Home Buying in 28645>Question Details

Donna Sheppa…, Home Buyer in Lenoir, NC

Why are houses listed for such high prices when the economy in Lenoir, NC and surrounding areas is so bad?

Asked by Donna Sheppard, Lenoir, NC Fri Mar 13, 2009

Help the community by answering this question:


It's true that the local economy was greatly affected when a large portion of the furniture business transferred manufacturing to Asia. The economy is actually much more diverse than it has ever been and is making progress from manufacturing to pharma/tech. Concerning the pricing of homes; Every market has homes that are somewhat over priced as well as many that are priced correctly. It is the same in Caldwell County. On average a house will sell for around 95-96% of its list price. Again, there are properties that are well overpriced and probably will not sale. That said, there are many properties that are priced correctly and will sale on a timely basis. The values are dictated by similar property sales. In Caldwell County last year(2013) there were over 76 million in sales from local real estate companies with a total of 719 properties. Since a home will typically sale for what it is worth, there is plenty of data to support the value of the various homes. A buyer just has to establish a relationship with a knowledgeable real estate agent that is very familiar with Caldwell County's inventory.
0 votes Thank Flag Link Wed Mar 26, 2014
Lenoir, NC is in a beautiful area of the Blue Ridge Mountain foothills. The climate is absolutely lovely, with long Falls and Springs and just enough Winter and Summer to have four definite seasons. The locals are friendly and kind and the location is just far enough from Hickory to have a small town feeling, but close enough to access shopping and dining. It is also just a thirty-five minute drive to the quaint town of Blowing Rock and the Blue Ridge Parkway. It offers mountain living without harsh Winters and the bother of tourist traffic. It is a great place for retirement or to raise a family. In Lenoir you can have a relaxed lifestyle in a wonderful location.
0 votes Thank Flag Link Thu Jun 27, 2013
Because it typically does not cost a seller anything out of pocket to fail.
0 votes Thank Flag Link Tue Dec 6, 2011
Myself and several other people I have spoken to, have had homes foreclosed while in mediation. The reason for this is unknown, but really unreasonable. Then they sold my home for a third of the what was owed..go figure???
0 votes Thank Flag Link Tue Dec 6, 2011
Someone should take a look at "who" is buying these houses. Realtors are waiting until people lose their homes - instead of encouraging the owner to list at a current marketable price - then many of them are buying the homes out from under private bidders just so they can turn the house for a personal profit. Seems to be a bit of market manipulation going on. Especially in the Burke County area.
0 votes Thank Flag Link Thu Apr 22, 2010
Hi Donna,
The economy is not just bad in Lenoir it is everywhere.Most inflated priced on real estate are with the more well known real estate companies.I look at real estate all over the state.It started years back when banks,appraisers,contractors inflated the cost of houses.Now that people are loosing their jobs and cannot pay the loans ,their homes go into foreclosure and guess what?They were not worth what they paid for them.People are puting these overpriced homes on the market hoping they will be one of the lucky ones and there's will sell.Ask a contractor what they charge per sq foot to build a house,plus the cost of the land and any extras the homeowner adds?My husband was a N.C. Building contractor as it was not that many years ago that the going price to get a house closed in was $100.00 per sq foot.I have seen houses in the last couple months that are on the market for $600.00+ per sq foot.I am sorry but a 700/800 sq foot house on a .35 acre of land on the market for $350,000.00 is pure greed.Go on up Hwy.321 toward Blowing Rock and Boone and look at those prices.Have a good day looking
0 votes Thank Flag Link Sat Dec 19, 2009
Ms. Donna Sheppard, which homes are you specifically referencing? Foreclosed homes are what they are, those prices should not be compared to spec homes or newly built homes. I would be more than enthused to help you with this confusion.
0 votes Thank Flag Link Thu Jul 9, 2009
Because the people that bought them would be underwater.

They listened to a Realtor 305 years ago who told them that prices enevr go doqwn and they might be priced out of the market forever.

These listing prices will continue to drop as the economy gets worse. No reason tobuy now.
0 votes Thank Flag Link Mon Mar 16, 2009
Hi Donna! I would be happy to answer your questions. Before I can I would like to ask you which homes you are specifically talking about ? This will give me an idea of where you are coming from.

Feel free to contact me directly at sgagej@kw.com and I would be happy to talk with you more about this concern of yours. Talk to you soon.
Web Reference: http://www.sgagej.com
0 votes Thank Flag Link Mon Mar 16, 2009
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