Are there any real estae agents on here> I was just wondering if anyone knew how the market was in the area? Are houses selling faster than other counties and other parts of thec ountry? I have been seeing lots of sold signs, but don't know if they are bank owned, and just really cheap prices.
Here is some information from another forum: "It's starting to become a trend - we get snow, the Triangle MLS releases their monthly stats. I doubt the snow will be here again next month, but you can always hope... As usual, these are drawn from the data at TMLS Market Dynamics Before I give this month's data, there was a large revision in the Dec data in this current release. A lot of sales were added to the December numbers - I'm not sure if the data was missing because of holiday delays or what, but it bumped the sales numbers up a bit. They're still way behind Dec 07, but not quite as bad as initially reported (more like down 30% compared to down 40+%). Additionally, in most of the counties these new sales were at lower prices. So for example, instead of being up 2.4%, the median price in Wake County was actually flat compared to a year ago. I'm not sure what makes less expensive properties more likely to be reported late, but it seems there's something that made it happen for December... Anyway, keep in mind that there may be later revisions to the data, but I'm stuck with what's publicly available. That means you guys are stuck with it too (sorry). Also, the months-of-inventory number that we were discussing last month seems to have been tweaked a bit (or it just changed because of revisions to the sold/under contract numbers). The reported number is calculated by dividing the number of houses for sale by the number under contract. That's as good a way as any of doing it - some houses under contract won't close, but since the number of sales changes quite a bit as the season does, it's hard to say that any sales-related number from this month is useful for projecting a trend 12 months out. It's not an exact figure, but the fact that it's double what you'd expect in a balanced market tells you what you need to know. All numbers below are changes compared to last January unless otherwise noted. Overall Triangle Sales down 44% Inventory is down 2.5%, but 20% higher than 2 years ago There are 13 months of inventory on the market Average price is down 3.5%, and down 0.2% from 2 years ago Median price is down 3.5%, and down 0.3% from 2 years ago Wake County Sales are down 44% Inventory is up 2.3%, and 32% higher than 2 years ago There are 12 months of inventory on the market Average price is down 3%, but still 3.4% higher than 2 years ago Median price is down 0.2% but still 1.4% higher than 2 years ago Durham County Sales down 45% Inventory down 11%, and down 5% from 2 years ago There are 10 months of inventory on the market Average prices are up 0.4%, but down 2.3% versus 2 years ago Median price is down 2.4%, and flat compared to 2 years ago Johnston County Sales down 49% Inventory down 9%, but still up 12% compared to 2 years ago There are 13 months of inventory on the market Average price is down 1.9%, but up 4.8% from 2 years ago Median price is down 1.6%, but up 0.6% from 2 years ago Orange County Sales are down 44% Inventory is down 10% from last year, but still 16% higher than 2 years ago There are 13 months of inventory on the market Average price down 14.6%, and down 14.7% from 2 years ago Median price is up 10.4%, but down 9.7% from 2 years ago After seeing a slightly less worse set of sales numbers in the updated December numbers, we're back to the 40% worse than last year pattern. I'll wait and see if the current Jan numbers get revised up before drawing too many conclusions here. If they stay the same, December was just a blip as people closed before the end of the year for tax reasons and so on. If the Jan numbers get revised up, it could be hinting that the biggest drops in sales are over. That doesn't mean that sales would be recovering, just that they're not dropping as fast as they have been. We'll see. Inventory is starting to stabilize. Unfortunately, it's at pretty high numbers both in an absolute sense and compared to the sales volume. Right now we're about 12% below the summer peak from last year - that's a bit bigger than normal drop from peak summer season to middle of winter. There's always a bunch of expired listings this time of year as people take houses off the market for the holidays, though, so we'll what happens to the number of listings as the spring market boom picks up speed. Ignoring Orange county, the price data this month is pretty consistent. It shows prices down a bit compared to last year more or less flat from two years ago. As I've said in each of these reports for a while, though, the price data jumps around quite a bit as the mix of houses change, so don't rely too much on these numbers. The Orange county data is reporting on only 40 houses sold, so small changes in the mix of houses can mean a big move in the averages. Considering that the changes in the median and average prices are off by 25%, I'd say that there's more noise than real information there."
Also, we live in Hunters Mill and there are definitely still homes selling. We have seen several sold and under contract signs go up in the past few weeks. And prices haven't declined in the past few months. The builders are including more upgrades, but so far nothing earth shattering. We're pleased to see that our subdivision seems to be maintaining pricing and homes are still moving.
I am an agent, but not selling right now. You need to contact an agent who has knowledge of your particular area and they can give you the data you need. If you don't know any, I will be happy to recommend a few to choose from. Feel free to PM me. Also, MamaApe on here is an agent. I'm sure if you search, you will find some recent posts regarding. As an aside, a good friend of mine sold her house in 24 hours for full price, it closes next month. Clayton.
Crysta provided some great data that may answer a few of your questions. In general I am seeing things pick up as far as activity and sales. Alot of it still depends on your area and price range. The higher price ranges are still struggling more than most at this point while alot of homes priced $100k-$200k seem to be moving at a steady pace. Feel free to PM me for more info or with specific questions.
So a house in the 120-130k range would still be able to move quickly and get full price? That seems to be what I am getting from some of these messages.. then if we are looking to move into a 180-200k home, we may have some room to lower the price, but not a ton? Are those basically valid assumptions for today's market? Thinking about moving, but not sure about the market....
Those would be considered valid assumptions assuming that everything necessary was done to insure the home was in in good conditon, located in a good area and priced comparably. I would be happy to take a look at it for you!
I lives in Flower Plantation area and things are looking pretty good around here. For instance, most used homes (less than 3 years old) and with less than 175K price range got sold faster than newer homes with more than $175K price range. It took a while for newer homes to get sold because we have too many new house inventories around here. Some bank owned homes are hard to get it sold and I don't know why. I heard bank will not pay for repairs after inspection, but don't know if it's true. Maybe that's what turn people off, I really don't know. There is one beautiful house in my area with less than 2 or 3 years old that were sold for 215k and it went into foreclosure. It is now selling for $155k. I would love to buy that house for my mom, but she want one-story home due to her health.
There can be a lot of stipulations with bank owed properties with regards to the type of loan you can purchase the home with and the type of deed that is conveyed which makes them tougher to sell at times. Alot of re-sales below $200 are starting to move. I am very optimistic about the upcoming spring/summer market.
