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Charlotte real estate market


Ja  Rhule
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3 minutes ago, PanthersATL said:

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.

 

Kinda like how 80+ month notes for vehicles are becoming more and more common. If you need an 84 month note on a vehicle to afford it, YOU CAN'T AFFORD IT.

  • Pie 4
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2 minutes ago, toldozer said:

My parents first home was at 18.5%, mine was 4.5% in 2009. Our mortgage is at 3% from last April.  Yeah  surprised 40 years aren't starting to become the norm already 

I think my parents' house was in the low 20s.  My first was around 6ish initially. Refinanced it multiple times over the course of four years ending sub-3. Current house is sub-3.

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I bought my home in 2010 for 124k

House was  newly finished and had 2 acres. Previous people ran out of money and foreclosed.  I cleared some trees have added a fenced in  acre yard, a building, carport, bedroom and 3 closets.  Concrete driveway.  Since then the residential boom has happened.  Man these crazy ass people offered me 370k site unseen.  I'll hang around for a while yet and see if that dont keep climbing.

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6 hours ago, motocross_cat said:

I bought my home in 2010 for 124k

House was  newly finished and had 2 acres. Previous people ran out of money and foreclosed.  I cleared some trees have added a fenced in  acre yard, a building, carport, bedroom and 3 closets.  Concrete driveway.  Since then the residential boom has happened.  Man these crazy ass people offered me 370k site unseen.  I'll hang around for a while yet and see if that dont keep climbing.

When we built our starter-home, 3BR/2BA house in Charlotte, we struggled at the $100k+ price point.  Zillow currently has its "Zestimate" around $350k.  It has a reasonable, accessible location -- but couldn't imagine it going for more than $250k.

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12 minutes ago, PanthersATL said:

When we built our starter-home, 3BR/2BA house in Charlotte, we struggled at the $100k+ price point.  Zillow currently has its "Zestimate" around $350k.  It has a reasonable, accessible location -- but couldn't imagine it going for more than $250k.

And there's the problem. Wages have barely moved yet housing costs have skyrocketed. They're trying to turn us into a nation of renters. It's been that way in the urban market for decades but now it's spreading to the suburban markets and even starting to show up in rural markets.

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My wife paid 82000 for a property in late 2017, we just sold it for 290k a month ago. Our current house we bought for 330 last April. I'm sure we could sell it for 480 today. Probably 550 after we do reno this summer

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This is from 2020 data.   The takeaway is that some metro areas will be better to BUY in any given market, while others would be better to RENT at that moment in time.   And this is a sliding scale, subject to change based on local market conditions.

Generically speaking, buying becomes cheaper than renting if you're aiming for a timeframe of more than 5 years.

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We came back from overseas in 2009 as the housing market crashed. So we got the first time buyers credit of $8,000. Bought a house for less than the last sale. Aggressively paid it off and then it doubles in price. That's just pure luck. Anyone who bought a few years ago is really lucky. 

I feel like this will be where one of my kids live because housing is out of reach.

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The rates should have been creeping up since 09, but because of bad policy, our economy has not been able to withstand that increase....so here we are...inflation city, and we need to blast rates up to slow the inflation.

Stupid Politicians.

Either way, with so many purchasing over the past 9 years, and at good rates, I think we see a slowing of the market....a lot...but not homes falling in price, at least not like 07-11.

Obviously location is key there.

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  • 3 weeks later...
On 4/22/2022 at 11:26 AM, Happy Panther said:

House went up $5k today. Not sustainable...

Hahahaha, not until you sign on the line that is dotted...LOL.

It's going to change in the 3rd Q if I had to guess...like I said, maybe pricing doesn't fall, but the selling will slow down.

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On 5/10/2022 at 10:58 AM, thefuzz said:

Hahahaha, not until you sign on the line that is dotted...LOL.

It's going to change in the 3rd Q if I had to guess...like I said, maybe pricing doesn't fall, but the selling will slow down.

Offers seem to be slowing but the ones that come in are still super competitive (well over list). Good agents will soon catch on that their buyers are only competing with 3 or 4 other buyers instead of 20 or more this time last year. 

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