Moving to the Triangle - Real Estate insanity

[howardlander]

I always wonder when someone has a dumpster next to their house.

I also wonder why they describe a .31 acre lot as spacious. Oh yeah, wait, Cary...

[LasVegas]

Lost out on 2 more homes. Both of them we offered $51k over asking. One was in holly, the other in north Fuquay. We will just keep on trying until luck gets on our side!

[kshepinthehouse]

So……I made it! The only issue is the market has gone CRAZY. We bid on two homes in holly springs. $35k over asking for both and we lost. The first one was listed at $475k and the second was $500k. I initially didn’t want to go over $400k but the market has really forced me to increase in order to get what we want/need. Looking at two more homes this weekend and will probably go $50k over ask for both. Unbelievable and a total waste of money.

How much due diligence?

[LasVegas]

How much due diligence?

$50k in due diligence is what we are typically offering now. So we go about $51k over list with a $50k due diligence.

[LasVegas]

$50k in due diligence is what we are typically offering now. So we go about $51k over list with a $50k due diligence.

And we aren’t bidding on million dollar homes here. Anywhere from $450k to $500k is what we have put offers down on. $51k over asking on those prices is a pretty good percent!

[devil84]

Appreciate the responses and well wishes everyone. I never thought 55k over asking wouldn’t win a home in holly springs 5 miles from the dump but that’s where we are at. The hardest part of it all is that there are just no homes to even bid on usually. The last few days nothing has come up that we would even want to check out. COVID ate all of the homes. I really think that the floodgates will open one day and the market will finally have homes again. People are just sitting on their homes they want to sell because why the heck would you want to enter the buyer market. The dam hopefully breaks at some point!

I'm selling my house in Greensboro that we got for a place for my son to live while he worked on his PhD -- a 1600 square foot, 3 BR, 2 BA ranch from 1965. I met with a realtor yesterday. She suggested waiting until after the 4th to list it because few people are looking this week (which is good, because we have a few more things we have to do before we can list it). Sounds like there will be a number of them hitting the market next week.

FWIW, Redfin, Realtor.com, and Zillow all place the home at $219K-249K. Our realtor will have the final numbers tomorrow, but her gut is $255-260K, and it'll probably go $15K or more over asking. I'm dumbfounded. Thrilled at the increase -- about 5 years ago we bought it as a fixer-upper that needed significant cosmetic rehab as it was stuck in the 70's with the addition of Duke blue, indoor-outdoor carpet in the kitchen, among other "features." Had it been reasonably updated, we'd have paid around $160-170K. This increase is really pricing a lot of people out of the market, which makes me sad.

Once we sell it, we can update our home in Cary and then put it on the market so we can downsize -- LasVegas, if you're still looking then, I'll let you know! I do know of one coming in a month or two on my cul-de-sac, if that helps.

[LasVegas]

So….we got a home! Offer accepted! List at $485k and we went to $545k. It’s not in an area we really wanted but it has 0.66 acres and is right by where they are going to build the new Costco. 401 and ten ten road. We purchased it since the triangle express is going to run right through that area and we anticipate big changes there. Zoned for Garner but that will probably change since we are right on the border of the zone. My wife also works in the district so the kids will be getting a zone variance anyway. Probably holly springs high is what we are thinking.

[-jk]

So….we got a home! Offer accepted! List at $485k and we went to $545k. It’s not in an area we really wanted but it has 0.66 acres and is right by where they are going to build the new Costco. 401 and ten ten road. We purchased it since the triangle express is going to run right through that area and we anticipate big changes there. Zoned for Garner but that will probably change since we are right on the border of the zone. My wife also works in the district so the kids will be getting a zone variance anyway. Probably holly springs high is what we are thinking.

Congrats! What does "zoned for Garner" and a zone variance mean?

And do we need to update your username?

-jk

[Bob Green]

So….we got a home!

Congratulations! I’m happy you achieved success.

[LasVegas]

Congrats! What does "zoned for Garner" and a zone variance mean?

And do we need to update your username?

-jk

So the zoned high school is garner high. Meaning that’s the high school my kids would go to depending on if the maps get redrawn. Parents are always able to apply for a zone variance though. Kind of like an application you send to the principal of the school you want to go to. They can either accept or deny.

[-jk]

So the zoned high school is garner high. Meaning that’s the high school my kids would go to depending on if the maps get redrawn. Parents are always able to apply for a zone variance though. Kind of like an application you send to the principal of the school you want to go to. They can either accept or deny.

Ah, school boundaries. It's Wake County. Who knows what'll happen! There's a history there...

-jk

[bundabergdevil]

So….we got a home! Offer accepted! List at $485k and we went to $545k. It’s not in an area we really wanted but it has 0.66 acres and is right by where they are going to build the new Costco. 401 and ten ten road. We purchased it since the triangle express is going to run right through that area and we anticipate big changes there. Zoned for Garner but that will probably change since we are right on the border of the zone. My wife also works in the district so the kids will be getting a zone variance anyway. Probably holly springs high is what we are thinking.

Congrats! Now wait a week and sell it for 20% more!

[howardlander]

Congrats! Now wait a week and sell it for 20% more!

Almost not a joke. Zillow is claiming my house went up 10.6 % in the last month. This is fairly insane.

[PackMan97]

Congrats, I'm about two miles from you, just down Penny and up Blaney Franks. Congrats and welcome to the neighborhood.

[aimo]

My boss just moved here last summer. She bought a townhouse in North Raleigh in October for $272,000. She had to put some $ into it. She decided she did not like the stress and responsibility of home ownership, so she listed it at $320,000 a couple of weeks ago. Bidding war, and she is getting quite a bit more than asking price. Just since October.

[aimo]

The "zestimate" on my house is now 40% more than what I paid 8.5 years ago. And I could probably get more.

Wow! Opendoor's "preliminary" offer is $63,000 more than Zillow!

[Mtn.Devil.91.92.01.10.15]

The "zestimate" on my house is now 40% more than what I paid 8.5 years ago. And I could probably get more.

Wow! Opendoor's "preliminary" offer is $63,000 more than Zillow!

Weird. My Zestimate is nearly 200% of what I paid 11 years ago. And my Opendoor preliminary is about 25% lower than my Zestimate.

[elvis14]

The "zestimate" on my house is now 40% more than what I paid 8.5 years ago. And I could probably get more.

Wow! Opendoor's "preliminary" offer is $63,000 more than Zillow!

The zestimate on my house continues to rise. I talked with some friends recently who are appraisers. They have been to my house (I coached their daughter in soccer for a few years) so they know the location, when I told them the square footage, size of the lot etc...they predicted I could easily get $65k more than that zestimate. If I owned an extra property (rental property) it would be really hard not jump at these numbers and see if the market cycles back down in a year or two because that number they estimated is $65k more than the zestimate and $200k more than I thought I could get for our house about year ago. I'm just not brave enough to gamble like that. Heck if I had an extra property I'd probably just sell that one and make plenty of $$ and wouldn't have to move.

LasVegas (or should we call you Garner?), welcome to NC, I'm glad you found a house you're OK with and I hope your kids end up in some schools you are happy with. If you ever need any help, let me know. If you need to any medical equipment (free to have or borrow), let me know our charity is happy to help (fromyourneighbor.org)

[PackMan97]

zerstimate on my house is going bonkers!

Last 30-day change

+ $69,279

LOLOLOLOLOL...

[Acymetric]

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For any Futurama fans and/or non-homeowners following this thread