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Charlotte real estate market

Ja Rhule

By Ja Rhule,
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yasuhara2241 Contributor

yasuhara2241

Posted
Posted

As a Realtor here, it is absolutely crazy. I thought it might pop when the foreclosures start hitting from job losses however I am starting to think differently. 

Right now, there is such a low inventory because the amount of rental investors buying up property. Rental prices are crazy high so why not have a producing asset. 

I mainly list homes. Sold 41 listings last year and I was shocked how many investors especially the rental investors were paying market value for homes. If that is the case then we are going to see low inventory for quite some time. 

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Squirrel Collaborator

Squirrel

Posted
Posted
6 hours ago, yasuhara2241 said:

As a Realtor here, it is absolutely crazy. I thought it might pop when the foreclosures start hitting from job losses however I am starting to think differently. 

Right now, there is such a low inventory because the amount of rental investors buying up property. Rental prices are crazy high so why not have a producing asset. 

I mainly list homes. Sold 41 listings last year and I was shocked how many investors especially the rental investors were paying market value for homes. If that is the case then we are going to see low inventory for quite some time. 

The biggest scum rental properties should be banned. They do nothing but make the poor pay higher rent. 

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LinvilleGorge Grand Master

LinvilleGorge

Posted
Posted
9 hours ago, yasuhara2241 said:

As a Realtor here, it is absolutely crazy. I thought it might pop when the foreclosures start hitting from job losses however I am starting to think differently. 

Right now, there is such a low inventory because the amount of rental investors buying up property. Rental prices are crazy high so why not have a producing asset. 

I mainly list homes. Sold 41 listings last year and I was shocked how many investors especially the rental investors were paying market value for homes. If that is the case then we are going to see low inventory for quite some time. 

I was in the same boat. I really thought this thing was gonna pop and I was sitting on cash waiting for it to happen. As long as inventory stays crazy low and demand is outpacing supply it ain't gonna pop.

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Paa Langfart Grand Master

Paa Langfart

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Its not just Charlotte that prices are going crazy.  According to the company I get my homeowners insurance through, my place has risen in market value by about $70,000 just since April 2020.  

Fairly scary to me - isn't this what ultimately led to the 2007- 2008 financial crisis?

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thefuzz Mentor

thefuzz

Posted
Posted
2 hours ago, Paa Langfart said:

Its not just Charlotte that prices are going crazy.  According to the company I get my homeowners insurance through, my place has risen in market value by about $70,000 just since April 2020.  

Fairly scary to me - isn't this what ultimately led to the 2007- 2008 financial crisis?

No.

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LinvilleGorge Grand Master

LinvilleGorge

Posted
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2 hours ago, Paa Langfart said:

Its not just Charlotte that prices are going crazy.  According to the company I get my homeowners insurance through, my place has risen in market value by about $70,000 just since April 2020.  

Fairly scary to me - isn't this what ultimately led to the 2007- 2008 financial crisis?

Yeah, that was a lot of bad mortgages on five year arms. Everyone knew those loans would go bad but they got packaged into bonds and sold so many times no one could even keep track of who was going to get stuck holding the bag. That crisis was completely predictable. Hell, I remember sitting in Econ 101 in the fall of '00 and having the professor break it down almost to the letter. The only thing he was off on was timing. He thought it was gonna hit in '04/'05 but it held on a few more years and the bubble only got bigger.

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thefuzz Mentor

thefuzz

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Posted
17 minutes ago, Ja Rhule said:

Yea, 2008 was due to companies giving out loans to people who could not afford monthly payments.  Rates were insane too.

Correct.

I was in the biz then as well.

Stated income loans.

Think about that for a minute.

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Paa Langfart Grand Master

Paa Langfart

Posted
Posted

 

4 hours ago, thefuzz said:

No.

it had a shitton to do with it

 

Quote

The United States housing bubble was a real estate bubble affecting over half of the U.S. states. It was the impetus for the subprime mortgage crisis. Housing prices peaked in early 2006, started to decline in 2006 and 2007, and reached new lows in 2012.[2] On December 30, 2008, the Case–Shiller home price index reported its largest price drop in its history.[3] The credit crisis resulting from the bursting of the housing bubble is an important cause of the Great Recession in the United States.[4]

 

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Paa Langfart Grand Master

Paa Langfart

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Posted
2 minutes ago, toldozer said:

The price of homes was not the issue.  He's right,  you're wrong

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.

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LinvilleGorge Grand Master

LinvilleGorge

Posted
Posted

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.

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