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Actually it depends on the market. Our market did not decrease like the rest of the country because our prices never bubbled. I believe they were headed that way and were going to bubble, if the economy hadn't slowed everything down. For example Farror Hills, North Hills subdivisions in North Raleigh actually increased 10% in appreciation even during the downturn and they are still appreciating at that rate. Our particular subdivision that we are in has increased by 3% since 2006 even in the downturn partly because of a new highway being built that will be a mile away from our current house allowing people to get to the research triangle park 10 min away. Currently we are a 25 min drive without the highway. Some subdivisions over 300,000 have had to come down on price due to builders not being able to get loans. Most of us in established neighborhoods have not had a loss, maybe not a huge gain either. I didn't say we are going to be getting a huge chunk of change on this deal, but still a profit. Come to Raleigh, it's not as bad here. Our subdivision that we are in now has no competition for single family homes. You can either buy in our subdivision, or buy a townhome for the same price in Apex. That has helped our subdivision not have a downturn, plus the first time homeowners are the ones buying in our subdivision.
That's a great story. I'm glad to hear it's possible to buy a house that isn't for sale. I've been looking at listings and have seen maybe 2 in the last year that I'm even remotely interested in so I've decided to drive around and find houses I like and contact the owners. Since I want a very specific area and style of architecture, it seems like a good way to find what I want.
That's a great story. I'm glad to hear it's possible to buy a house that isn't for sale. I've been looking at listings and have seen maybe 2 in the last year that I'm even remotely interested in so I've decided to drive around and find houses I like and contact the owners. Since I want a very specific area and style of architecture, it seems like a good way to find what I want.
Why not buid a new house ?
That way you can ensure the house is the --style of architetecture-- you really want .
Because to build a house in the area I want, the minimum price to buy a lot is 75-100K plus grading, driveway, drilling a well, getting electricity, putting in a septic, etc. That's 150- 200k before even building the house and I can buy an existing house for around 250K. Plus I want a mid-century modern house built in the '50's or 60's. I'd love to hire an architect and build one that style but it would end up costing 500K. Maybe in a few years...
Got a 'we want to buy your home' letter in the mail the other day. We know that our house is nothing special from the outside; I just assumed it's because that type of house (square footage greater than X, larger lot, price less than Y, and loan documents filed with the state say it wouldn't be a short sale) was always an easy sale in our area to begin with, and there are currently less than ten listings of that type of house in a 'burblet with more than 3,000 homes in it.
Tossed the letter in the trash since it just doesn't make financial sense to move right now and spend more money for what wouldn't be a huge upgrade.
Congratulations! I'm happy for you but also very happy for your buyer! I recently tried this myself, wrote a letter to the one property I've seen in 2.5 years that would be sooo sooo great. Never heard back. I do agree it doesn't hurt to ask, my letter was very....sensitive, at least I tried. Since I'm usually looking for something extremely specific and in sort supply I'd try it again. Why not? There is a percentage of people who get PO'ed no matter what you do.
Your lucky no one scared off your buyer from asking and accused your buyer of being like the govt and trying to take houses via eminent domain.
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