Ron Rivera in the news again

[LinvilleGorge]

Honestly, anyone buying a house right now is completely out of their damn mind. Inventory sucks, prices are back to pre-COVID levels, and interest rates aren't going up anytime soon. You're buying on an economy that's a house of cards with historic levels of unemployment propped up by stimulus and a widespread hope/belief that COVID is over and things will be completely back to normal by mid-summer. That's not to even mention the widespread social unrest and the fact that it's an election year and that's always a wildcard.

But, god bless 'em. We're set to close on the sell of our house a week from today. If I'm right, we'll be buying for substantially less in a full-blown buyer's market around this time next year.

[HPPantherzfan]

28 minutes ago, LinvilleGorge said:

Honestly, anyone buying a house right now is completely out of their damn mind. Inventory sucks, prices are back to pre-COVID levels, and interest rates aren't going up anytime soon. You're buying on an economy that's a house of cards with historic levels of unemployment propped up by stimulus and a widespread hope/belief that COVID is over and things will be completely back to normal by mid-summer. That's not to even mention the widespread social unrest and the fact that it's an election year and that's always a wildcard.

But, god bless 'em. We're set to close on the sell of our house a week from today. If I'm right, we'll be buying for substantially less in a full-blown buyer's market around this time next year.

Any time demand is high and inventory is low, it is never a buyers market.  Even if demand tappers off as you are hoping the inventory is still low.  You aren't going to see the housing bust you are hoping for in the next year or even two.  All things come in cycles and there will be another bust but you are more likely looking at 5 to 7 years vs 1 or 2

[LinvilleGorge]

1 minute ago, HPPantherzfan said:

Any time demand is high and inventory is low, it is never a buyers market.  Even if demand tappers off as you are hoping the inventory is still low.  You aren't going to see the housing bust you are hoping for in the next year or even two.  All things come in cycles and there will be another bust but you are more likely looking at 5 to 7 years vs 1 or 2

I think otherwise. We'll see. Either way, I'm cashing in my chips now and sitting on the sidelines waiting with cash.

[Double Trouble]

The time to buy a house will probably be late 2021-2022, housing market typically is slow to react. I think when there is a lot of market uncertainty investors move to real estate as its typically a less volatile investment.  Stock market right now just makes no sense: human rights crisis, high unemployment, inevitable second wave of covid, etc.  Lot of money pumped into market by gov't as well.  Even Tepper said this is the second most inflated market he has seen behind the .com bubble.

[Snake]

On 6/3/2020 at 3:21 PM, LinvilleGorge said:

Went under contract. If this house "sold" on Friday, it probably went under contract a month or so ago. That was a very different market. Editing to add that it's also a very different story when you're selling well above the median listing price in an area. That market is almost always a buyer's market, even when the overall real estate market it booming. Selling at or above list at well over the million dollar mark in the Charlotte area is damn good work right now. 

People buying right now are making a big mistake. I say this as someone who's set to close as a seller in less than a week. This market is a house of cards propped up with economic bandaids, historically low mortgage rates (that aren't going up anytime soon), and low inventory. Most predictions are that prices will be down 2% this winter but won't be surprised if they're considerably lower than that. In fact, that's exactly what I'm banking on.

You obviously don't understand economics very well if you think there is a bubble and low interest rates. 

[LinvilleGorge]

5 minutes ago, Snake said:

You obviously don't understand economics very well if you think there is a bubble and low interest rates. 

You really don't want this. You've been battered enough on this forum already.

[DeAngelo Beason]

On 6/3/2020 at 3:21 PM, LinvilleGorge said:

Went under contract. If this house "sold" on Friday, it probably went under contract a month or so ago. That was a very different market. Editing to add that it's also a very different story when you're selling well above the median listing price in an area. That market is almost always a buyer's market, even when the overall real estate market it booming. Selling at or above list at well over the million dollar mark in the Charlotte area is damn good work right now. 

People buying right now are making a big mistake. I say this as someone who's set to close as a seller in less than a week. This market is a house of cards propped up with economic bandaids, historically low mortgage rates (that aren't going up anytime soon), and low inventory. Most predictions are that prices will be down 2% this winter but won't be surprised if they're considerably lower than that. In fact, that's exactly what I'm banking on.

This post won't age well.

[LinvilleGorge]

7 minutes ago, DeAngelo Beason said:

This post won't age well.

We'll see. The same would've been said back in '07 despite warning signs everywhere. All the optimism is based on the worst of COVID being behind us. That's some seriously fool's gold.

[Khyber53]

Sorry, kind of confused here. Are we supposed to be mad that Rivera's house sold? That was the theme around here, right?

:D

[RASTAN66]

On 6/4/2020 at 6:15 PM, HPPantherzfan said:

Any time demand is high and inventory is low, it is never a buyers market.  Even if demand tappers off as you are hoping the inventory is still low.  You aren't going to see the housing bust you are hoping for in the next year or even two.  All things come in cycles and there will be another bust but you are more likely looking at 5 to 7 years vs 1 or 2

This --- well said and realistic.  The pessimists will be left behind...

[Sasquatch]

On 6/3/2020 at 1:47 PM, TheSpecialJuan said:

Former Carolina Panthers head coach Ron Rivera's home in south Charlotte sold Friday for $1.34 million, according to a property deed filed in Mecklenburg County. That comes in just above the asking price.

https://www.bizjournals.com/charlotte/news/2020/05/29/ron-rivera-house.html?ana=wsoc

BS title. This isn't Ron in the news. This is the house he used to live in is in the news.

 

EDIT: IF somebody selling a house qualifies as "NEWS".

[jasonluckydog]

I sold my house for 80k in 1993. 

[LinvilleGorge]

1 hour ago, jasonluckydog said:

I sold my house for 80k in 1993. 

I'm guessing it wasn't 5500 square feet with five beds and five baths 

[Mvp2014]

Crazy market right now.  I just bought a house in Indian Land last August after living in the queens rd and Montford area for the last 10 years.  Its just too rich for my blood around here, Ill commute and spend the savings on toys