Charlotte real estate market

[stirs]

https://finance.yahoo.com/news/property-values-fall-across-us-145849058.html

[toldozer]

All makes perfect sense. If you were approved for 800k last year that's probably down to 600-650k right now. All so you can buy a house that would have been 500k last year. A lot of people are still looking, it's just hard for those people to put offers on homes that aren't as nice as what they could get last year. People thought buyers in mid 2020- end of 2021 were crazy and were over paying but they look pretty smart now. There may be a slight slide back but all those buyers will remain in a good position of positive equity and locked in ridiculously low interest rates. Several people told my wife and I we were dumb when we started looking for a new home in November of 2020.

[toldozer]

On 5/27/2022 at 9:29 AM, thefuzz said:

Wilmington's buyer market is made up mostly of folks being able to sell their homes in the suburbs to the first time buyers that are leaving the cities.  Not all of it, but a big portion.

Now....if those first time buyers can't buy that 40 year old home on Long Island, the residents can't leave to come South for better weather and taxes....

I see homes and rates staying flat for a while.

At least that's what I'm hoping for right now.

I Will be in Holden beach for the month of July while our house is being renovated. Any suggestions on things to do (probably willing to drive to Wilmington on occasion). It's me, my wife and our daughter who will be 9 months at the time.  My wife's dad, step mom and 13 year old sister will be coming for a week as well.

[LinvilleGorge]

I was just doing the math on the house I bought just 13 months ago. With just the rate increase my mortgage would be 60% higher today. With the rate increase and the likely 20% more I could currently get for it my mortgage would be about 125% higher. Oh wee mayne.

[toldozer]

1 hour ago, LinvilleGorge said:

I was just doing the math on the house I bought just 13 months ago. With just the rate increase my mortgage would be 60% higher today. With the rate increase and the likely 20% more I could currently get for it my mortgage would be about 125% higher. Oh wee mayne.

Just did the math on ours. We bought 14 months ago

 

Our mortgage is roughly 1675

Same exact numbers puts it at 2275

For what I could sell if for you'd be at 3125 a month

We're also about to request our pmi to be removed which would bring it down to 1615 a month.

 

Glad we didn't listen to people, we'd be living in a less than 1200 square foot home (which we rented out for a year and then sold in march for almost the same amount of money that we paid for this home) with 3 dogs, 2 cats and an 8 month old plus me working from home. There is no way we could have gotten what we want in this current market for what we could afford.

 

I'll post reno pics once they're done in August(hopefully) .  I think I posted some befores in here I can't remember.  We bought for 330, after renovations I think we could easily sell for 575-600 if appraisals didn't exist

Edited June 17 by toldozer

[LinvilleGorge]

1 minute ago, toldozer said:

Just did the math on ours.

 

Our mortgage is roughly 1675

Same exact numbers puts it at 2275

For what I could sell if for you'd be at 3125 a month

We're also about to request our pmi to be removed which would bring it down to 1615 a month.

 

Glad we didn't listen to people, we'd be living in a less than 1200 square foot home (which we rented out for a year and then sold in march for almost the same amount of money that we paid for this home) with 3 dogs, 2 cats and an 8 month old plus me working from home. There is no way we could have gotten what we want in this current market for what we could afford

Ours is a shade under $1500 but we put 20% down. I would've put more but with rates so low why bother? I'd rather have the extra liquidity.

On our first house in CO I think we paid about three months of PMI on a 3% down mortgage. We pretty much immediately got it reappraised and refinanced dropping PMI and getting a better rate. Shaved off about $300 a month.

[toldozer]

Just now, LinvilleGorge said:

Ours is a shade under $1500 but we put 20% down. I would've put more but with rates so low why bother? I'd rather have the extra liquidity.

On our first house in CO I think we paid about three months of PMI on a 3% down mortgage. We pretty much immediately got it reappraised and refinanced dropping PMI and getting a better rate. Shaved off about $300 a month.

Yeah at 5% vs 20% it was saving a very small amount on the monthly loan. It made much more sense for us to keep the cash (put a fence in for 6k, upgraded electrical panel 2500, replaced pool pump 3k). We will probably be 450k into the house by the time we're done. Renovating 3 bathrooms, redoing kitchen,  refinishing hardwoods, putting evp flooring in basement,  adding a 5th bedroom/office. Redrywalling basement walls and ceilings. Building a bar at the pool (I'll do that myself). That's it for phase1 lol. Next summer hopefully redoing a deck off our sunroom and resealing concrete around pool and probably add a sundeck out there. Also need to replaster the pool and redo the tile soon so maybe I'll be closer to 550 when we're done lol but I wouldn't sell this house for a million bucks it's everything we were looking for in a home for our daughter to grow up in and we can really make it our own over time vs living in a neighborhood on a .10 acre lot 

[Happy Panther]

On 6/16/2022 at 9:13 AM, toldozer said:

I Will be in Holden beach for the month of July while our house is being renovated. Any suggestions on things to do (probably willing to drive to Wilmington on occasion). It's me, my wife and our daughter who will be 9 months at the time.  My wife's dad, step mom and 13 year old sister will be coming for a week as well.

Get a grouper Sandwich from Provision Co.

[LinvilleGorge]

3 hours ago, toldozer said:

Yeah at 5% vs 20% it was saving a very small amount on the monthly loan. It made much more sense for us to keep the cash (put a fence in for 6k, upgraded electrical panel 2500, replaced pool pump 3k). We will probably be 450k into the house by the time we're done. Renovating 3 bathrooms, redoing kitchen,  refinishing hardwoods, putting evp flooring in basement,  adding a 5th bedroom/office. Redrywalling basement walls and ceilings. Building a bar at the pool (I'll do that myself). That's it for phase1 lol. Next summer hopefully redoing a deck off our sunroom and resealing concrete around pool and probably add a sundeck out there. Also need to replaster the pool and redo the tile soon so maybe I'll be closer to 550 when we're done lol but I wouldn't sell this house for a million bucks it's everything we were looking for in a home for our daughter to grow up in and we can really make it our own over time vs living in a neighborhood on a .10 acre lot 

Unless it's absolutely necessary I'd wait on significant remodeling. Building materials are still high as a giraffe's ass.

[toldozer]

4 hours ago, LinvilleGorge said:

Unless it's absolutely necessary I'd wait on significant remodeling. Building materials are still high as a giraffe's ass.

We're already set on doing it this summer. The bathroom for our bedroom is basically unusable and the kitchen is close (all appliances at least 25 years old). It took a long time but we got a quote from a contractor that we were comfortable with and we are going with it. I'm ok spending more money now then it would be 2 years from now. We have a budget and are comfortable with not being able to do the deck right now bc of increased costs

[toldozer]

When I say comfortable with I mean both the contractor and the bottom line. Again we made some cuts here and there to stay in budget that might not be necessary if we wait but you can always make more money but you can't get two years of your life back living in a place with a 60 year old kitchen and bathrooms

[LinvilleGorge]

2 minutes ago, toldozer said:

We're already set on doing it this summer. The bathroom for our bedroom is basically unusable and the kitchen is close (all appliances at least 25 years old). It took a long time but we got a quote from a contractor that we were comfortable with and we are going with it. I'm ok spending more money now then it would be 2 years from now. We have a budget and are comfortable with not being able to do the deck right now bc of increased costs

My dad is a contractor. Decks are tripled right now vs. two years ago. It's just material costs. He's not making a dime extra. He'll straight up tell people that they're better off waiting. Hell, even if you wanna do it he's booked 5-6 months out.

[toldozer]

2 minutes ago, LinvilleGorge said:

My dad is a contractor. Decks are tripled right now vs. two years ago. It's just material costs. He's not making a dime extra. He'll straight up tell people that they're better off waiting. Hell, even if you wanna do it he's booked 5-6 months out.

Yeah the deck was I think 15000 bucks. It isn't a necessity. We have a sunroom and a pool/pool house I don't know how much we will even use the deck once we do it. I'm leaning towards composite at this point because it seems like the cost gap keeps shrinking.

[LinvilleGorge]

11 minutes ago, toldozer said:

Yeah the deck was I think 15000 bucks. It isn't a necessity. We have a sunroom and a pool/pool house I don't know how much we will even use the deck once we do it. I'm leaning towards composite at this point because it seems like the cost gap keeps shrinking.

Trex barely costs more than pressure treated pine these days and this new pressure treated lumber doesn't last for poo.