Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I've found that things can vary quite widely in the Durham market - even within one neighborhood. For instance, in my neighborhood in southern Durham, there have been quite a few houses on the market this year. A large percentage of them sold very quickly (within a week). Others have lingered for months. I have seen this disparity between houses that were located right next to one another, so the problem certainly isn't all due to location. In my experience, it is strongly tied to the condition of the house. The houses that need work (or are located on busy corner lots, etc.) just don't sell very quickly. It's the same all over.
As Mike posted earlier in the thread, MLS reports that sales in Durham are up, while most of Wake County according to the Tarr Report is flat. If relocators are not getting their price, they may be looking at lower priced Durham. Just my opinion. You're right about busy corners lots, and having to replace a furnace, roof, etc. would be a factor.
Other than that the homes in the 400+ area are sitting much longer, quite frankly who can afford a mortgage of 350?? At 6 % that is over 2200 a month plus add real estate taxes of say 300 a month that is over 2500 a month. Sorry but salaries in the triangle do not support that number.
People are in debt up to their eyeballs!!
Better them than me.
Love having a paid off mortgage. New jersey was not bad for me in real estate. Got out early 06 at the top of the market. We Was Just Lucky.
Other than that the homes in the 400+ area are sitting much longer, quite frankly who can afford a mortgage of 350?? At 6 % that is over 2200 a month plus add real estate taxes of say 300 a month that is over 2500 a month. Sorry but salaries in the triangle do not support that number.
People are in debt up to their eyeballs!!
Better them than me.
Love having a paid off mortgage. New jersey was not bad for me in real estate. Got out early 06 at the top of the market. We Was Just Lucky.
This is interesting, I know lots of people in the triangle who can "afford" a mortgage of 350 - and more. There are tons of high-paying jobs in the triangle!
This is interesting, I know lots of people in the triangle who can "afford" a mortgage of 350 - and more. There are tons of high-paying jobs in the triangle!
What do they do for a living? Because I'd love to get in on that action!
You'd be amazed at the people that make much more money than you are even aware!
I recently sold a home for over $400,000 to a young man of about 26, who financed 100%. And he had NO DEBT, other than this new mortgage. Do the math on that one!
You'd be amazed at the people that make much more money than you are even aware!
I recently sold a home for over $400,000 to a young man of about 26, who financed 100%. And he had NO DEBT, other than this new mortgage. Do the math on that one!
Vicki
A rarity, Most are using a second piggy bank loan on top of the first loan 80/20 type. These are still popular. Debt I have seen people at 40+ % of their take home on their mortgage. Then the car payments and credit cards. Sorry but the guy with a 100% finance and no debt is not the norm.
Look at what teachers are making down here, Nurses, the retail sales people. Nope they will have a house poor existence.
By the way why did he finance 100% ? PMI? he is gonna pay that??
A rarity, Most are using a second piggy bank loan on top of the first loan 80/20 type. These are still popular. Debt I have seen people at 40+ % of their take home on their mortgage. Then the car payments and credit cards. Sorry but the guy with a 100% finance and no debt is not the norm.
Look at what teachers are making down here, Nurses, the retail sales people. Nope they will have a house poor existence.
By the way why did he finance 100% ? PMI? he is gonna pay that??
That does not make any sense.
Ok...let me clarify...just for you!
And 80/20 loan IS 100% financing.
Yes, he did an 80/20 loan.
The REASON he did 100% financing is that his theory was he didn't want any of HIS cash tied up and the loan was at 5.875%. Therefore, he'd rather pay the 5.875% on his house than to tie up his cash, decide to buy a new car and pay 12% new car loan. By the way...I have no idea what new car loans are at, so I just used that %.
Vicki
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
