I have to agree although I think they will suck at least a few more year out of it taking us to 2018-2019. I know in Raleigh they are still trying to recover inventory more than price at this point. Just not enough houses on the market which is causing a drastic spike in prices and people paying way over asking. It is something that will over time strighten it self out then add in other issues and you will see a small "correction". I don't think it will be as big as 08 though.
I just sold a rental unit in Apex, big gain over purchase price in 2004. Rental income was nice but I'm trying to simplify my life. 1 down, 37 more to go.
As a buyer, and knowing what I know about the area, I wouldn't even look in Raleigh, I'd look in the surrounding counties.
That is why we went where we did we when we bought our house it just didn't make sense to us without kids to pay the premium of other areas. If we have kids the landscape will change so much by that point I am sure we will reevaluate. But could not be happier with the area we are in and it is starting to see some tremendous growth over the last year. Our realtor called us the other day and told us to list for 60k over what we paid a year and a half ago that said my wife and I have no desire to move. Not to mention if we sold we would still have to pay a premium for our next place.I'm sure they'll sell quickly. Absolutely INSANE unless you're a seller, so that works out for you!
Here in suburban Dallas it's also nuts. Neighbor 2 doors down went up for sale on Friday, sold yesterday for $110K over their ask. The supply is so limited and so many transplants are hunting it's a great time to be a seller if you have a reasonable backup option. We were going to sell our place and move into a rental we have in the same town but our renters offered to buy it at a killer price so that option went away.
Can't say I blame you I would do the same. Even as it stands if we had a backup option I would probably sell our place. That said we have a long way to retirement and I just don't think I could convince my wife to downsize to a townhome or smaller home for a sale to make any sense.
They countered. Not quite in the middle, but they did come down. Might not be enough for us to buy this one and get to clean up the other one prior to sale, so we may need to make the sale contingent on our own house selling. They've had two sales fall through, so not sure they'll be willing to do that ... we'll see.
Thanks. Fingers crossed on this one. This house has great bones, just needs a lot of updating, and they're asking a premium price right now. Even with them coming down, we're just not comfortable with it. Even if I do most of the work, the entire upstairs (all three bedrooms, an office, and the hallway) needs to be refloored from the awful blue carpet that dominates the entire upstairs save one room ... which is pink carpet.
