House is swarmed after being listed in Raleigh for under $300k

[Astroslik]

I don't think what you've said in the bolded is what most current homebuyers are expecting unless they plan to just flip it.

New homebuyers are buying homes now largely because they expect prices to keep increasing in the future

 

[Mike Ock]

New homebuyers are buying homes now largely because they expect prices to keep increasing in the future

My comment was referring to new homeowners expecting the home value to keep rising at this current rate in the future. We are pretty sure the values will increase, but at what rate? who knows. I think people are buying homes because they want homes for one reason or another. We've seen this in the price of something as simple as a slice of pizza.
The old norm has to be broken at some point to create the new norm.

 

[Smokin Rider]

My dad just got 1.5mil off his house, too bad. He got it for like 650k like 8 years ago. I gotta get in the real estate game, im still barely surviving of 24/hr and 1200/month rent, I know my father aint giving me no money

 

[thaKEAF]

My realtor just emailed me saying we can list my
House for like 40k more than she originally thought listing price is about 110k more than I bought it for in 2016

 

[WHolla09]

My sister lives about 40 minutes north of Atlanta. She got offered a minimum of $125k (could be more based off the appraisal) for the house as is. The house needs a lot of repairs but if she can find another house to move into, she’ll take the offer. She was already looking into moving from a 2-story to a 1-story. This may accelerate the move

 

[old pig]

Funny. You are assuming I got my knowledge from reading an article. However, I am a Realtor and deal with these type of transactions all of the time. So I am speaking from experience.

To your point about “investors”, you provided some clarity for me. It seems like you are strictly speaking of individual real estate investors and not investors as a whole. Because hedge funds and foreign entities are most certainly real estate investors when they use their available funds for the purpose of purchasing real property to add to their portfolio.

In regards to individual investors, again, they definitely do utilize the assistance of Realtors and the MLS. The off market/FSBO market has limited options. Therefore, the average investor would not have enough options to choose from to build a respectable real estate portfolio without considering on market listings.

Final point - you initially stated that it is “illegal” for homes to sell for more than the list price. You then followed up to say that banks/lending institutions will not lend money over the appraised value. That is two very different things.

You are correct that lenders will not find loans above the appraised value. However, that does not mean that a property selling for higher than the list price is illegal. In those circumstances the buyer is responsible for bringing the difference to the closing table in order to make the deal work.

Example
- Sales contract = $500k
- Appraised value comes in at $475k
- Difference of $25k
- Lender will only fund mortgage based on appraised value - $475k
- If the buyer did not implement an appraisal contingency in the sales contract then they would be required to pay the $25k difference out of pocket in addition to their down payment (let’s assume 5% for this example) and closing costs.

In the current market, sellers are getting buyers to agree to pay X amount over the appraised value (multiple offer situations). Again, none of this is illegal and is a direct result of the low supply, high demand that we are experiencing in the market.

he about to cuss you out with no facts behind it

 

[old pig]

Dogg, I AM a real estate lawyer

 

[Conjiggle]

he about to cuss you out with no facts behind it

Nah I stopped debating back and forth with him. He is either trolling or lives in an alternate universe. Either way it is a pointless discussion.

 

[Won Won]

the listing price is the maximum the house can sell off

if you list a price for 300k, you can't sell it for 350 that's illegal you fukking moron

Exactly, you can't sell a house more than the listing price

we're talking about regular people here, how many people cashing out homes a thousand more than the asking price

the medium income

medium income

Spoiler

 

[Conjiggle]

Spoiler

Medium income….

 

[Won Won]

Medium income….

Dude is an absolute Duck Tale nut

I'm a writer I know what I'm talking about

I started as a screen writer

I'm a sci fi writer I know the roots of the star wars, I've already explained why the movies are trash hyped by nostalgia
quality science fiction has yet to make it to the big screen, and is a feat I will accomplish soon

These reptilians people refer to are actually called Reptoids
they are from the Draco Star System, which is where the word Dragon Drake,comes from, all the way down to to Dracula
they are supposed shape shifter's but in human form their eyes should still be reptilian
This is from reports of people who claim to have actually encountered these things,

I've studied all these beings because I'm a sci-fi writer, and from my findings I see every Hollywood Movie and Story uses these aliens
from these conspiracy reports, which have been around longer than film. Some one has to ask is it art imitating life or vice
versa

The Bigfoot Creature is actually called a Shaggy, this where George Lucas got Chewbaca from
the reason people follow the trail and then it ends, is because allegedly they get back in their ship and fly back. The only come to Earth
once a year to hunt white people, because they like the way they taste. These aren't my words or beliefs, but this is from the research reports.

Even The movie Hancock the pair of female and male, are ripped from these pages, I forgot their name put they had them book of these aliens, but they wouldn't let me have it

 

[old pig]

Spoiler

Medium income….

 

[REdefinition]

House sold for 330k.

https://www.newsobserver.com/news/l...zS_3c-yVzkIGDrMCP7Xt_kyU88KXjyIeaPSkVI_mdCMlg

 

[REdefinition]

I doubt I’ll be fukking with the coli 3 years from now, but in the off chance I do, I need to make a reminder to up this thread…. and I don’t even make threads to begin with

Just a reminder breh, still waiting on this steep decline in home prices in Raleigh you were so sure about. You got less than a year

 

[murksiderock]

What infrastructure or businesses are coming to towns like Raleigh that will spur population growth, and also provide jobs with incomes that will allow banks to qualify 30 year mortgages on over inflated assets from price standpoint?

First and foremost, I said towns like Raleigh… meaning Birmingham, Montgomery, nondescript parts of Utah, throwed off parts of Savannah, etc, etc, etc… if you include Durham(Raleigh-Durham). isn’t that area like 500k strong… How can a potential 1500 jobs make housing prices double in 18 months… ain’t shyt coming to the cities I mentioned and the housing prices are up like 50 to 70 percent from 2 years ago

What are the economic power houses that sustain Raleigh? Let’s start there…. The research triangle ain’t new….

i made my question plain several posts back…… Outside of a couple of 1000 jobs from apple coming potential…. what is warranting these house prices to increase as such? Ain’t Raleigh like a quarter black and can be considered an older population? Can someone answer this, since this poster isn’t from Raleigh

I only had one post in this thread when it dropped I'm surprised, because I remember it and it was all kinda comedy at the time...

Just to clarify, all of those cities you compared Raleigh to, are significantly smaller than Raleigh....

The Raleigh TV market (DMA) is the 22nd largest in the US as of 2024:

List of television stations in North America by media market - Wikipedia

en.wikipedia.org

The Raleigh CSA is the 31st largest in the US as of 2023:

Combined statistical area - Wikipedia

en.wikipedia.org

Raleigh's economy (GDP) is the 39th largest in the US as of 2022:

List of U.S. metropolitan areas by GDP - Wikipedia

en.wikipedia.org

The Raleigh MSA is the 41st largest in the US as of 2023:

Metropolitan statistical area - Wikipedia

en.wikipedia.org

The city of Raleigh is the 41st largest in the US as of 2023:

List of United States cities by population - Wikipedia

en.wikipedia.org

If you aggregate its placement in the five main city metrics of measurement, Raleigh's average rank is 34.8, meaning only around 34-35 cities are truly bigger than Raleigh. That can be a lot if you're only used to big ass cities, or in the grand scheme of the US, where there are 50 states and ~109,000 cities and towns, Raleigh being roughly the 35th largest city in America, of 109,000, means factually it's one of the biggest cities in the US...

In general the city keeps growing for a variety of factors, but to your question businesses keep moving here. People keep moving here. Of the 50 largest metros, the only metro in America that is growing faster in percentage since 2020, is Austin...

The city has its cons like any place does, but it has a ton of pros. People want to live here, and people like living here...

Economically Raleigh is fueled by government, education, and tech. Its got a stable ass economy no matter whats going on...

And no the population here isn't older, it actually skews younger ...

This is in Mini City Northeast Raleigh, that's why...

It's one of the most dense neighborhoods in Raleigh, but it's also considered one of the worse areas in town, particularly North Raleigh. Locally it's not viewed as a desirable hood, it's large and dense (for Raleigh), lot of immigrants, eyesores, renters, and general noise. Granted, this is Raleigh, the "bad" areas here are not warzones, but this is an area whites and even some blacks tell people to avoid at night...

This same type of house is found in many other parts of Rgh worth signicantly more than $250k. It's the location more than anything else that has the price so low...

For the record, Mini City as a whole is about ~73.5% renter occupied, with a median home value of ~$188,600. The asking price is already high for the neighborhood...

For anyone interested, these are the current neighborhood demographics of Mini City, as of 2022:

Census profile: Census Tract 540.08, Wake, NC

Census data for Census Tract 540.08, Wake, NC (pop. 6,593), including age, race, sex, income, poverty, marital status, education and more.

censusreporter.org

It's up to 82% renter occupied, and the median home value has increased to $255.5k now from two years ago. This is still Mini City though, it's among the most affordable areas on the Northside and trust me when I say white people and rich people are afraid of this neighborhood and it's not that crazy but like I said in my initial response, it is dense and urban by southern standards and has alot of diversity and activity. I wouldn't call it a dangerous but it's busy, lot of movement around there...

This same house from OP right now by the way has increased by 10% in two years:

4509 Lafferty Ct, Raleigh, NC 27616 | Zillow

4509 Lafferty Ct, Raleigh NC, is a Single Family home that contains 1485 sq ft and was built in 1990.It contains 3 bedrooms and 3 bathrooms.This home last sold for $330,000 in March 2022. The Zestimate for this Single Family is $363,400, which has increased by $423 in the last 30 days.The Rent...

www.zillow.com

Got a question tho, exactly what has improved about quality of life in that city? I know population growth leads to higher prices, but if the city is just a big ass parking lot where people have to drive all day to live, seems kind of sad to me,

It is a parking lot but travel is fairly easy within the city, it's when mf's jump on the interstates that its a pain. But it is the South, and southern cities are notorious for having mediocre transit infrastructure. That's not unique to Raleigh but it also still describes Raleigh...

As for quality of life improvements. Downtown Raleigh continues to both infill and expand at a high rate, it's the centerpiece of the region and the most popping downtown in the Carolinas outside of Charlotte. Among many other projects, they are about to expand the convention center and move the downtown amphitheater a block south, expanding it as well...

Outside of downtown, they are expanding the bus system with BRT. The people who keep moving here are bringing more cultural diversity which is adding to the food and entertainment options here. And the city has always had an elite education infrastructure, elite and competitive job market, and generally has the offerings a city its size should offer...

I live in North Hills, North Raleigh, and can get anywhere I want in the city in reasonable time. Granted, I miss living in cities that had more walkability and better transit, but honestly bruh it's not difficult to get around inside the city at all!

I love it here. The people are hustlers, they bout the bag but they also show love, it's a friendly city. Good climate, elite parks and rec system, and generally the same quantity of things to do that you'd expect from a city Raleigh's size...