Charlotte real estate market

[thefuzz]

52 minutes ago, LinvilleGorge said:

If there's a similarity to the mortgage crisis going on, it's the moratorium on foreclosures. When all these moratoriums expire we will definitely see a flood of foreclosures hit the market because it'll be a year's backlog to work through but we'll have to see how that impacts the market. Given the short supply the market seems well positioned to absorb it.

If you're sitting on a house that needs significant updating, I'd be selling that thing right now though. I'm seeing a lot of those types of houses selling for premium prices right now. Once the foreclosure market comes back those types of properties will see a significant hit.

This (like most all real estate) will be a very localized thing.

Where I am, renters are paying on time, and up front in many cases.  Friend of mine just rented his house for $3,200 per month and got the full year up front.

My little group has quite a few rentals, we went up on price about 20% at the beginning of last year and all of them stayed and pay in full on the 1st.

Everywhere is different, but that could be a concern in certain markets.

 

[LinvilleGorge]

On 2/27/2021 at 11:58 AM, LinvilleGorge said:

This is the place we have under contract.

Inspection came back good last week. A few minor things we had addressed. Appraisal came in $14k over contract price. It's gonna be a go.

The mountain views are a bit different than my previous Colorado mountain views but still quite pleasant.

[Shocker]

Wow, beautiful place @LinvilleGorge Congrats.

Edited March 23, 2021 by Shocker

[panther4life]

Can't believe I just now seeing this thread, as I'm a realtor here in NC. Here's what I am seeing.

• Most houses priced under 500k and without painfully obvious issues, are receiving/selling within the first weekend, with multiple offers to choose from
• Some homes are even being sold sight unseen (listed as coming soon and accepting offer before going active and allowing showings)
• People are pissing away money because they didn't make sound decisions. A good chunk of homes are coming back on market, because the buyer had remorse, appraisal came in low, or inspection revealed a lot more issues than anticipated. Problem is buyers are having to place large Due Diligence offers to have the winning offer. (this money is no refundable unless the seller defaults). Once the buyer backs out for any reason, that Due Diligence money is gone forever and can be devastating to some buyers. 
• I've had buyers who originally missed on a home they wanted, then the listing agent calls me to tell me the house is back on market and they now would accepts my clients offer. 1 client proceeded, others ending up finding other homes they loved.
• On the selling side, my clients have clearly been over the moon happy with the results and the equity they've cashed out.

3 houses in Mecklenburg County have sold for 100k+ over list price this year. (There's been more technically, but most of them had added acreage into the the deal or were new construction with upgrades).

My Advice to anyone, thinking of buying, selling or both anywhere in the country right now, is to start educating yourself early on. Don't wait until your actually ready, get educated before hand. It will save you a ton of time and stress, plus help you make a smarter, more rational decision when your time comes.

Feel free to ask me any questions in here or D.M me for any general advice(if you're under contract with another realtor, I'm not legally allowed to assist you). License and contract laws vary by states, so I can only give detailed info NC. I can also use the local MLS tools to give in depth details on CLT and surrounding market. 

 

 

 

 

[Ja Rhule]

17 minutes ago, panther4life said:

Can't believe I just now seeing this thread, as I'm a realtor here in NC. Here's what I am seeing.

• Most houses priced under 500k and without painfully obvious issues, are receiving/selling within the first weekend, with multiple offers to choose from
• Some homes are even being sold sight unseen (listed as coming soon and accepting offer before going active and allowing showings)
• People are pissing away money because they didn't make sound decisions. A good chunk of homes are coming back on market, because the buyer had remorse, appraisal came in low, or inspection revealed a lot more issues than anticipated. Problem is buyers are having to place large Due Diligence offers to have the winning offer. (this money is no refundable unless the seller defaults). Once the buyer backs out for any reason, that Due Diligence money is gone forever and can be devastating to some buyers. 
• I've had buyers who originally missed on a home they wanted, then the listing agent calls me to tell me the house is back on market and they now would accepts my clients offer. 1 client proceeded, others ending up finding other homes they loved.
• On the selling side, my clients have clearly been over the moon happy with the results and the equity they've cashed out.

3 houses in Mecklenburg County have sold for 100k+ over list price this year. (There's been more technically, but most of them had added acreage into the the deal or were new construction with upgrades).

My Advice to anyone, thinking of buying, selling or both anywhere in the country right now, is to start educating yourself early on. Don't wait until your actually ready, get educated before hand. It will save you a ton of time and stress, plus help you make a smarter, more rational decision when your time comes.

Feel free to ask me any questions in here or D.M me for any general advice(if you're under contract with another realtor, I'm not legally allowed to assist you). License and contract laws vary by states, so I can only give detailed info NC. I can also use the local MLS tools to give in depth details on CLT and surrounding market. 

 

 

 

 

I sold my house on 1st day of coming soon.  Way over asking with huge due diligence.  I’m closing next week.  I had 22 showings scheduled on 1st day.

[panther4life]

1 hour ago, Ja Rhule said:

I sold my house on 1st day of coming soon.  Way over asking with huge due diligence.  I’m closing next week.  I had 22 showings scheduled on 1st day.

Pretty common right now! Do you mind if I ask how you found your realtor? Was it someone referred to you?

I have been with a company that lives off zillow/realtor .com leads and because of the marketing spend, they keep a large chunk of the commission. It's been great for me to get tons of experience and real time feel for the market, but now I have joined a new brokerage where I keep all the commission but no leads and really need to start sourcing more clients, beyond my repeat and referral!

[Ja Rhule]

Just now, panther4life said:

Pretty common right now! Do you mind if I ask how you found your realtor? Was it someone referred to you?

I have been with a company that lives off zillow/realtor .com leads and because of the marketing spend, they keep a large chunk of the commission. It's been great for me to get tons of experience and real time feel for the market, but now I have joined a new brokerage where I keep all the commission but no leads and really need to start sourcing more clients, beyond my repeat and referral!

So my realtor was referred to me like 15 years ago.  I have been using the same realtor sense.  Sold and bought many homes thru him.  He did a good job keeping connection going even after I bought a new house. 

[Davidson Deac II]

On 3/2/2021 at 7:56 PM, Paa Langfart said:

I dont think so but I've been wrong before.  

Seems I remember that when the music stopped playing and millions of folks realized their mcmansion wans't actually worth what they had been led to believe or ( borrow on perceived equity ) they decided to jingle mail the keys to their lenders rather than continue paying off a dead horse.

You are not completely wrong.  I worked for a bank back then, and part of the problem was that banks stopped caring how high the mortgage was or if the borrower could really afford it, so the prices could and did outstrip the value.  It was more of an issue out west, but people bought houses they couldn't afford, and banks knew it and loaned them the money anyway.  The banks could repackage the loans into investments and sell them and make a lot of money.    

Banks get criticized for saying no to some people, but in 08 and the years leading up to it, they didn't say no enough.  

[Happy Panther]

7 hours ago, panther4life said:

Can't believe I just now seeing this thread, as I'm a realtor here in NC. Here's what I am seeing.

• Most houses priced under 500k and without painfully obvious issues, are receiving/selling within the first weekend, with multiple offers to choose from

North Meck neighborhood here. Anything under $1M goes in the first weekend. Over $1M seems to sit for extended periods.

Things are going for asking. Doesn't seem to be bidding wars.

Data point +1

[Redraider]

So I have 2 examples of insanity in this market.  My fiance and I needed a bigger home and we moved further from the middle of Charlotte to get it.  We ended up $40k over asking to get it, but were willing to go much higher.  

We sold a 1500sqft, old home in a very hot neighborhood (pending as of this week) for an insane $443 per sqft.  3 offers over asking in the 1st 24hrs.  

Our realtor said people have just reached a point of desperation and are throwing stupid money (and stupid due diligence) to get a home right now. 

I can believe  what this market has done in the last 5 years!

[SmokinwithWilly]

Where I live out in the Pacific Northwest, you better bring at least 50k over asking and you’re going to need 100k cash because the selling price is over appraised value. My wife just sold a house in under 12 hours for 120k over asking. Less than 30 days later it could be relisted and sell easily for 50k more than the accepted offer. Real estate here is jumping 25-30% a month. 

Edited March 24, 2021 by SmokinwithWilly

[Happy Panther]

https://www.wsj.com/articles/the-pandemic-ignited-a-housing-boombut-its-different-from-the-last-one-11615824558?mod=e2tw

Quote

The residential real-estate market is on its biggest tear since 2006, just before the housing bubble burst and set off a global recession. Yet in nearly every meaningful way, today’s market is the inverse of the previous boom.

 

[panther4life]

Heres some random stats for Single Family Homes for Mecklenburg County in 2021 just for fun:

Largest home by square footage to close so far: 11,689 sq ft. (Peninsula on LKN)

Highest price per square foot (with 1 acre of less of land): $542.61 per square foot

Zip code with the most homes to sell at an average of over 400+ per square foot: 28203(Southend/Dilworth). They slightly edged out the Myers Park/Eastover zip code of 28207.

11 total with 400+ per square foot for 28203, 8 of 400+ per square foot for 28207

Highest priced home to close so far: 4.7 Million in Carmel Estates

Lowest priced home (that actually seems livable) to close so far: $80,000

Houses closed by price point they sold for:

100-200k: 164. 

200-300k: 961

300-400k: 798

400-500k: 419

500-600k: 214

600-700k: 137

700-800k: 79

800-900k: 61

1 Million+:  162

 Which of these stats do you find most surprising? 

Edited March 25, 2021 by panther4life

[Ja Rhule]

5 minutes ago, panther4life said:

Heres some random stats for Single Family Homes for Mecklenburg County in 2021 just for fun:

Largest home by square footage to close so far: 11,689 sq ft. (Peninsula on LKN)

Highest price per square foot (with 1 acre of less of land): $542.61 per square foot

Zip code with the most homes to sell at an average of over 400+ per square foot: 28203(Southend/Dilworth). They slightly edged out the Myers Park/Eastover zip code of 28207.

11 total with 400+ per square foot for 28203, 8 of 400+ per square foot for 28207

Highest priced home to close so far: 4.7 Million in Carmel Estates

Lowest priced home (that actually seems livable) to close so far: $80,000

Houses closed by price point even they sold for:

100-200k: 164. 

200-300k: 961

300-400k: 798

400-500k: 419

500-600k: 214

600-700k: 137

700-800k: 79

800-900k: 61

1 Million+:  162

 Which of these stats do you find most surprising? 

Seems like a huge drop off in demand after $700k.