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Old 03-02-2008, 10:53 PM
 
316 posts, read 288,548 times
Reputation: 40

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So, one (or maybe even 4 or 5) houses in Matthews is having trouble selling and is being reduced. Is it near power-lines? Is it in a questionable school district? Does the neighbor have kids in a rock band? The point is that, of course, you can find one or a few houses in a "good area" that is / are not selling as expected in every city in every county in every state. That does not translate into the over-stated, simple-minded, chicken-little mantra of the popular media that we and our economy are all going to h*ll in a hand basket. It is up to the good people whose ancestors built this country to avoid the hysteria and to recognize decent value for decent value and bottom feeder investor driven hysteria for bottom feeder investor driven hysteria.
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Old 03-03-2008, 06:07 AM
 
Location: Wouldn't you like to know?
9,114 posts, read 15,652,508 times
Reputation: 3690
Quote:
Originally Posted by Union county hopeful View Post
So, one (or maybe even 4 or 5) houses in Matthews is having trouble selling and is being reduced. Is it near power-lines? Is it in a questionable school district? Does the neighbor have kids in a rock band? The point is that, of course, you can find one or a few houses in a "good area" that is / are not selling as expected in every city in every county in every state. That does not translate into the over-stated, simple-minded, chicken-little mantra of the popular media that we and our economy are all going to h*ll in a hand basket. It is up to the good people whose ancestors built this country to avoid the hysteria and to recognize decent value for decent value and bottom feeder investor driven hysteria for bottom feeder investor driven hysteria.
Not near power lines. And its near Butler High. Very good schools.

I understand that to provide "anecdotes" are not totally convincing "On both sides of the arguement". But I was arguing your point of "not waiting around for the best deal".

Why can't people do that here? Many have and have been rewarded for doing that. This market IMO is not immune to a continued downturn.

It not about being "negative" or a "doom and gloomer" as some reference. I see it as being a "positive" for first time buyers who want to get the best deal possible.

We shall see this year which way the market goes.
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Old 03-03-2008, 06:12 AM
 
755 posts, read 2,242,959 times
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We sold our Charlotte house in four months. We got close to our ask. However, the house only appreciated 35% (about 3% a year) in 11 years - and that was with us putting over $15K in to add hardwood floors, granite countertops, and new KitchenAid SS appliances. That's about what a regular savings account would have yielded.

The hard truth is, as long as the greedy city allows rampant development without addressing the needs for schools or roads, then a home in Charlotte is a poor investment.
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Old 03-03-2008, 06:16 AM
 
Location: Charlotte, NC
452 posts, read 1,217,013 times
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Well I have two homes here in Miami, Fla. One of them is almost sold (90k under what i owe)....the other one that i just bought in august was appraised at 425k, i bought it for 339k and two month later it was worth 315k, I told the bank I will sell it however i can in 6month or less, if i cant, I will just simply hand over the keys, Not going to kill myself just going to turn the page and start a new chapter in Charlotte, NC.
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Old 03-03-2008, 07:31 AM
 
175 posts, read 139,112 times
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Ask any HONEST realtor and they will tell you there is no indication that things have stabilized or "gotten better", only worse. If I was in that situation now, I would NOT be buying.
Why on earth would you not buy right now? Especially if you were a first-time buyer without property to sell. i think you'd be insane not to. i wish I could buy more property right now.
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Old 03-03-2008, 07:43 AM
 
Location: Wouldn't you like to know?
9,114 posts, read 15,652,508 times
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Quote:
Originally Posted by Weedydidi View Post
We sold our Charlotte house in four months. We got close to our ask. However, the house only appreciated 35% (about 3% a year) in 11 years - and that was with us putting over $15K in to add hardwood floors, granite countertops, and new KitchenAid SS appliances. That's about what a regular savings account would have yielded.

The hard truth is, as long as the greedy city allows rampant development without addressing the needs for schools or roads, then a home in Charlotte is a poor investment.
Appreciation is different than profit. Not saying you didn't know that, just some people might not...


How much were your closing costs on the front and back end? did you figure that into the mix?
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Old 03-03-2008, 07:46 AM
 
Location: Wouldn't you like to know?
9,114 posts, read 15,652,508 times
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Originally Posted by jerseygirl34 View Post
Ask any HONEST realtor and they will tell you there is no indication that things have stabilized or "gotten better", only worse. If I was in that situation now, I would NOT be buying.
Why on earth would you not buy right now? Especially if you were a first-time buyer without property to sell. i think you'd be insane not to. i wish I could buy more property right now.
Jerseygirl, there are many people who are renting by choice who feel the market will still decline for an extended period of time. Those that have chosen that path have in many cases have saved thousands of dollars overall. Some feel (as I do) that this downturn will extend for a long period of time and builders will continue to "sweeten the pot" even more than their doing now.

Its not insanity. Its just good business sense that works for some people.
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Old 03-03-2008, 09:33 AM
 
755 posts, read 2,242,959 times
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Originally Posted by CouponJack View Post
Appreciation is different than profit. Not saying you didn't know that, just some people might not...


How much were your closing costs on the front and back end? did you figure that into the mix?
Closings costs and realtor fees are not figured into the appreciation of the house. That would make our "profit" even less. Then add in the maintenance costs and taxes we've paid over the years and we would have been better off renting and putting our money into savings.

I find it laughable actually that our HOA made a big deal about stupid things like garbage cans when in fact, the county's mismanagement guaranteed us all to lose money on our homes.

eta: the value of our home listed on Zillow is actually $20K less than it sold for. When we put it on the market in August it was $7K more than the final price.

Last edited by Weedydidi; 03-03-2008 at 09:54 AM..
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Old 03-03-2008, 09:59 AM
 
Location: Way up high
14,115 posts, read 20,844,353 times
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I'm a first time homebuyer who has been renting for over 4 years. I'm done with it. Tired of lining someone else's pockets. Plus I'm Ms. Bob Vila and am excited about actually being able to paint the wall blue if I chose! I chose to purchase now because there were great incentives and the builder is paying almost all of the closing costs. I got a 100% loan so I'm basically coming in with nothing. I will paying the same amount in mortgage as I would have in rent. I know this because I went up 3 separate times looking at rentals and they varied between $1000-1300. My mtg is going to be $1220 with taxes and insurance. I'm not looking to flip it or anything like that. But I will have the option of renting it out if I choose to purchase another property down the line. I think I made the right choice after doing months and months of research. The market will eventually turn around. More than like not as high as it was but eventually, it will.
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Old 03-03-2008, 10:53 AM
 
Location: Up above the world so high!
45,270 posts, read 88,392,863 times
Reputation: 39856
Quote:
Originally Posted by CouponJack View Post
This Avalon model has been sitting since October right off of 51 in a great location. Reduced w/no takers. Others that I'm familiar near that location have been significantly reduced as well.

I don't consider Matthews as you would say: "far flung burbs"... do you?

Homes for Sale in Millstone Ridge, Matthews, North Carolina $289,000 (http://homes.point2.com/US/North-Carolina/Mecklenburg-County/Matthews/Millstone-Ridge/1333535-Real-Estate.aspx - broken link)
Actually, unless a house is "inside" of hwy 51 it IS in a far flung burb to me, LOL.

Seriously, you are again talking about a new construction builder home that was overpriced to begin with. The market for existing homes is pretty strong and in a different place from all that I am witnessing in my neighborhood and the surrounding area.
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