The days of selling your home above asking price in less than 24 hours with multiple offers to consider are coming to an end in the Triangle.
GOING TO BE FULL OF VOTES THIS >> ALL RIGHT. SO THERE ARE SIGNS THE HOUSING BOOM IN THE TRIANGLE IS OVER. HOME PRICES ARE DOWN AND HOMES ARE STAYING ON THE MARKET BUT LONGER IT’S ALL GIVING BUYERS A LEG UP. BUT THE COMPETITION IS STILL FIERCE IN MANY NEIGHBORHOODS. WRAL’S JOE FISHER IS DIGGING INTO THE LATEST MARKET REPORT. >> THE DAYS OF PAYING 20% OVER ASKING APPEAR TO BE OVER. NEW NUMBERS SHOW DEMAND FROM BUYERS HAS DROP SLIGHTLY, WHICH IS GIVING SOME PEOPLE A FIGHTING CHANCE AT FINDING THE PERFECT HOME FOR THE FIRST TIME IN A LONG TIME THAT DANIEL FAMILY KNOWS THE STRUGGLE I WOULDN’T HAVE. THE MARKET IS CHAOTIC. THEY JUST PURCHASED THIS NEW CONSTRUCTION IN SANFORD. IT WAS JUST FAR MORE BANG FOR OUR BUCK. AFTER MONTHS OF SEARCHING AND GETTING PRICED OUT OF RALEIGH AND DURHAM. IT MOVES SO QUICKLY IT SEEMS LIKE YOU HAVE TO HAVE SO MUCH CASH ON HAND AT ALL TIMES TO UP TO AFFORD A PLACE TO STAY. BUT THE TIDES APPEAR TO BE TURNING EVEN IN THE TRIANGLE BETWEEN MAY AND JUNE. DUE DILIGENCE IS CUT IN HALF. IT WAS A START. DROP-OFF REALTOR COURTNEY DUNSTON IS WITH NEST REALTY IF YOU CAN GET OVER THE FACT THAT NO, YOU’RE NOT GOING TO SCORE ON THAT 2.8, 7, 5 INTEREST RATE. THAT SHIP HAS SAILED. AND IF YOU CAN GET OVER THAT. >> IT ACTUALLY IS A GREAT TIME TO BUY IN AUGUST. THE MEDIAN SALE PRICE IN WAKE COUNTY FELL TO 475,000 FROM 490,000 IN JULY, A $15,000 DROP. >> ACROSS THE TRIANGLE LAST YEAR, HOMES WERE SELLING FOR 103% OF LISTING PRICE THAT HAS DROPPED TO 100% AND DAYS ON THE MARKET HAS GONE UP FROM 9 DAYS LAST YEAR TO 12 DAYS. NOW THEY MAY NOT FACE THE URGENCY. >> IN THE EUPHORIA OF SEEING A HOUSE AND TRYING TO GET UNDER CONTRACT THE SAME DAY THEY SEE IT. SO WE ARE SEEING A RETURN TO A MORE BALANCED MARKET. STILL COMPETITION IN SOME AREAS REMAINS FIERCE, BE PATIENT. IT PUSHED THE DANIELS OUT TO SANFORD, BUT THEY’RE LOOKING FORWARD TO MOVING IN. AND BEING CLOSER TO FAMILY AND FRIENDS FOR US. IT’S LIKE, YEAH, WE DIDN’T EXACTLY WANT, BUT I THINK THERE’S GOING TO BE REALLY GREAT THINGS ABOUT LIVING HERE, TOO. AND SOME PEOPLE ARE SUGGESTING THE HOUSING CRASH OF SORTS IN SOME MARKETS. HOWEVER, LOCAL EXPERTS BELIEVE THE TRIANGLE IS IN GOOD SHAPE. >> PROPPED UP BY STRONG JOB NUMBERS AND ATTRACTIVE QUALITY
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