Charlotte real estate market

[Ja Rhule]

I’m expecting the rates to begin rising in next 3-6 months and they will be rising very aggressively so if any of you plan on buying da house… you know what to do.

[LinvilleGorge]

They won't be able to raise them too aggressively without causing another housing crash. Most people think the market is somewhere between overvalued and wildly overvalued currently. Aggressively raising the rates would throw absolute ice water on the market.

 

[stirs]

8 hours ago, LinvilleGorge said:

They won't be able to raise them too aggressively without causing another housing crash. Most people think the market is somewhere between overvalued and wildly overvalued currently. Aggressively raising the rates would throw absolute ice water on the market.

 

which is why you wait and why I asked the question.

 

all of a sudden, many houses will be under water and things will come back into reality, unless the government wants to pay peoples overvalued mortgages

which I would not put past them

[toldozer]

9 hours ago, stirs said:

which is why you wait and why I asked the question.

 

all of a sudden, many houses will be under water and things will come back into reality, unless the government wants to pay peoples overvalued mortgages

which I would not put past them

I dont think houses are going to be under water. Houses are being bought with cash by investors sight unseen.  The market may slow way down and prices may level off but I dont think we see a big reversal.  Especially in Charlotte where so many people are moving. I just visited friends in Salt Lake their house is maybe 1400 square feet,  similar distance to downtown as our rental. The value on their home is 650k, we could probably sell our rental for 210 right now. Charlotte market has plenty more room to run unfortunately.  Especially when most of the people moving here are used to prices like in Salt Lake city 

[Ja Rhule]

Feds announced they won’t raise rates until end of 2023.  Wonder if that will cool the housing insanity.

[LinvilleGorge]

3 minutes ago, Ja Rhule said:

Feds announced they won’t raise rates until end of 2023.  Wonder if that will cool the housing insanity.

I don't thinks so. It's still largely due to lack of inventory. 

[Ja Rhule]

9 minutes ago, LinvilleGorge said:

I don't thinks so. It's still largely due to lack of inventory. 

Yea, big component but now people will say f this, I’m not paying that and will be willing to wait.

[LinvilleGorge]

4 minutes ago, Ja Rhule said:

Yea, big component but now people will say f this, I’m not paying that and will be willing to wait.

Could go the other way. Extended rock bottom rates might convince people that prices aren't coming down anytime soon.

[Ja Rhule]

56 minutes ago, LinvilleGorge said:

Could go the other way. Extended rock bottom rates might convince people that prices aren't coming down anytime soon.

They might once foreclosure moratorium ends. 

[LinvilleGorge]

1 hour ago, Ja Rhule said:

They might once foreclosure moratorium ends. 

There's just not enough mortgages in trouble. The forebearances worked.

[toldozer]

Ready for a week 1 pool party!!! I still want to get my bar built but that may be for next year

[LinvilleGorge]

It's going to be interesting to see what happens with the rental market when evictions start back full force. There's just not enough mortgages in trouble for foreclosures to make a big dent in the market IMO. But if there's all of a sudden lots of vacancies in the rental market with a shortage of well qualified renters, that'll be an interesting scenario. That could drive rent downwards and cool the demand on the real estate market by decreasing demand from landlords or would-be landlords. 

Then again, there's so much big corporate money in play right now I'm not sure that's likely to matter either. There are some big corporate interests with long-term plays to basically try to turn America into a renter society. They don't care if they overpay significantly today. They know they're still going to win big in the long run.

[Ja Rhule]

Apparently Devin Funchess still lives in Charlotte.  He must of like real estate here.

[thefuzz]

Here come the "sub primes" again.

 

Hold your horses.