In My Neighborhood in Cary>Question Details

Glenridgenei…, Home Owner in Cary, NC

I live in Glenridge and have seen listing prices decline, I am concerned. News says NC Cary top market and place to watch.

Asked by Glenridgeneighbor, Cary, NC Tue Aug 14, 2012

Low listing prices affecting values in neighborhood. Usually homes in Glenridge sell quick as it is a lower priced neighborhood for Cary with pool and nicely established, nice homes. Understand market changes but is this time of year also affecting dramatically? Thanks need realtor advice....

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Answers

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As you know, supply and demand is key. The good thing about living in Cary is that there is real demand for this area. Not as much demand as there was 5-10 years ago, but there is still real demand. Can your home sell? Absolutely. Notably, the homes that show poorly do not sell unless there is a reflection in price. Years ago, anything would sell!

So, if you want to sell, I believe you can. But your home must be in Move In Ready condition with upgrades on par or better with the homes in your price point.

Feel free to call me with any questions!

Matt Peedin
Keller Williams Realty
919-210-8388
0 votes Thank Flag Link Thu Aug 16, 2012
The stats are as follows for the Glenridge neighborhood:

In 2011 there were 9 sales for an average of $296,911 at an average of $116/square foot with an average of 117 days on market and sales price to list price was 97%.

In 2012 there were 6 sales for an average of $291,750 at an average of $123/square foot with an average of 102 days on market and a sales price to list price of 98%.

In addition:

In 2011 there were 9 sales and 6 expired listings, so 60.0% of the homes on the market that year eventually sold.

In 2012 there were 6 sales and 5 expired listings, so 54.5% of the homes on the market this year to date have sold.

Year over year, the average sales price has only dropped 1.7%, while the price per square foot has increased 6.0% and the days on market have decreased by 12.9%.

Also, keep in mind that the FHA loan limit in Wake County recently dropped to $295,000, meaning that the maximum loan amount allowable to secure FHA financing is less than it was a year ago. This could have some effect on where the typical Glenridge buyer is looking. Now, they can't go above $305,000 if they want to go FHA for their purchase, unless they put more than the minimum down.

There is no good or bad time of the year to sell. Selling a home is all about motivation and need. If you have both, then you need to sell. The key factors are pricing your home aggressively and staging it to show like a model. Selling is also very much about transition and moving forward in life. Only the seller knows when the time is right to transition, and that alone should dictate when they put their house on the market for sale.

I hope this helps. Feel free to call, text or email any time. My phone is always on and available for my clients and anyone else with a real estate questions, concern or need. Have a great day!

John Davison
Broker
Coldwell Banker Advantage
(919) 449-7721
"Available 24/7 for my valued clients!"
0 votes Thank Flag Link Tue Aug 14, 2012
I understand your concern. In the last year in Glenridge, the average closed sales price was $301,000K. However, in the last 6 months, the average sold price fell to $285,900. We are still seeing a little bit of price decline in the over $300K market. Are you thinking of listing in the next few months? Maybe you should wait until nexty Spring which is only 6 months away. I think that we have hit our lows and should see some price increases in the near future! We all hope so!
Please contact me if you have any questions or concerns. I would love to help!
Web Reference: http://RDUHomes4U.com
0 votes Thank Flag Link Tue Aug 14, 2012
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