Is the local market "bottoming out"? There are some tell tales signs...
Are you ready for a warmer April?? In real estate, the local market is getting warmer and warmer for sure. Many builders, sellers, realtors found the local housing market started getting warmer in Februrary and actually heating up in March..... Let's hope this is not a just a blip.
Are you waiting and still waiting?
Maybe you still want to wait for a couple more months before you enter the market -- investing, buying or selling. However you might want to check with your local realtors for the latest market conditions. Many active and top performance Triangle realtors can tell you that there are a lot of activities in our market right now for homes in all price ranges . Regular home buyers and investors are getting some good deals. Sellers and builders are wlling to sell at some decent discount and even with some attractive incentives. There are some exceptions though. In some selective neighborhoods, the sellers are still asking for the full price and some buyers are still willing to pay. In any case, don't miss out this golden opportunity while you can still lock into the low interest rates and low home prices . There are also plenty of inventory to choose from.
Brand New Home Sales
Last week, I took a couple to visit a brand new subdivision inside the beltline and the on-site agent told us that there were only 2 houses left for while having that promotion. The next day we found out only 1 left and my buyers couple bought the last one. Of course, they got a very good bargain and are thrilled since they found out the builder buys down the interest rate to 3.75% which can save them $26000 in interests and offers other incentives like free HOA for a year, YMCA membership, paid all the closing cost for the buyer...e.t.c.
Similiar situation with another client of mine for a higher price range house. . I took my buyer to look at another popular new subdivision in Cary with the new home prices starting from $300K and the on-site agnet told me they still had 3 houses left in the whole neighborhood. Next day, I found out there was only 1 left and the one my buyer likes was already gone!!
Even for luxury home from $650K and up they are sold quicker than most of us think.
We defintely noticed that more brand new homes were sold in March than in the previous few months. Sales in the brand new subdivisions is one of the indicators for our market conditions.
Foreclosure Home Sales
I was working long hours in March not only with many national and local home buyers but also many investors too. I helped one of my investors submit an offer for a foreclosure in Durham 2 weeks ago. The house was backed up by the golf course. We found out there were already 18 offers for that particular listing. We offered more than the asking price and still got out bid. Similar thing happened when I submitted another offer for a foreclosure listing in Clayton. We also needed to submit our highest and best offer to compete with others in order to get the house!!
Investors Alert!! Home Buyer Alert!!
As I said in my Februrary monthly eNewsletter, we will expect more competition in the Triangle housing market . The top rankings for the Raleigh-Cary area just published in March would only attract more buyers and investors to compete for the same good deals. Here is a sample of those top rankings for this area:
1)FORBES: Best place for Business and Careers
2)CEO MAGAZINE: Raleigh Cary is the No. 2 for Business
3)US CENSUS: Raleigh Cary is the fastest growing city in US
For the First Time Buyers
Act now and take advantage of the low interest rate and tax credit for some good deals.
What should you do when submitting your offer?
Be realistic!! Don't just try to use a "low ball" tactic. It doesn't work any more. You might miss the deal just by a couple of thousands dollars if you don't really understand what a realistic offer price would be.
Remember that the sellers and builders have already adjusted the asking prices to attract the buyers and investors to begin with. There are now more buyers and investors out there looking for the same good deals and are competing with you. I still have some home buyers expect they can slash $40K or $50K on the already low asking prices. Be honest with you -- I don't think the seller will even respond to such an "unrealistic" offer.
When in doubt about setting the "realistic prices" in selling or buying your house for your particular neighborhood, always consult with a real estate professional for free advice and assistance. You need to understand the market conditions for your particular neighborhook at the time of your transaction for a winning buying or sales strategy.
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Hannah Chan -
Your Triangle Real Estate Investment Advisor
Cary Raleigh Realty