Oh believe me I rage most days on the complete morons out there driving causing all the traffic issues. Unfortunately I had some restrictions on where I could move based upon getting married to someone with a kid and where his dad lives already and stuff otherwise I would have moved to Cary or something haha.

10/19/2017 2:01:34 PM

if you're talking about putting your same house in the heart of downtown, maybe...but I think for most areas, 300k more is prolly a stretch. our housing prices aren't THAT crazy yet.

10/19/2017 2:04:10 PM

It's a matter of preference and situation. I feel like living downtown there's a stronger sense of community, ties to the city, younger/progressive people and their associated mindsets, central location, etc. You pay a premium and get less house / yard for sure but it's near a lot of cool stuff.

I'm single and work downtown so I'm willing to pay a fair price to get something down here that I can walk to or have a short enough commute where I can come home at lunch and let my dog out. I also like the idea of a moderate sized home (1400-1800sf) that I don't have to spend a lot to furnish or have rooms that I don't use. I also like the idea of walking or ubering to nightlife, concerts, sporting events, etc.

If I was married and/or had kids, I'd definitely prioritize the space, age, extra rooms, yard, safety, etc. that living further out gets you. You're also likely to be around people in a similar station in life.

10/19/2017 3:10:55 PM

My same house floorplan by same builder with similar features is running at least that much more in the neighborhood out in the boonies near chapel hill (neighborhood is about 7 years ahead of mine) so I dont think its unreasonable. I bought out where there isnt shit now but 10 years from now if all the commercial stuff moves in as planned it should be worth quite a bit more. Trade in annoyance now for investment in the future, thats the plan at least haha

Living downtown definitely has its awesome perks but like he said for a lot its not worth the money/size tradeoff for those perks. Wendell and knighdale are kinda like Apex and Cary like 10-15 years ago. There isnt a whole lot out there right now so you can get great bang for your buck and just hope in another 10-15 years its worth what apex and cary are now.

[Edited on October 19, 2017 at 3:37 PM. Reason : .]

10/19/2017 3:35:06 PM

I grew up in N Raleigh. Went to Wake Forest for high school. I would be willing to pay double to not have to move back up there.

With that said, we have another contract on our house. Its looking like this one might actually make it to closing. However, we have no idea where we are going. There is NOTHING ITB. Its all small awkward lots, crappy 1970/80's construction, or the terrible open floor plans that have become so popular. Hopefully this spring will have a lot to offer.

10/19/2017 4:19:30 PM

^I grew up in North Raleigh too. It can be challenging arranging hang outs with friends (to watch State games, for instance) in North Raleigh, let alone further out. When I lived ITB it was no problem because it was central for everyone to meet up. For me, living ITB is to keep an active social life and be convenient for work. I'd be happy to pay $400k+ but everyone is just slinging shit right now and hoping it sticks, because suckers will eventually pay for it. It's crazy the awkward, rundown, dumps I've seen move if they stay on market long enough. I'm also holding out for spring.

10/19/2017 5:26:44 PM

To each their own. I can walk to several dozen restaurants, a couple parks, corner stores, coffee shops, etc. (soon a massive grocery store...which will be huge). It takes five minutes to get work every day. The biggest pain in the ass is taking my son to daycare...which is only five miles away, but just out of downtown to where a wreck or bad traffic will make it 20 minutes.

I could probably move about 25 minutes away and save $1,000/month in mortgage and have 50% more house and yard...but fuck that.

10/19/2017 7:32:59 PM

the sweet spot for me was moving "beltline adjacent". more house and land, less cost (albeit still marked up), and great location (near crabtree and north hills). it takes like 2-7 more minutes to get somewhere than if I was truly ITB. I can spare that for $NorthCarolina vs. ITB's $Texas and way-the-fuck-out-there $Delaware-$RhodeIsland.

[Edited on October 20, 2017 at 3:52 PM. Reason : ]

10/20/2017 3:51:18 PM

I need some land out around holly springs or fuquay. What's the best place to look? Anything better than zillow or whatever

[Edited on October 22, 2017 at 7:13 PM. Reason : Closer to Cary would be great at <50k]

10/22/2017 7:12:45 PM

how much land are you looking for? perhaps talk to a realtor and get on the MLS?

10/23/2017 10:58:52 AM

someone should invent a financial instrument for borrowers to combat cash buyers that artificially inflate markets, some kind of short term bridge loan

10/24/2017 12:27:27 PM

that's not in the interest of the banks. market inflation drives volatility, and that's what they make their money on. they like to double dip though, and give loans to people who don't actually qualify.

10/24/2017 12:33:35 PM

it wouldn't have to be a bank, it could be local credit unions. the only reason cash is an advantage is because you can close quicker, it's a significant advantage if it's cash vs. FHA or VA loans. in the affordable housing market cash buyers are a real problem, there needs to be a way to combat that.

i also don't agree that it's not in the banks interest, they would simply refinance that person into whatever conventional loan after closing. they aren't typically making as much money off cash investors who are buying and flipping without the need for conventional mortgages that can be packaged and resold by banks.

[Edited on October 24, 2017 at 12:39 PM. Reason : .]

10/24/2017 12:38:04 PM

Anyone know anything about "perpetual easement for access"? The property I'm under contract to buy has one across the corner of the neighbor's lot (appears to be for driveway access to the garage and carport - ordering a survey to confirm).

Are there any not-so-obvious concerns I should have?

10/24/2017 12:45:34 PM

perpetual easement means that that easement lasts in perpetuity, meaning you have permission to cross their land to access the drive-way/garage where it is noted. It is for your protection and keeps them from denying you access to your land in the area that it is recorded.

10/24/2017 1:03:38 PM

what about this quicken loan 1% deal. is it legit?

10/26/2017 2:00:55 AM

^^thanks

10/26/2017 11:03:37 PM

Answering easement question.

Check the survey to make sure the easement is where you think it is. Not sure what kind of lot this is but if its a gravel driveway or cut-through the driveway might not be where the survey says it is.

10/30/2017 11:13:26 AM

Markets are insane
Listed Friday.
Weekend Open House - 50+ visits
Monday offer 31k above asking

10/31/2017 8:47:08 PM

^NYC?

10/31/2017 9:11:22 PM

Sounds like Cary/Apex/Morrisville

11/2/2017 8:22:20 AM

if something sits on the market for more than 5 days right now, there is something wrong with it or it is grossly overpriced

11/2/2017 12:19:40 PM

It was kinda annoying when we sold our house we would have been able to get a lot more out of it probably but the people across the street were going to put theirs up a few days after ours at a stupid low price which would have likely hurt us once it became a comparable so we just took the first offer at asking to be safe.

11/2/2017 1:46:38 PM

This dumb bitch across the street from us listed her house about $100k lower than what similar houses in the area are going for. She's stupid rich and was considering donating the house to the local children's hospital but decided against it so she could give more money to her family. Too bad she's fucking other people in the long run (not us...we'll still be here for another 5+ years).

11/2/2017 1:49:01 PM

Yep I even went over and talked to the guy and was like dude you can get way more money and still sell quick he just said his agent priced it to move because they needed it sold quick.

11/2/2017 2:53:12 PM

^ & ^^, Let me know those addresses.

11/2/2017 5:38:01 PM

whats crazy now is they are putting townhouses on every "free" space in cary/raleigh. I think there are three 30-60 unit townhouse going up within a mile of me. one has 52 townhouse on 6 acres. another 36 homes on 7.


http://www.townofcary.org/projects-initiatives/maps/interactive-development-map

https://maps.raleighnc.gov/iMAPS/

11/2/2017 7:38:51 PM

^^ You'll be about 100th in line (with cash) in Charleston.

11/3/2017 7:13:09 AM

if the low prices houses sell quickly enough, good appraisers will not include those in comps.

11/3/2017 8:12:38 AM

Mine was 1.5 years ago as well

11/3/2017 8:44:10 AM

The main way you get fucked on an appraisal these days is if the buyer is using a VA loan.

11/3/2017 9:56:33 AM

why would anyone accept a VA loan offer? in this market it seems like there would always be offers much easier to close.

11/3/2017 9:57:50 AM

<--- JUST GOT HIS MLS ACCESS IN WILMINGTON

11/6/2017 10:20:11 PM

for Raleigh, what's a really competitive due diligence / earnest money offer? What about DD period on an as-is offer?

looking at a house that's ~400k and just want to make sure that I get it.

I actually offered $10k over on a $425k house and lost to a lower offer ($429k) on the last house because my DD wasn't high enough

these are historic ITB houses built in the 1920s-1930s btw

[Edited on March 17, 2018 at 12:16 AM. Reason : .]

3/17/2018 12:15:27 AM

$2,500-$5,000. Makes it hard to negotiate after inspection though as they can tell u to fuck off in lieu of making repairs and what u gonna do?

3/17/2018 7:13:33 PM

I accepted $1,500 for a $400K and $500K offer on my last two flips.

3/17/2018 7:14:20 PM

welp, got rejected again.

$390k asking. went $12k over asking. $3500 DD, $4000 Earnest, one week DD period, 4 week (or sooner) close.

there were 8 offers in about a 36 hour listing period.

this market is insane. not sure what more I can do. this was on a house built in 1925 that needed a new roof and HVAC soon and desperately needed the floors refinished. had no washer and dryer and the kitchen needed updated appliances and counters.

I wasn't even sure it would appraise for my offer but it looks like somebody else beat it.



[Edited on March 18, 2018 at 9:25 PM. Reason : .]

3/18/2018 9:23:24 PM

Quote :

"historic ITB houses"

Good luck.

3/18/2018 10:43:31 PM

jeez, i feel pretty lucky I was accepted with $500 DD and $2000 earnest

3/19/2018 9:34:28 AM

^All about the where. ITB air is cleaner than all other air in NC, making it a more desirable place to live and overpay for a dated home with issues.

3/19/2018 11:03:38 AM

Quote :

"$390k asking. went $12k over asking. "

you'll need to go at least $15k over for something desirable right now, go high and then just try to work it down as much as you can in negotiations after you get your inspection and appraisal

3/19/2018 12:11:30 PM

this market is crazy as fuck. I feel like I wouldn't even be able to afford to live in my current neighborhood if I sold my house now.

3/19/2018 2:45:48 PM

^^unfortunately, on the last three I've bid on, the listing agent sent out a disclosure saying the owners would only entertain as-is offers. they also wanted proof that you could make up the difference out of pocket if it didn't appraise, wanted shortest DD period and most DD cash as possible, and shortest close.

sellers are completely in the driver's seat right now and it really sucks to pay $3500-5000 just to take a look at a house built in 1925 and have a week to schedule an inspection and make decisions. they may be gorgeous upstairs but have a lot of hidden problems (had to walk from one for this exact reason and lose DD). You show up and there are literally 6 other couples and their agents there and you feel rushed to get in and out, and also to make a decision pretty much the same night. sure, you can be that guy flipping every switch and moving furniture to get into the attic, etc. but it is still awkward (business, but awkward). And some of these crawl spaces are just too shallow to really get underneath.

3/20/2018 10:39:34 AM

they always say that about as-is, it's only serious if they have a special agents note in the listing and mention it a bunch of times if it's a project house or something. you can still negotiate because you can't be expected to identify every condition until you get into due diligence and do your inspections, and while it's true that you have some cash at risk if they are motivated sellers they also don't want to go through the delay of re-listing because you refuse to close. your lender should be able to make their approval letter somewhat open ended and say you have excellent financials, that and your agent telling theirs that you understand your offer is likely above appraisal value is probably sufficient. or at least that's been my experience

3/20/2018 11:20:35 AM

finally got an offer accepted. absolutely gorgeous/pristine house. people were lined up around the block, as usual for these things. they had three offers in hand by the time I offered Saturday, and likely more than that the following day since they had the open house scheduled for the whole weekend. I overheard a guy talking to his agent about the price he was going to offer, which helped me out.

I ended up offering $15k over asking with $10k DD and $5k EMD, as is, closing asap. Just wanted this to be over with. I just hope to god it appraises. I get that the DD money is crazy but that seems to be what it takes in this market.

5/7/2018 3:57:47 PM

10k$ DD. holy shit

5/7/2018 4:03:30 PM

Congrats on getting a house, but now that you put down $10K DD fee, what makes you think they'll fix anything or negotiate is it would be just as good to have you walk and pocket the money to cover it for the next folks...also, address please - want to be nosey and look it up

5/7/2018 4:09:02 PM

I went also went in as is. I brought an inspector with me to the showing to at least do some cursory inspection. Not worried about issues - this is the best house I've looked at in almost a full year of house hunting. I just hope it appraises, although I think it will - just always nervous about things like that.

5/7/2018 10:34:29 PM

$10k DD would make me sick to my stomach. good luck. Please let us know the area haha

5/8/2018 8:32:26 AM

it's not uncommon to have to pay a little bit over appraisal right now

5/8/2018 9:26:01 AM