House buying help

[All_is_well]

Started looking to buy a house in Raleigh area (Apex and Holly Springs), no inventory, every place is doing bidding process, 200-300 people are in waiting list for each community. 
1. should I wait for few months to stabilize or is this going to be the same for future?

2. Will the prices go down?

3. 2500 Sq ft single family home base price with all included is $500k, they are releasing 4-5 houses each month, who ever bids high will get it. Suggest if this is worth?

4. Can we change the realtor before signing the contract?

[Migil1ndi23]

1 minute ago, All_is_well said:

Started looking to buy a house in Raleigh area (Apex and Holly Springs), no inventory, every place is doing bidding process, 200-300 people are in waiting list for each community. 
1. should I wait for few months to stabilize or is this going to be the same for future?

2. Will the prices go down?

3. 2500 Sq ft single family home base price with all included is $500k, they are releasing 4-5 houses each month, who ever bids high will get it. Suggest if this is worth?

4. Can we change the realtor before signing the contract?

Perygeydy thaggattanykey bro

[perugu_vada]

Old house chudu uncle

[pahelwan]

Housing market will continue to boom next 1-2 years as lot of buyers are in the market due to the green card dates movement and low interest rates. So buy now 

[WigsandThighs]

Don't buy 

[Hydrockers]

@ZoomNaidu

[Arjun9]

yeah konni areas lo inventory issues unnai like Rayleigh, Austin etc

Charlotte, Dallas, Atlanta side koncham better undhi

Inventory issues is the main problem due to material problems especially Lumber

try old house if you are desperate bro

may be after few years you can switch to new house

E bidding wars lo tough to handle unless you are moving from NY Calif states after making enough money from salaries

[Pavanonline]

20 minutes ago, All_is_well said:

Started looking to buy a house in Raleigh area (Apex and Holly Springs), no inventory, every place is doing bidding process, 200-300 people are in waiting list for each community. 
1. should I wait for few months to stabilize or is this going to be the same for future?

2. Will the prices go down?

3. 2500 Sq ft single family home base price with all included is $500k, they are releasing 4-5 houses each month, who ever bids high will get it. Suggest if this is worth?

4. Can we change the realtor before signing the contract?

Everyone will give different answer, go with the reason you want to buy house.

If you can't afford then don't buy.

Even if it decreases someday, within 5 to 10 years they will be back up.

I think prices are increasing because of lack of new constructions and that won't be solved for at least 1 year.

[Arjun9]

3 minutes ago, Pavanonline said:

Everyone will give different answer, go with the reason you want to buy house.

If you can't afford then don't buy.

Even if it decreases someday, within 5 to 10 years they will be back up.

I think prices are increasing because of lack of new constructions and that won't be solved for at least 1 year.

1.5M demand unte, 1.1M construction per month going on anta

so demand supply issues sort out avthe prices will relax.. also offices opening up and school year started, so may relax a bit antunnaru

Not every city is California city.. salaries same unnai so e rates doesn't makes sense for all cities - my 2 cents

[JUST444FUN]

35 minutes ago, All_is_well said:

Started looking to buy a house in Raleigh area (Apex and Holly Springs), no inventory, every place is doing bidding process, 200-300 people are in waiting list for each community. 
1. should I wait for few months to stabilize or is this going to be the same for future?

2. Will the prices go down?

3. 2500 Sq ft single family home base price with all included is $500k, they are releasing 4-5 houses each month, who ever bids high will get it. Suggest if this is worth?

4. Can we change the realtor before signing the contract?

2-3 years old home chusuko annay. Reasonable ga unnay 

[sunnam]

57 minutes ago, All_is_well said:

Started looking to buy a house in Raleigh area (Apex and Holly Springs), no inventory, every place is doing bidding process, 200-300 people are in waiting list for each community. 
1. should I wait for few months to stabilize or is this going to be the same for future?

2. Will the prices go down?

3. 2500 Sq ft single family home base price with all included is $500k, they are releasing 4-5 houses each month, who ever bids high will get it. Suggest if this is worth?

4. Can we change the realtor before signing the contract?

meeru baaga G Balisina candidate ayithe yes go ahead and buy single family home with bidding war.

if you are S Team member (Single pay check budget padmanabham) like me then try town home with 2300 sq. ft under 360k budget. Stick to it until market stabilizes. once stabilized then you can look for single family home with in affordable range.

[phatposts]

It is a very personal decision. I will try my perspective.

Why are you buying a house now? Growing family, want to call Raleigh home for at least next 5 years, FOMO, got full time job, stabilized immigration situation etc. 

There is no horrible reason to buy a house as long as you are comfortable with that decision. 

Lets say you decide to buy the house and win a bidding war by making 100K over asking in the form of lot premium or some other gimmick marketing the seller does. Now what? 

Worst case scenario - after you occupy the house market corrects and the house loses 15% in value over the next 2 years (we are 3 years from today considering you occupy 1 year from now). Assuming you had 20% down - that is 100K down (500K house anuko). Over 2 years, 100K lo 15K vanish aipoyyindi correction valla. 2 years lo rent enta kattevaadivi - 2bedroom ki at least 1500/month chappuna - 2 years lo $36K. Kaani own house ki HOA, additional expensses (more utility bills), furniture, lawn/garden, furniture etc. untayi. So aa losses and gains neutralize anukundam (this is a huge assumption,  but a very generalist assumption).

Own house valla kaasini advantages kooda untayi naa opinion lo - you get more space, wfh options are more manageable, small tax deduction factor (very small), etc.

If you do not sell or do not have to sell when the market slumps you will be OK. 

Kaani 1 year tarvata supply chain issues taggite, illu rates emi taggavu ani naa opinion. Few years ago (3+) Raleigh area lo builders were behind buyers to buy giving incentives in the form of upgrade credits etc. Now they dont do that as they know there is demand. Next 5y lo Raleigh lo demand ala ne untundi anukuntunna either due to desis, companies setting up etc. 

If you are OK - buy a used house and make an offer generously (unfortunately you have to). I am from Boston area - ikkada used houses are the norm. New houses are very few and very expensive. So naaku used home ane factor pedda foreign kaadu. 

All in - buy if you plan on NOT selling for the next 5/7 years. I am not a huge fan of buying a condo, then moving to SFH. It is very dependent on future state of things.

 

[hydusguy]

1 hour ago, All_is_well said:

Started looking to buy a house in Raleigh area (Apex and Holly Springs), no inventory, every place is doing bidding process, 200-300 people are in waiting list for each community. 
1. should I wait for few months to stabilize or is this going to be the same for future?

2. Will the prices go down?

3. 2500 Sq ft single family home base price with all included is $500k, they are releasing 4-5 houses each month, who ever bids high will get it. Suggest if this is worth?

4. Can we change the realtor before signing the contract?

dont buy   .. anta kavali ante  individual house rent chesuko..  stocks crytos..  next housing ae.. wait for a year

gc unte its fine .. but not definitely on visa ee peak time lo

[All_is_well]

3 hours ago, perugu_vada said:

Old house chudu uncle

Chala overvalued.. and same process of bidding for those..

[Satakarni_bali]

3 hours ago, All_is_well said:

Started looking to buy a house in Raleigh area (Apex and Holly Springs), no inventory, every place is doing bidding process, 200-300 people are in waiting list for each community. 
1. should I wait for few months to stabilize or is this going to be the same for future?

2. Will the prices go down?

3. 2500 Sq ft single family home base price with all included is $500k, they are releasing 4-5 houses each month, who ever bids high will get it. Suggest if this is worth?

4. Can we change the realtor before signing the contract?

Same boat, last ki Fuquay-Varina, Holly Springs lo kuda penchesaru... so backed off and renting now...

Rates ekkuva poni future lo growth anukunte, lot premiums , adi idi ani extra 50k+ cheptunnaru, so koncham market settle ayye varaku calm ga undadam better ani lite teesukunna