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Old 06-15-2012, 04:33 PM
 
186 posts, read 371,389 times
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There were a few weeks in my neighborhood where houses that came on the market, around 4 of them, sold within a week and a number of them that had been on the market suddenly also sold, another 4 or 5. Seems to have slowed in the past two weeks, granted not much new came on the market. I think part of it is that rent has gotten really high on all types of housing. Most renters are now coughing up substantially more than a mortgage payment for rent on both apartments and houses, if you can qualify for FHA and want a house and all the trappings, renting makes no sense and it pulls inventory down.
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Old 06-16-2012, 07:56 AM
 
Location: Charlotte, NC
7,041 posts, read 13,102,313 times
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Thinking that we are about to see another onslaught of houses that have been foreclosed and that the banks have not yet released them on the market. I know of 4 on my street alone.

Suspect that the banks were hoping for a little better market to sell their foreclosures and thus make a little more money on them.
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Old 06-16-2012, 08:49 AM
 
Location: Charlotte
512 posts, read 911,550 times
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I have been looking for home since 3 months; the inventory in south clt has certainly come down. Moreover when I place an decent offer, there is a strong competition.

In some cases, the sellers are sticking to "their" price, no matter what. The place I have been looking are Bridgehampton and Weddington Chase.
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Old 06-16-2012, 09:37 AM
 
Location: State of Being
35,885 posts, read 67,004,073 times
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Quote:
Originally Posted by chicagocubs View Post
Thinking that we are about to see another onslaught of houses that have been foreclosed and that the banks have not yet released them on the market. I know of 4 on my street alone.

Suspect that the banks were hoping for a little better market to sell their foreclosures and thus make a little more money on them.
Actually, I was thinking the same thing, CHI. I hated to say it, but since you did . . . one of my friends is in banking and she relayed to me that the expectation is . . . another dump of foreclosures that have not been released to MLS. I didn't ask if she knew for a FACT that this was on the horizon - I assumed she had to have a basis for the statement. So I can't say I have heard this is definitely going to happen, but it seems like a possible scenario.
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Old 06-16-2012, 09:43 AM
 
Location: State of Being
35,885 posts, read 67,004,073 times
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Quote:
Originally Posted by feng21 View Post
I have been looking for home since 3 months; the inventory in south clt has certainly come down. Moreover when I place an decent offer, there is a strong competition.

In some cases, the sellers are sticking to "their" price, no matter what. The place I have been looking are Bridgehampton and Weddington Chase.
the thing is . . . S CLT never did have the pump 'n dump phenomena that hit the rest of Charlotte. Prices have always been higher in that area, but not inflated in the way many other areas experienced. What I mean by this is . . . a lot of homes outside of S CLT were built hastily and with cheap materials - "sweetheart homes" that looked nice and were large - and priced in the same range as older homes in S. CLT. In my opinion, the newer houses were often overpriced per square foot based on quality of materials and workmanship. On top of that, there were so many of them that sprang up within a few years (include Union Co in that, as well).

Inside 51, S. CLT has been established for many years and has solid schools . . . making in perenially attractive, regardless of the economy.

Since there is more or less a fixed number of properties available (inside 51) . . . the competition has remained and indeed, altho prices did take a dip, it was not severe, and property has rebounded nicely (and will continue to do so, IMO).
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Old 06-16-2012, 01:39 PM
 
1,163 posts, read 1,960,070 times
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One house in my neighborhood recently sold... 3 times! The first two buyers couldn't get mortgage approval, so it went back on the market. Supposedly it closes in the next couple of weeks with the third buyer. We'll see!
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