Where is the market headed? Share your opinion below! If you would like our help with buying or selling a home, please click this link and we will contact you! 👉 bit.ly/LivinginRaleighTVQuestionnaire 👈
Born here, raised here, joined the NCNG at 17 with almost 10 years in, been working in the Triangle for 8 years. My wife and I were excited we finally had enough to put a down payment on a nice house, and then COVID hit and those homes that were 250k are now 450k. Feels pretty discouraging. Hopefully things continue to slow down.
You described so perfectly why I decided to renew my lease as the housing market became super greedy. So I decided to wait. I refuse to become house poor because someone wants me to over bid on a home that won't hold that in an appraisal.
I expected the recent interest rate increase to be a significant factor in the recent ‘cooling’. The one thing that is predictable is every hot market eventually does cool. The reverse is also predictable.
Good insights, appreciate the honesty coming from a realtor. Fed basis point announcement forthcoming this week, jobs report later this week, cost of goods and services going up significantly is perpetuating this softness in my opinion. Lots of people waiting on economy direction….I know I am.
Most homes on the market right now were comped using those 50-100K over asking sales prices, so they’ll sitting a couple extra days but they’re also priced much higher and still selling, many of which are still getting 20+ offers.
I have been tracking all of the houses in Apex that are listed for sell. I am seeing more houses get listed and even a few of them sit for a few days. However, there still seems to be plenty of demand in this area. Houses are still selling well over $200 per square foot in Apex. Some even over $300 per square foot. Everything I have seen that sold has gone for tens of thousands over ask.
A friend put their house up last month and it hasn’t sold yet. It’s a five bedroom in Cary and in a very popular neighborhood. I think they may be asking too much. They priced it more than double what they paid for it.
One thing that isn’t mentioned in the video is that these numbers are calculated based on homes that have been on the market less than 30 days to eliminate any outlier homes with issues.
Could you cover how a Va home loan works? I’m a retired veteran and I haven’t used my VA home loan before and my wife and I are waiting for the prices to go down a bit before buying
We aren’t mortgage people, but we have a couple great relationships with local mortgage companies that help a lot of VA loan clients. If you’d like help with that feel free to email us and we’re happy to connect you.
So sorry. There is a lot of speculation, but no one knows for sure where the market is going. As we try to tell people, buy when you’re ready and buy a house you’re happy living in long-term. Markets fluctuate but they always go up in the long-term.
@@LivinginRaleighTV with the caveat being that the run up over the last 2 years is unprecedented. Having said that... The market could go sideways for a long long time with high interest rates. Worst case scenario it could go down leaving underwater homeowners everywhere for a lifetime possibly
Not sure if it'll go down, but I don't think we're going to see the huge increases anymore. I do think we are going to see a lot of homes that have been overpriced settle back where they should be. Good luck with your move, let us know if you need any help!
Could some of it be that the $700-$800k homes are the ones that were $400-$600k just a couple of years ago? Those would usually be your 4 bedroom, yard, decent schools, etc. that everyone is looking for.
Yes that is definitely the case. But back then, $200-$400K was much more in demand than $400-$600K. A lot of it is out of state buyers coming in with equity from a home they sold.
Do you have any insights on the apartment rental costs ? seems a little high at the moment, nationwide I know rent had been going up since most people are not able to afford property. Do you see the cost of rent decreasing in the next year or staying steady but increasing ?
We do not see rents going down. There are so many people that are pushed out of the buying market and into the rental market, I don’t see any reason for it to go down.
@@LivinginRaleighTV I lived in NC for 15 years from the 90s to 2010 . I will say NC has always been consistent in good quality of life and cost of living compared to many states across the country . I lived in many states and considering moving back . Grass is not always greener on the other side and the grass in NC is pretty and greener than most places these days .
@@LivinginRaleighTV My dad and husband watch your videos, but they have a mental block when remembering your brokerage name; however, they have no trouble remembering to look for the realtor with the green tie. I think the branding idea is brilliant. We have referred several friends to your site. Keep the green tie. :-) so they can find you.
I actually moved to Cary from Tampa for work. Tampa is definitely a hotter market right now. However Tampa is much more expensive than Raleigh and the weather in Florida is much worse. That being said the food in Tampa is so much better than the food here in the Triangle and it might make more expensive Tampa worth it for the better food alone.
This will only happen if a recession happens, it’s possible, but the tech market in this area is growing very strong , that we will go sideways for a while at the worst , but not likely to go down, again barring a recession
@@LivinginRaleighTV Definitely! We'll just have to wait and see what happens. I'll be in contact with your company down the road once we need a realtor.
If by slowing down you mean my apartment which is located on Western parkway in Cary has increased rent from $1341 a month to $1900 a month! Ahahahaha real estate is a joke.
Slowing down meaning that homes may sit on the market for a few days instead of a few hours. Apartments are another animal. As long as there is demand, the prices will stay up. I don’t see apartment prices coming down especially since a lot of people are pushed out of the housing market and forced to rent.
