Charlotte real estate market

[LinvilleGorge]

12 minutes ago, PanthersATL said:

When we built our starter-home, 3BR/2BA house in Charlotte, we struggled at the $100k+ price point.  Zillow currently has its "Zestimate" around $350k.  It has a reasonable, accessible location -- but couldn't imagine it going for more than $250k.

And there's the problem. Wages have barely moved yet housing costs have skyrocketed. They're trying to turn us into a nation of renters. It's been that way in the urban market for decades but now it's spreading to the suburban markets and even starting to show up in rural markets.

[toldozer]

My wife paid 82000 for a property in late 2017, we just sold it for 290k a month ago. Our current house we bought for 330 last April. I'm sure we could sell it for 480 today. Probably 550 after we do reno this summer

[PanthersATL]

This is from 2020 data.   The takeaway is that some metro areas will be better to BUY in any given market, while others would be better to RENT at that moment in time.   And this is a sliding scale, subject to change based on local market conditions.

Generically speaking, buying becomes cheaper than renting if you're aiming for a timeframe of more than 5 years.

[Happy Panther]

We came back from overseas in 2009 as the housing market crashed. So we got the first time buyers credit of $8,000. Bought a house for less than the last sale. Aggressively paid it off and then it doubles in price. That's just pure luck. Anyone who bought a few years ago is really lucky. 

I feel like this will be where one of my kids live because housing is out of reach.

[thefuzz]

On 4/18/2022 at 5:44 PM, Ja Rhule said:

I guess good thing I bought my house at 2.75% rate

2.3 baby!!!

[thefuzz]

The rates should have been creeping up since 09, but because of bad policy, our economy has not been able to withstand that increase....so here we are...inflation city, and we need to blast rates up to slow the inflation.

Stupid Politicians.

Either way, with so many purchasing over the past 9 years, and at good rates, I think we see a slowing of the market....a lot...but not homes falling in price, at least not like 07-11.

Obviously location is key there.

[Happy Panther]

House went up $5k today. Not sustainable...

[thefuzz]

On 4/22/2022 at 11:26 AM, Happy Panther said:

House went up $5k today. Not sustainable...

Hahahaha, not until you sign on the line that is dotted...LOL.

It's going to change in the 3rd Q if I had to guess...like I said, maybe pricing doesn't fall, but the selling will slow down.

[toldozer]

On 5/10/2022 at 10:58 AM, thefuzz said:

Hahahaha, not until you sign on the line that is dotted...LOL.

It's going to change in the 3rd Q if I had to guess...like I said, maybe pricing doesn't fall, but the selling will slow down.

Offers seem to be slowing but the ones that come in are still super competitive (well over list). Good agents will soon catch on that their buyers are only competing with 3 or 4 other buyers instead of 20 or more this time last year. 

[Happy Panther]

On 5/10/2022 at 10:58 AM, thefuzz said:

Hahahaha, not until you sign on the line that is dotted...LOL.

It's going to change in the 3rd Q if I had to guess...like I said, maybe pricing doesn't fall, but the selling will slow down.

All true. Today I’m sure we would get 100k over Zillow based on how other homes have sold. But we never treated this as an investment. We will likely never move.

[thefuzz]

45 minutes ago, toldozer said:

Offers seem to be slowing but the ones that come in are still super competitive (well over list). Good agents will soon catch on that their buyers are only competing with 3 or 4 other buyers instead of 20 or more this time last year. 

If the agent is good, they know what's going on already.  Most aren't though...the good one's make most of the money though.

[thefuzz]

27 minutes ago, Happy Panther said:

All true. Today I’m sure we would get 100k over Zillow based on how other homes have sold. But we never treated this as an investment. We will likely never move.

Yea, this home is my Alamo.  I don't plan to live here forever, but I'll likely never sell it.

I plan to build at some point...I'll be the GC, not today though.

[Bama Panther]

14 minutes ago, Inimicus said:

This is Denver and not Charlotte but...

House in the neighborhood with the same floor plan and a slightly bigger yard hit the market 3 weeks ago for 230K over what we paid.  Closed at 140k over list in 10 days.

That's getting in the range of 2x for us.

 

We gotta get out of this house.  Not doing so at this point is financially irresponsible.

We own a house down in the Springs. Our home is in roughly the same position. A house on our street with a lesser floor plan and less upgrades just closed at 600k after being on the market for 550k for two days. That is also in the range of almost 2x what we paid as well. We are currently weighing the options of selling versus continuing to hold it as a rental property until we retire from the Air Force. 

[Happy Panther]

1 hour ago, thefuzz said:

Yea, this home is my Alamo.  I don't plan to live here forever, but I'll likely never sell it.

I plan to build at some point...I'll be the GC, not today though.

Samesies.