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This entire zip code is overpriced... come back to reality sellers..

Its absurd the level of ignorance in the sellers of homes in this area -  I've been looking around in the 27603 zip code, and its the same story.  Sellers are trying to recoup money treating their homes as investments, when in reality their homes are liabilities that are now selling at 2003-2004 levels.  If you own a home for less than 5 years, especially in this economy, you are going to lose a significant sum of money -- accept it and move on.  Listing houses at a dream price is only going to turn off sellers and let your listing sit idle as the actual comp value continues to fall.

Its really ridiculous and frustrating for potential buyers --  I would offer 50K less than this house is listed at, and probably have to deal with a rude seller afterwards.  Sorry folks, I'm not going to pay a premium just to be nice --  that is all the house is worth in this market.  If you lost money, so be it  -- but quit alienating potential buyers with your ludicrous listing prices!
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February 23 2009
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You know, the other side of this coin is...if the right buyer comes along who HAS to be in this zip code, say, to be near NC State, there are some lovely homes that haven't lost a lot of value and that are still selling a snappy pace, especially to investors. On the other hand, some of the luxury level homes in this zip code have really suffered but what I see are sellers digging in their heels and waiting, which is fine, if they can stomach it, because some of the luxury homes around Lake Wheeler in that zip code certainly will recover, it's just a matter of time. Unfortunately, it means a lot of wasted time for the buyer agent trying to negotiate a price that won't work for one side or the other until or unless the market turns around. I would suggest looking for the short sale in this territory because I have found a lot of people just testing the market and then taking their homes back off if there isn't the action they hoped for.
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September 14 2010
 
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