of inventory in those areas. Still a very nice place to live, but the full demand expected never fully materialized.
I think this is spot on! 2 yrs ago I used to work with a guy who lived in FV; in the 6 or so yrs he'd lived there his house had not appreciated. He was very upset. I think this happens when your house price is close to the price for new build. Most folks will go with new. When that supply runs out, there your house has a chance to start appreciating. Of course this only applies to some areas that are more vulnerable than others. I've seen this happen over the yrs in NE Raleigh for example.
Ditto what everyone else has said. There are some really great sub-divisions in Fuquay and some that should be avoided - your realtor should be able to identify those for you.
I think it really depends on what price range you are looking in. If you are looking for new construction under 250K then Fuquay is a great option. If you want to pay closer to 400K then Cary, Apex, Wake Forest might be better options. As Vicki said, you can get a house in FV for 260K that would cost 360K in other parts of Wake County - and we chose Fuquay for that reason.
Biggest con - Fuquay is far from everything.
Biggest pro - Fuquay is far from everything!
(well...it's 5 minutes from Holly Springs, and 10 minutes from Apex).
Ditto once again what everyone else said... there is a lot of supply right now because there are so many new subs. Our address is Fuquay but we are outside the city limits and on the border of Cary. Pretty much everything we do is in Cary. We are 15 minutes exactly from Crossroads so I don't consider it to be far from everything. I think it just depends on what you want. Most people I know who live here (I should say transplanted to here) did so because you get more house and much more land for your money. For example - our floor plan, was selling in a Cary sub for 300K MORE then here. And the lot size was 1/4 of what we have. So like I said, it just depends on what you are looking for. But I can assure you crime rate is not an issue!
FWIW, I live in a "desirable" part of North Raleigh, and I have never seen so many houses for sale as right now. Just driving into my neighborhood, I pass 5 for sale, when usually no more than 1 at a time is listed. One has been on the market about a year and a half, and another is apparently on the verge of foreclosure since they put handmade signs in the yard basically saying as much (dumb).
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