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Charlotte real estate market


Ja  Rhule
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1 minute ago, Inimicus said:

Fist time I came to Denver I was flying in an isle seat so I had no view of the approach.  I was flying Frontier so I got my luggage in the east terminal.  I walked out to find the shuttle to the car rental and was floored to be looking out at the vast nothing of eastern Co.  I was like "Where are the mountains? Denver is in the mountains!"  Imagine my surprise to not only find out it wasnt in the mountains but its in a hole.

 

 

It's amazing how Denver has marketed itself as a mountain town. People get very unpleasantly surprised when they get out there and find out that Denver is actually very much a Great Plains city that used to have great mountain access until traffic became prohibitive. When I moved from Huntersville to Lakewood in the fall of '07, Charlotte traffic was WAY worse than Denver traffic. Like not even close. We bounced up to Evergreen in early '08. Within five years, that traffic situation had pulled a complete 180 and Denver traffic had gotten WAY worse than Charlotte traffic.

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  • 1 month later...

I looked at the current prices the above-mentioned house from the first link, it went up two and a half times in price... And you can`t expect prices to fall. Cause there`re plenty of people who want to rent and buy any studio, one-bedroom, etc., and especially mansion like this. Judging by the photos it`s in excellent condition. Add to that the crisis due to the pandemic, and that's what the price is. I`m currently in the process of taking out a mortgage to buy an apartment and I really like this Mortgage Broker Essex firm as they `ve offered me great deals so far. 

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  • 6 months later...
31 minutes ago, Ja Rhule said:

Woah, wth happened to mortgage rate…

Inflation. Historically speaking, these rates are still pretty damn low. We've just had historically low rates for so long at this point that it's hard to realize it. We should've been creeping rates up for years so now we get to take it all over the course of months instead of years.

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18 hours ago, LinvilleGorge said:

Inflation. Historically speaking, these rates are still pretty damn low. We've just had historically low rates for so long at this point that it's hard to realize it. We should've been creeping rates up for years so now we get to take it all over the course of months instead of years.

Arm loans are coming.  First time I've been concerned about a potential drop in the market but that will be 5 years down the road.  Hopefully rates aren't 13% then and it'll be fine.  I have one client that's doing the arm and another considering it. I don't like that product at all but I do get it. 

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4 minutes ago, toldozer said:

Arm loans are coming.  First time I've been concerned about a potential drop in the market but that will be 5 years down the road.  Hopefully rates aren't 13% then and it'll be fine.  I have one client that's doing the arm and another considering it. I don't like that product at all but I do get it. 

Jesus. We didn't learn poo from the last housing crisis, did we?

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7 minutes ago, LinvilleGorge said:

Jesus. We didn't learn poo from the last housing crisis, did we?

A lot of places don't offer them but a lot of credit unions do. It's like 3.125 can you blame the consumer for accessing them? 

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19 minutes ago, toldozer said:

A lot of places don't offer them but a lot of credit unions do. It's like 3.125 can you blame the consumer for accessing them? 

No, but we've already seen what happens to a lot of folks when you kick that can down the road.

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1 hour ago, LinvilleGorge said:

No, but we've already seen what happens to a lot of folks when you kick that can down the road.

Yeah that's why I think it's on the mortgage industry to not offer that product because as a society I feel like we like to gamble and it saves money upfront. My one buyer is using it because they are purchasing a new build and signed paperwork back in December and budgeted on 3-3.5% interest. They can afford the mortgage at 6% but don't want to.  I let them know there could be some rate fluctuations but didn't anticipate this kind of jump so we didnt really plan for it.  If it was me I would probably close on the home,  immediately sell it and make 50k and then buy something cheaper at the higher rate.

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We're closing on the sale of my wife's parents' home in Ocean Isle Beach this week. Fortunately, the buyers wanted a very long escrow and paid us a healthy due diligence fee to sit for nearly 2 months, but they were lucky to lock in at a hair over 3%.

We paid cash for new construction/custom in 2008 right after the bubble burst, found a builder desperate for work and made well over double our cost from 14 years ago- all free and clear. 

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13 minutes ago, Paa Langfart said:

First house I bought was financed at 10% .  5% sounds good to me.

Yep. Historically speaking these are still fairly low rates. We've just been spoiled by literally historically low rates for years but the bill is coming due.

 

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1 hour ago, LinvilleGorge said:

Yep. Historically speaking these are still fairly low rates. We've just been spoiled by literally historically low rates for years but the bill is coming due.

 

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

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Biggest problem coming in aren't necessarily ARMs, but the fact that banks/mortgage companies are looking at shifting from the traditional 30yr loan to a 40yr or even 50yr loan period.

Those longer terms loans may make monthly payments appear to be more affordable, but the long-term impact is going to be bad.

Folks won't be thinking about paying off their loans early and going into retirement (relatively) debt-free if these become popular.

 

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