Charlotte real estate market

[Ja Rhule]

Yep, the rates begun to tank.  People are refusing to buy new homes.  New originations are done.  Apparently a ton of people went from prime to subprime during COVID and foreclosures are about to blow up.  

[toldozer]

2 hours ago, Ja Rhule said:

Yep, the rates begun to tank.  People are refusing to buy new homes.  New originations are done.  Apparently a ton of people went from prime to subprime during COVID and foreclosures are about to blow up.  

How could people have months and months of forbearance available to them along with hefty unemployment benefits and now about to be going in to foreclosure.  Why do you think they're about to blow up? Just curious not saying your wrong just common sense says if people were in trouble prior to March 2020 shouldn't they have been able to build up a nest egg if they haven't been paying for however many months? 

[toldozer]

I'm thinking 12 months. Planning on selling my rental in 10 so hopefully it holds

[LinvilleGorge]

2 minutes ago, Inimicus said:

I know that this thread is about Charlotte in particular but we are really starting to feel the pressure to sell here in Lakewood(Denver)

The estimate on our place is 230k north of where we bought it 3 years ago, the market here is still cash offers without inspections/appraisals, most homes are going for 20 to 60k above list and are under contract in less than a week.

 

Its hard to believe this market will hold for the 12 to 18 months they are predicting.

Hell, it's why I sold last summer. It's shocking it's held up this long. But looking at median household income a and median home values, something has to give and soon. The math just doesn't compute. It hasn't for awhile.

We were well above median household income and we'll below median home value in Evergreen and we still felt borderline house poor.

 

[Ja Rhule]

9 minutes ago, toldozer said:

How could people have months and months of forbearance available to them along with hefty unemployment benefits and now about to be going in to foreclosure.  Why do you think they're about to blow up? Just curious not saying your wrong just common sense says if people were in trouble prior to March 2020 shouldn't they have been able to build up a nest egg if they haven't been paying for however many months? 
 

it’s on the news

[toldozer]

1 hour ago, Ja Rhule said:

it’s on the news

I dont watch it. 

[KatsAzz]

39 minutes ago, toldozer said:

I dont watch it. 

Don't worry,if you haven't watched the news,you have missed a thing.

[thefuzz]

16 hours ago, Ja Rhule said:

it’s on the news

Do not buy this, they are wrong.

Also, helps to remember...real estate is ALWAYS local...national trends are for the birds.

[Squirrel]

On 7/8/2021 at 5:12 PM, Inimicus said:

Lakewood just passed a new building restriction that caps growth to <5%/year so the inventory isnt going to be growing.  Should hold the sellers market for a while longer.

 

We wont be here next summer.

 

Cant come back to NC for reasons but we've been looking at acreage in Ohio,Western Pa, and even W Va

Wv has even had huge increase as more people can work from home. Place selling Last summer $130k are selling at 240k this summer.  It is getting stupid.  Only places not increasing is in major cities. 

[thefuzz]

24 minutes ago, Squirrel said:

Wv has even had huge increase as more people can work from home. Place selling Last summer $130k are selling at 240k this summer.  It is getting stupid.  Only places not increasing is in major cities. 

Expect this trend to continue for some time.

[panther4life]

My last 2 seller clients here in Charlotte crushed neighborhood records. Inventory seems to be slowing down and it's making it tough for me to find new clients. My apologies for spamming this thread but if anyone on here is thinking of buying or selling anytime soon, I'd love to help any of you! I have got a proven track record and references. 

[onmyown]

On 6/16/2021 at 5:51 AM, toldozer said:

I dont think houses are going to be under water. Houses are being bought with cash by investors sight unseen.  The market may slow way down and prices may level off but I dont think we see a big reversal.  Especially in Charlotte where so many people are moving. I just visited friends in Salt Lake their house is maybe 1400 square feet,  similar distance to downtown as our rental. The value on their home is 650k, we could probably sell our rental for 210 right now. Charlotte market has plenty more room to run unfortunately.  Especially when most of the people moving here are used to prices like in Salt Lake city 

Yep. I live in Salt Lake City and it is absolutely bat poo insane. It’s quickly becoming Seattle/Cali. For three main reasons. First people breed here like crazy, most in the nation. They want to stay here as it’s family friendly and they’re probably Mormon.

Second is the tech boom. We call this silicon hills. People from Cali are flooding this city. BYU and the city invested very very heavily in tech, it’s all over here. And someone from Cali drools over a decent house for 800k. Tech brings them and so does being the closest largest city to Cali other than Vegas (10+ hours).

Lastly the space. There is no where to go. The mountains, salt lake and Utah lake make space very very limited, and in conjunction to that the politics here want ‘healthy growth’. They will not build mass housing despite houseless people.

I sat down with my realtor for two hours the other day. He is very passionate about his job and good at it. Couple points (granted SLC market) -

The foreclosures will be a blip in the grand scheme of things and will not affect housing in any significant amount.

The market is indeed leveling out at this moment, but it is not coming down for the foreseeable future. People are still going to offer asking and then some.

This will go on through next year when things will still be appreciating but at a normal rate.

I have decided to sell. I bought my house two years ago with a first home buyers loan and zero down payment. 4.5 interest, 375k. It’s now worth $550,000 (got it appraised), after 20k of updates. And my realtor expects a bidding war/offer to pay fees etc.

So I will walk with about 200k in two years. I will stay in an apartment for a year or so when it levels a bit more, it may not be a better home, but if I put it down on the house similar to it I’ll get a lower rate and eliminate PMI and not pay for refinancing BS. That and I’m not a fan of the house in the first place.

Charlotte is a joke compared to Salt Lake City. People are making cash offers within hours, waiving inspections, without even seeing the house lol. It happened to me before this house. I put in an offer 17 hours after listing and someone offered cash an hour after posting and don’t even want to see or inspect it. I’d absolutely KILL to have my budget and job in Charlotte, I’d be living very nicely (I’ve been checking houses for sale there just to torture myself).

 

[onmyown]

On 7/8/2021 at 4:05 PM, Inimicus said:

I know that this thread is about Charlotte in particular but we are really starting to feel the pressure to sell here in Lakewood(Denver)

The estimate on our place is 230k north of where we bought it 3 years ago, the market here is still cash offers without inspections/appraisals, most homes are going for 20 to 60k above list and are under contract in less than a week.

 

Its hard to believe this market will hold for the 12 to 18 months they are predicting.

Depends on your situation. But my realtor (he’s a friend too not just business advice) said if you can afford to weather out the storm in an apartment or temporary living situation, the ideal move is to take advantage, save and wait.

Course other things matter too, if you love your house, already have a good rate or lots of equity it won’t be worth it.

Edited July 28, 2021 by onmyown

[LinvilleGorge]

What's going to bust the Denver bubble IMO is people realizing that the days of being able to feasibly take day/weekend trips to the mountains are basically over. Everyone moves out there for the mountain access. Without that, Denver is just another city with nothing to justify the rapidly becoming insane cost of living.