Charlotte real estate market

[Shocker]

16 minutes ago, LinvilleGorge said:

I was just giving you poo.

But yeah, The Villages are well known for their retiree swinger community.

My wife's family are all in the medical field in Florida. Evidently everyone in The Villages has an STD of some sort.

I guess when everyone is past menopause protection becomes an afterthought.

My wife is a nurse and warned me about it as well.  There are weirdos anywhere but I can’t disagree.  We had a few really awkward moments after people did a shot tribute to my father.  Yuck

I thought to myself is this a northern thing?   Literally 90% of the like 60 people there were from NY or New Jersey.  It was a trip

Edited August 30, 2022 by Shocker

[toldozer]

Market slammed to a halt like 3 months ago. If you aren't pricing your property well you aren't selling. Decent time to have some cash as you can definitely get stuff cheaper than 2021. I wouldn't expect a major correction though (10-15 % probably realistic) but we will see. Price reductions all over the place and stuff sitting on the market since July if owners are stubborn 

[Ja Rhule]

1 hour ago, toldozer said:

Market slammed to a halt like 3 months ago. If you aren't pricing your property well you aren't selling. Decent time to have some cash as you can definitely get stuff cheaper than 2021. I wouldn't expect a major correction though (10-15 % probably realistic) but we will see. Price reductions all over the place and stuff sitting on the market since July if owners are stubborn 

Not the time yet.  Need to wait a bit longer.  Rates will remain high for another year or so.

[toldozer]

3 hours ago, Ja Rhule said:

Not the time yet.  Need to wait a bit longer.  Rates will remain high for another year or so.

Yeah i expect them to creep over 8 at the very least (hell they're almost there) till we see them decline a bit. I really don't think we will see under 3 again for a long long time though.  Glad my wife and I purchased our forever home last year.  If rate do drop a decent amount I think you'll start to see prices rises again. 

[Paa Langfart]

Waiting for a recession to stop the developers building on every square inch of land around me that should never be developed because of flooding issues.  Planning board says " we made the developer promise to  do a hundred year flood plan".    Problem is, it now floods with all the storms and impervious surface  development every 2 years.

[Paa Langfart]

On 3/2/2021 at 12:34 PM, 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?

 

On 3/2/2021 at 3:32 PM, LinvilleGorge said:

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.

 

 

So I hope this guy is wrong.

 

Quote

Billionaire investor Charlie Munger, vice Chairman of Berkshire Hathaway  (BRK.A) - Get Free Report, sees trouble ahead for the U.S. financial system because American banks are "full of... bad loans" due to falling property prices in the country in a situation that seems very similar to what caused the banking crisis in 2008.

Charlie Munger Sounds The Alarm on Issue That Could Bring Down the U.S. Economy (msn.com)

 

[LinvilleGorge]

7 minutes ago, Paa Langfart said:

 

 

 

So I hope this guy is wrong.

 

 

I honestly don't know what to think. Seems like you can find an expert or wunderkind investor delivering any message you want to hear if you're willing to look around for it. I honestly think economics basically amounts to pseudoscience. It's basically a mixture of supply and demand paired with human psychology and then a whole lot of fugery on top of it all.

[Lame Duck]

I don’t think we will have home market crisis.  Folks who bought homes at 3% or less no way in hell they will sell it now, causing huge shortage in inventory.

[toldozer]

5 hours ago, Lame Duck said:

I don’t think we will have home market crisis.  Folks who bought homes at 3% or less no way in hell they will sell it now, causing huge shortage in inventory.

Yeah told my wife were never moving.  She thinks rates will get down close to 3s in a few years. I do not see it. I think everyone who bought or refinanced prior to mid last year aren't moving unless they have to. That will keep inventory low for a long time and continue to drive price

Edited May 2, 2023 by toldozer

[LinvilleGorge]

I really don't understand why we kept rates so low for so long. It completely shifted the way people viewed borrowing. It skewed the value of money. People are panicking about today's interest rates but today's rates are still relatively very low in terms of historical norms. We just had clown world level interest rates for a long time and it skewed everything. Just nobody had the balls to do anything about it because it was creating booming growth (on paper). I mean, real wages weren't growing but the upper crust were accumulating massive wealth and the stock market and corporate profits looked great so keep printing money! The older I get the more I realize that our policy makers honestly just aren't that smart.

[toldozer]

2 hours ago, LinvilleGorge said:

I really don't understand why we kept rates so low for so long. It completely shifted the way people viewed borrowing. It skewed the value of money. People are panicking about today's interest rates but today's rates are still relatively very low in terms of historical norms. We just had clown world level interest rates for a long time and it skewed everything. Just nobody had the balls to do anything about it because it was creating booming growth (on paper). I mean, real wages weren't growing but the upper crust were accumulating massive wealth and the stock market and corporate profits looked great so keep printing money! The older I get the more I realize that our policy makers honestly just aren't that smart.

Let's not pay people more let's make it cheaper to borrow money so they go more in debt. It's really quite genius for the small % that profit off everyone else's debt.

[d-dave]

8 hours ago, toldozer said:

Yeah told my wife were never moving.  She thinks rates will get down close to 3s in a few years. I do not see it. I think everyone who bought or refinanced prior to mid last year aren't moving unless they have to. That will keep inventory low for a long time and continue to drive price

My wife and I were considering a move because our neighborhood is full of renters and the HOA cares more about the colors on people doors and shutters than trashy renters.  Oh, and Cabarrus county is a complete poo-show.  We looked at the rates and the prices per sq. foot, and while we're still OK, we're going to stick it out.

Like we could sell well, but what are we going to be able to get else where?  So we're going to try to stick it out as much as we can.

[LinvilleGorge]

Yeah, I think the only folks moving, selling, and buying right now are folks that have to due to a relocation or they're fleeing from an area of higher cost of living to an area with lower cost of living. Moves within the same area looking for an upgrade or something like that just don't make much sense right now.

[toldozer]

8 minutes ago, LinvilleGorge said:

Yeah, I think the only folks moving, selling, and buying right now are folks that have to due to a relocation or they're fleeing from an area of higher cost of living to an area with lower cost of living. Moves within the same area looking for an upgrade or something like that just don't make much sense right now.

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