Craziness reigns in Cary real estate.
But, buyers, if you think you are going to score a new home in a great Cary neighborhood this spring, you are going to have to have a plan.
MLS home listing inventory has shrunk, while demand has boomed. Desirable homes, and even homes of questionable value, are popping off the market.
“He who hesitates is lost,” is the fact of life for Cary home buyers right now.
But, “Haste makes Waste” also comes to mind.
So, buyers need to be methodical, and deliberate. And efficient.
Get funding lined up. Proof of funds for a cash buyer. Solid pre-approval letter from a respected lender for borrowers.
Listen to your Realtor. Get those out of the way.
They are necessary groundwork. Once they are procured, you are in a position to make a quick offer when a home clicks.
And, quickness in deliberation is required!
Home buyers are noticing that desirable properties, depleted inventory, and great demand are creating multiple offers daily in the Triangle.
Welcome to the Cary NC real estate market, 2013 Version.
We are seeing homes sold with 0, Zero, Days On Market. The Pocket Listing is back. Sell them before they hit the MLS.
We are seeing showings declined on Active listings, and no response from the listing agent. Et Voila! A contract!
We are seeing homes go under contract before photos are posted to MLS.
Buyers’ agents must sniff out opportunity and be ready to turn on a dime.
Like the ninja of old, it can take legendary skills to complete the task. I haven’t developed the skills of invisibility, time travel, or shape-shifting, but they may come in handy.
More seriously, the market was strengthening for sellers and getting more competitive for buyers through last year, 2012. Then the news broke that Wake County Public Schools would resume school assignment by address. And some areas went into hyper-drive. Davis Drive Elementary School and Davis Drive Middle School are two very desirable schools. Historically, homes with school assignments for those two schools have traded at a premium. Confusion over school assignments for a couple of years defused that demand. Now? Buyers flock to homes in neighborhoods that have assignments for both schools.
HUD Home. Back on the Market!! 111 Sterlingdaire Drive, Cary NC
Case Number 381-848768
At $144,000 near the Heart of Cary, this home has a ton of potential!
2 full baths
Private side patio
Open Floor Plan
Close to everything Cary has to offer!
This HUD-Owned home is just waiting for your offer. HUD requires you to use a HUD-Registered agent to write and present it.
I am a HUD-Registered agent and can show it, represent you, and write up your offer. Note: Some HUD properties are reserved for Owner-Occupant, Government Agency, or Non-Profit Bids only through a period of time.
Never register on a real estate site to search for your next home.
505 Spencer Crest Court is a lovely home, nearly new, in Bexley at Weston, in north Cary.
505 Spencer Crest Court offers:
3252 Square Feet
5 bedrooms, including one on the main level
3 full bathrooms, all with tile
Granite tops in the kitchen and master bath
Stainless steel appliances, including gas cooktop
Hardwoods on the main level and the entire staircase
Excellent bonus room for media
Large open 2nd level loft for reading nook, school desks, etc.
Exterior is brick on four sides, with stone and fiber-cement accents
Low maintenance lot, with reclaimed water irrigation and attractive landscaping
Wonderful and convenient N Cary location
Access to points of interest is excellent, including Raleigh, NC State University, RDU Airport, NC State Museum of Art, the NC State Fairgrounds, Umstead Park, North Cary Park and Town of Cary Greenways, and Wake County Lake Crabtree Park.
505 Spencer Crest Court is located outside the RDU Air Traffic mandatory notification zones. There may be occassional air traffic, but not at a level that mandates disclosure.
This nearly new home has 4 bedrooms on a quiet culdesac, stainless steel appliances, wood flooring, low maintenance vinyl exterior, a great two car garage, 2 1/2 baths, a sunny patio, and a great floor plan flooded with light from many windows.
Built in 2009, this home is only 2 years old, affordable, and ready for a new owner to love it.
Cary Home Sales set comps. Competitive pricing compels buyers to buy.
Comps, Competition, and Compelling Pricing
Comps, Competition, and Compelling Pricing
Everyone wants to see "Comps," comparable closed sales when fixing a price for a new listing.
I agree. We have to begin with the end in mind, and the "End in Mind" is a closed sale. A contract price MUST be supported by market activity, specifically recent, comparable sales that have closed.
However, a smart seller and smart listing agent will also consider "Competition." And that will include properties outside the specific neighborhood where the home to be listed for sale is located.
See, while the neighborhood activity must support the sales price for appraisal purposes, Buyers have myriad choices outside the neighborhood.
A home worth $400,000 must compete with and draw attention away from other $400,000 choices. We just cannot tell Buyers that they can only shop one neighborhood.
So, Sellers have to be competitive across a broader area, perhaps a school district, or a local geographic area in a county or town.
In Cary, and Wake County, NC, the Wake County Public School System manages all public schools at the County level. Town boundaries do not indicate school assignments, and it is not uncommon to see a neighborhood, all or part, reassigned to another school
So, parents will shop various school assignments, attempt to grasp stability in assignment, and affordable neighborhood options. To do so, they may look in a ten mile radius, or farther. That search may take them out of Cary, and into Morrisville, Apex, Raleigh or any other local municipality.
That is why it is smart to consider a wide area of competitive Active listings when pricing a home.
Comps, Competition, and Compelling Pricing, via 60 Seconds in Real Estate, Cary NC:
Real Estate Brokers should be transparent regarding compensation.
Cary Real Estate Topics
It just came across in an email: "$2000 Realtor Bonus on Move-in Ready Homes"
How does that benefit my Buyer clients? If I am given a financial inducement "or bribe" to drag them out to a new home neighborhood, am I taking them out because the property suits them, or because the bonus suits me?
Should they wonder about it?
Now, in North Carolina, it is required for a REALTOR® to disclose any compensation in addition to that predicted in the Buyers Agency Agreement. That disclosure must be done prior to writing an offer, and preferably when initially showing the property.
We REALTORS® even have a document to document the disclosure, Form 770.
It isn't a matter of tripping over nickels and dimes, but of additional compensation in the form of bonuses, high Buyer Agent co-broke commissions, and spiffs like Ipads, points that let me build a higher commission for multiple sales or earn a cruise, or other attractive inducements.
It all seems to present great opportunity for conflict of interest for the agent.
The cure? Bonuses and other inducements are here to stay. So, I think it is incumbent on real estate brokers to be transparent regarding their compensation, comfortable in discussing it, and willing to answer client questions regarding compensation.