Charlotte real estate market

[R0CKnR0LLA]

Real estate everywhere has gone insane. It's depressing shopping for a house and watching the prices going up and up and up.

I guess if you already own a home it's not so bad, you're paying more for a new one, but selling your current one for more. But for someone currently renting, man it fugging sucks. Feels like I will be renting forever and never be able to own a home. Fug.

[toldozer]

Wallpaper sucks!!! Removing from one room, 5 hours in. 10% done

[LinvilleGorge]

40 minutes ago, R0CKnR0LLA said:

Real estate everywhere has gone insane. It's depressing shopping for a house and watching the prices going up and up and up.

I guess if you already own a home it's not so bad, you're paying more for a new one, but selling your current one for more. But for someone currently renting, man it fugging sucks. Feels like I will be renting forever and never be able to own a home. Fug.

Yeah, I'd be a lot nervous if I was renting right now. I have to imagine rent prices are also soaring with zero hope of any equity. Shitty spot to be in for sure.

Investors and flippers are gobbling up anything that hits the market at a reasonable price right now too. I was a little nervous about what the foreclosure market would do to real estate prices once it opens back up but the more I think about it I think the impact is likely to be minimal. There's very real pent up demand right now from investment buyers. Likely more than enough to offset the foreclosure market opening back up. That will obviously vary somewhat by market, but buy and large I don't expect foreclosures coming back to trigger  significant reset. I would've said the opposite six months ago.

[LinvilleGorge]

On 2/26/2021 at 11:20 AM, LinvilleGorge said:

We just went under contract on a property about an hour and a half NW of Charlotte. Never let it hit the market. Heard through the grapevine they were going to sell and hammered out a deal. 2400 square feet newer home on 10+ acres with a private pond would've been a bidding war. They were willing to forego potentially more money to avoid showings because they're both working from home and their kid is doing remote learning.

I was off big time on the square footage. It turned out to be 3000. Closed today. Not looking forward to the move over the next few days but definitely looking forward to finally being settled down again. Selling a house and moving across the country during the peak of a pandemic and lockdowns then buying a house during an absolute real estate feeding frenzy... yeah, if you have the opportunity to pass on that, that'd be my advice. LOL!

[Ja Rhule]

Once foreclosure moratorium ends, the market will flip to buyers market. 

[toldozer]

1 hour ago, Ja Rhule said:

Once foreclosure moratorium ends, the market will flip to buyers market. 

Investors will swallow those up in about 5 minutes I believe.  They've been paying full asking price cash for a few months now. Once it ends it will just mean a higher percentage of rental properties i think. 

 

Wallpaper finally finished yesterday.  My painter started on ceilings yesterday and starting to paint walls today.  Hopefully we will move in April 17th and get our house ready for our renters to move in May 1st

[Ja Rhule]

16 minutes ago, toldozer said:

Investors will swallow those up in about 5 minutes I believe.  They've been paying full asking price cash for a few months now. Once it ends it will just mean a higher percentage of rental properties i think. 

 

Wallpaper finally finished yesterday.  My painter started on ceilings yesterday and starting to paint walls today.  Hopefully we will move in April 17th and get our house ready for our renters to move in May 1st

So something to watch for is revenge shopping this fall and inflation.  The fed will need to increase fed rate to counter inflation which might slow demand for homes.

[LinvilleGorge]

Starting to feel like home! Gotta trim some branches but got the flags flying!

 

[toldozer]

Got about a half acre of the 1.5 acre back yard fenced in. Dogs are THRILLED

[toldozer]

Paint going, hardwood needs some love (and some existence in the one room lol)

[panther4life]

Just had a listing with almost 60 showings in 2 days. With 30% of them offering. Going to break a price records for this neighborhood once it closes!

 

 

[LinvilleGorge]

19 minutes ago, panther4life said:

Just had a listing with almost 60 showings in 2 days. With 30% of them offering. Going to break a price records for this neighborhood once it closes!

 

 

It's so stupid. I was really fortunate that I A) knew the sellers B) knew the seller's agent C) my agent and their agent worked in the same office and D) the sellers really didn't want to deal with showings and wanted an easy close. I could make that happen.

Had they gone to market with this place I would've likely bowed out pretty quickly. The place next down the road from mine went on the market last week. More acreage, similar house size, but a much older home. It was under contract in under 12 hours at $25k over list full cash offer. The buyers submitted the offer sight unseen. They didn't step foot on the property until they were already under contract with what I hear was pretty substantial earnest money down. Crazy.

 

 

[toldozer]

6 minutes ago, LinvilleGorge said:

It's so stupid. I was really fortunate that I A) knew the sellers B) knew the seller's agent C) my agent and their agent worked in the same office and D) the sellers really didn't want to deal with showings and wanted an easy close. I could make that happen.

Had they gone to market with this place I would've likely bowed out pretty quickly. The place next down the road from mine went on the market last week. More acreage, similar house size, but a much older home. It was under contract in under 12 hours at $25k over list full cash offer. The buyers submitted the offer sight unseen. They didn't step foot on the property until they were already under contract with what I hear was pretty substantial earnest money down. Crazy.

 

 

we were lucky to get ours as well.  Went like 2 hours after it went on the market. They had already accepted an offer with 10k due diligence money sight unseen from someone up north. They "accidently " didn't check a box and backed out the next day. They asked us the next day if we wanted them to consider our offer. We had offered 100 dollars over list. The sellers agent said they had over 100 showings in 2 days but I think because we submitted the next offer and it was at least what it was listed for they accepted.  We bought it from a sweet 88 year old lady. She definitely picked us because we couldn't get into a bidding war on it.

[LinvilleGorge]

7 minutes ago, toldozer said:

we were lucky to get ours as well.  Went like 2 hours after it went on the market. They had already accepted an offer with 10k due diligence money sight unseen from someone up north. They "accidently " didn't check a box and backed out the next day. They asked us the next day if we wanted them to consider our offer. We had offered 100 dollars over list. The sellers agent said they had over 100 showings in 2 days but I think because we submitted the next offer and it was at least what it was listed for they accepted.  We bought it from a sweet 88 year old lady. She definitely picked us because we couldn't get into a bidding war on it.

Yeah, when they told me what they wanted I told my agent to just write it up. It was more than I wanted to pay bit it was also more house than I was looking to buy. There was nothing else on the market that fit what I was looking for. I should add that the place up the road I mentioned earlier is under contract for $150k more than I paid. I'm glad we got this deal done but the sellers are probably kicking themselves. They could've definitely got more. Maybe a lot more. I'll be buying the beers every time we cross paths in town.