Due Dilligence Money For Cary, North Carolina
I'm thinking of buying a house in Cary near my brother, not necessarily an investment, but of course I do want to get a good deal. I was planning on doing 10-20% down. Cary is very competitive. My agent suggested that I put 10% as my due diligence to win the property. This is before inspection and really before seeing the property except online. Now I know it's competitive, but I'm curious from someone that has experience in the area if this is normal and actually what it takes to win a property there or if it's just insane to put 10% as due diligence payment?
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MLS data below shows signs of a cooling w. the decrease in % of selling price vs list price. As we head into the holiday (Thanksgiving is 10 weeks away) I think you may see houses sell for list price and DD back to a reasonable 1-2%. Meanwhile, there hasn't been a cooling of rental prices in this area as we continue to have a shortage of rentals.
| Cary/Apex, <=$350K,Closed, detached & TH, <=2Ksqft | |||
| Closed Date | # of properties closed | LP/SP (% of asking) | |
| Jan | 83 | 1.00 | |
| Feb | 61 | 1.02 | |
| March | 98 | 1.03 | |
| April | 74 | 1.05 | |
| May | 72 | 1.05 | |
| June | 77 | 1.06 | |
| July | 43 | 1.07 | |
| Aug | 57 | 1.04 |