Charlotte real estate market

[LinvilleGorge]

6 minutes ago, toldozer said:

I have 5 clients looking to buy right now. They're all from out of state. Moving from Texas, new York,  Philly and Michigan. 4 of the 5 are first time home owners. Matter a fact all the clients I'm getting right now outside of this couple from Texas are first time buyers. The renting population is basically up shits creek

It seems like people have been fleeing Michigan for years. I swear there was a time about a decade ago in CO when every third person you met had just moved here from Michigan.

[onmyown]

I sold last June after a little over two years of ownership. We had 4.2% on a zero cash down, first homebuyers loan.

Made $220,000 and am going to move to a more affordable area, wait for whatever dip is about to happen in a year or two and then basically own the same ‘priced’ house after ridiculously low payments over 15 years instead of much higher ones over 30.

Granted I don’t have kids but I’d be absolutely stupid to turn down that profit knowing full well this area is not where I want to settle long term.

People are doing this all over, migrating, not upgrading. I’d be screwed staying here, it’s already hard to protect my profits in this climate. My realtor told me the reason you made this much will be the reason you’ll quickly lose it and he wasn’t joking. Rent is insane. I’ve put it all in wealth-front and making 1k a month just on interest which is helping but I have to get away from the mountains/west, it’s just stupid expensive.

Edited May 5, 2023 by onmyown

[Paa Langfart]

On 5/1/2023 at 5:15 PM, Lame Duck said:

huge shortage in inventory

You obviously dont live in my county.  Contractors here are throwing up crackerbox mansions a mile a minute in all directions.  I have no idea where all the supposed buyers are coming from.

[LinvilleGorge]

1 hour ago, Paa Langfart said:

You obviously dont live in my county.  Contractors here are throwing up crackerbox mansions a mile a minute in all directions.  I have no idea where all the supposed buyers are coming from.

From places where it's way more expensive. And they come with cash so they don't give a fug about interest rates.

[LinvilleGorge]

6 hours ago, onmyown said:

I sold last June after a little over two years of ownership. We had 4.2% on a zero cash down, first homebuyers loan.

Made $220,000 and am going to move to a more affordable area, wait for whatever dip is about to happen in a year or two and then basically own the same ‘priced’ house after ridiculously low payments over 15 years instead of much higher ones over 30.

Granted I don’t have kids but I’d be absolutely stupid to turn down that profit knowing full well this area is not where I want to settle long term.

People are doing this all over, migrating, not upgrading. I’d be screwed staying here, it’s already hard to protect my profits in this climate. My realtor told me the reason you made this much will be the reason you’ll quickly lose it and he wasn’t joking. Rent is insane. I’ve put it all in wealth-front and making 1k a month just on interest which is helping but I have to get away from the mountains/west, it’s just stupid expensive.

Yes. All of this. Sold my house in the foothills of CO a little over two years ago. Moved back to western NC and bought a house 25 years newer (built in 2011 vs. 1986) that was 50% bigger (3000sqft vs 2000sqft) with 16x the acreage (12 acres vs. 3/4 acre) and we barely spent over half on the NC house that we sold the CO house for. The way real estate values have trended the CO property is still worth basically double the NC property but the CO market is cooling off quite a bit faster. The cost of living index vs. wages was fuged out there a decade ago. It's completely unmanageable at this point. Our household once was 50% above the median for our area and our purchase price was about 25% under the median home value for our area and I STILL felt borderline house poor.