Charlotte real estate market

[thefuzz]

1 minute ago, LinvilleGorge said:

Won't surprise me. 

This administration has low key been a fuging disaster domestically.

We simply cannot afford that.

People buying homes they can't afford, at elevated prices, with higher interest rates....

It would be (yet another) disaster.

[LinvilleGorge]

2 hours ago, thefuzz said:

We simply cannot afford that.

People buying homes they can't afford, at elevated prices, with higher interest rates....

It would be (yet another) disaster.

We're probably already in a housing bubble. I don't see the harm in throwing an '09 style mortgage crisis on the bonfire. 

[toldozer]

Haven't been concerned until a few weeks ago. I tried to brush off the arm talk. I think people are choosing to sit on the sidelines right now with talks of lower rates end of next year.  Which is probably the smart thing but not the best for me personally.  

[stirs]

https://www.axios.com/2022/05/25/the-real-estate-frenzy-is-over

[stirs]

https://finance.yahoo.com/news/us-home-sellers-cutting-prices-172040181.html

[LinvilleGorge]

At some point it has to. There comes a point where housing is just unaffordable for the masses and the folks planning on bailing out of expensive markets and heading to less expensive markets flush with cash have already made that move.

[thefuzz]

11 hours ago, LinvilleGorge said:

At some point it has to. There comes a point where housing is just unaffordable for the masses and the folks planning on bailing out of expensive markets and heading to less expensive markets flush with cash have already made that move.

Wilmington's buyer market is made up mostly of folks being able to sell their homes in the suburbs to the first time buyers that are leaving the cities.  Not all of it, but a big portion.

Now....if those first time buyers can't buy that 40 year old home on Long Island, the residents can't leave to come South for better weather and taxes....

I see homes and rates staying flat for a while.

At least that's what I'm hoping for right now.

[LinvilleGorge]

11 minutes ago, thefuzz said:

Wilmington's buyer market is made up mostly of folks being able to sell their homes in the suburbs to the first time buyers that are leaving the cities.  Not all of it, but a big portion.

Now....if those first time buyers can't buy that 40 year old home on Long Island, the residents can't leave to come South for better weather and taxes....

I see homes and rates staying flat for a while.

At least that's what I'm hoping for right now.

The WNC buyer's market is almost all outsiders. The property next door just went for $1.2M to horse nuts from Florida. Zestimate on our place has jumped to almost $650k. We bought it for $380k last year.

The 3 bed 2 bath 2000 square foot house on 3/4 acre I sold in CO two years ago is estimated at almost $850k.

[stirs]

https://finance.yahoo.com/news/property-values-fall-across-us-145849058.html

[toldozer]

All makes perfect sense. If you were approved for 800k last year that's probably down to 600-650k right now. All so you can buy a house that would have been 500k last year. A lot of people are still looking, it's just hard for those people to put offers on homes that aren't as nice as what they could get last year. People thought buyers in mid 2020- end of 2021 were crazy and were over paying but they look pretty smart now. There may be a slight slide back but all those buyers will remain in a good position of positive equity and locked in ridiculously low interest rates. Several people told my wife and I we were dumb when we started looking for a new home in November of 2020.

[toldozer]

On 5/27/2022 at 9:29 AM, thefuzz said:

Wilmington's buyer market is made up mostly of folks being able to sell their homes in the suburbs to the first time buyers that are leaving the cities.  Not all of it, but a big portion.

Now....if those first time buyers can't buy that 40 year old home on Long Island, the residents can't leave to come South for better weather and taxes....

I see homes and rates staying flat for a while.

At least that's what I'm hoping for right now.

I Will be in Holden beach for the month of July while our house is being renovated. Any suggestions on things to do (probably willing to drive to Wilmington on occasion). It's me, my wife and our daughter who will be 9 months at the time.  My wife's dad, step mom and 13 year old sister will be coming for a week as well.

[LinvilleGorge]

I was just doing the math on the house I bought just 13 months ago. With just the rate increase my mortgage would be 60% higher today. With the rate increase and the likely 20% more I could currently get for it my mortgage would be about 125% higher. Oh wee mayne.

[toldozer]

1 hour ago, LinvilleGorge said:

I was just doing the math on the house I bought just 13 months ago. With just the rate increase my mortgage would be 60% higher today. With the rate increase and the likely 20% more I could currently get for it my mortgage would be about 125% higher. Oh wee mayne.

Just did the math on ours. We bought 14 months ago

 

Our mortgage is roughly 1675

Same exact numbers puts it at 2275

For what I could sell if for you'd be at 3125 a month

We're also about to request our pmi to be removed which would bring it down to 1615 a month.

 

Glad we didn't listen to people, we'd be living in a less than 1200 square foot home (which we rented out for a year and then sold in march for almost the same amount of money that we paid for this home) with 3 dogs, 2 cats and an 8 month old plus me working from home. There is no way we could have gotten what we want in this current market for what we could afford.

 

I'll post reno pics once they're done in August(hopefully) .  I think I posted some befores in here I can't remember.  We bought for 330, after renovations I think we could easily sell for 575-600 if appraisals didn't exist

Edited June 17, 2022 by toldozer

[LinvilleGorge]

1 minute ago, toldozer said:

Just did the math on ours.

 

Our mortgage is roughly 1675

Same exact numbers puts it at 2275

For what I could sell if for you'd be at 3125 a month

We're also about to request our pmi to be removed which would bring it down to 1615 a month.

 

Glad we didn't listen to people, we'd be living in a less than 1200 square foot home (which we rented out for a year and then sold in march for almost the same amount of money that we paid for this home) with 3 dogs, 2 cats and an 8 month old plus me working from home. There is no way we could have gotten what we want in this current market for what we could afford

Ours is a shade under $1500 but we put 20% down. I would've put more but with rates so low why bother? I'd rather have the extra liquidity.

On our first house in CO I think we paid about three months of PMI on a 3% down mortgage. We pretty much immediately got it reappraised and refinanced dropping PMI and getting a better rate. Shaved off about $300 a month.