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OK. I apologize for dropping out on this post, but I was up until 1:00 AM continuing it and I really needed some sleep. I also don't intend to belabor any points. I really appreciate everyone's input. I do not deny that the economy and housing markets are suffering right now compared to recent years or that someone looking to buy right now needs to be very careful and do what is right for them. I simply wanted to give my somewhat more moderate (than most of the media's) view of the situation from my little part of the world and if I offended anyone in the process, I apologize. My wife is the normal UCH poster (this was my first and likely last post). So, please don't take it out on her in any future postings, if you disagree with my thoughts. I really do see why she is so interested in and enjoys this community. Everyone is great and very insightful. Again, thank you for taking the time to read, consider and reply. I wish everyone well in whatever path they take and let's all hope that the problems correct themselves sooner rather than later for every person's sake.
OK. I apologize for dropping out on this post, but I was up until 1:00 AM continuing it and I really needed some sleep. I also don't intend to belabor any points. I really appreciate everyone's input. I do not deny that the economy and housing markets are suffering right now compared to recent years or that someone looking to buy right now needs to be very careful and do what is right for them. I simply wanted to give my somewhat more moderate (than most of the media's) view of the situation from my little part of the world and if I offended anyone in the process, I apologize. My wife is the normal UCH poster (this was my first and likely last post). So, please don't take it out on her in any future postings, if you disagree with my thoughts. I really do see why she is so interested in and enjoys this community. Everyone is great and very insightful. Again, thank you for taking the time to read, consider and reply. I wish everyone well in whatever path they take and let's all hope that the problems correct themselves sooner rather than later for every person's sake.
Sincerely,
UCH('s husband)
Hubby, Kudos to you. I think you did a fine job and i enjoyed this post. We'll miss you. Now tell the truth... How mad was UCH?????
But I am also the person who predicted in 2004 that gas prices would be towards $4 a gal by end of 2007, and my friends and family said that was just not gonna happen. I am gonna stick to my prediction that new subdivisions here will drop prices b/n 10-12 % this year, and that interest rates will be at 8% by first quarter of 2011. Taking bets, LOL. Wanna start a pool? Ooops. I think that may be illegal in this state.
haha I don't think I can argue that prediction... let alone bet against it!
I think we're all in agreement overall... kinda. It's just a matter of your own personal preference. By saying it's a buyer's market (which is kind of the overall point I was trying to make), I'm not saying one shouldn't buy right now - just be very cautious and careful.
Gone are the days of the open house -> sold. You're foolish if you don't try to negotiate hard in this market.
I am an in-house Real Estate Services Bankruptcy / Credit Risk Attorney at one of the largest banks in the country. As the media states repeatedly, it is true that there are more people than in very recent years who are facing foreclosures and bankruptcy and these times are difficult for them. It is also true that it may be possible, at times, to get a good deal on a foreclosed home in certain markets. However, you need to look beyond the sensational headlines that are calculated to sell newspapers and magazines and obtain high web traffic to sell advertising. Yes, foreclosures may be up by a very high percentage in certain markets over very recent years. However, what is rarely in the stories touting a 75% increase in foreclosures is that such increase is coming from an all-time low of less than one percent to what is still relatively low over the course of the past few decades and still less than one percent of all homes across the US. In markets, such as Charlotte, where the prices were never as over-heated as they became in other markets such as Florida, California and the Northeast, the increase has been even smaller. In fact, the Charlotte area is one of the few areas that saw an increase in home prices year to year from 2006 to 2007.
Also, the majority of "sub-prime" borrowers that are at higher risk for foreclosure put little or no money down on their properties and the
Banks and finance companies will still be looking to get their loan paid off or as close to it as possible, so buyers will not be getting much of an advantage. Inventory in this area does seem to be a little high, but people are not selling due to foreclosure issues (at least, in the more desireable neighborhoods) and do not necessarily need to sell right away. I am not seeing house prices drop here and if you have the ability to buy and want to buy in the Charlotte area, I do not believe that waiting will do a lot for you, in the end, except delay your move. Of course, there are exeptions everywhere and I do not intend to speak for everyone or every situation, but I do think that it is important for people who do know this industry and who are not driven by advertising dollars to let people know that the "housing crises / crunch" is not as devasting for the vast majority of Americans as the media would have us all to believe.
Thank you for reading and considering my words.
As A Realtor in Charlotte my activity has increased, not decreased.People who could afford to buy a house 18 months ago (had at least 10% down, money for closing costs, and a decent credit score) are still in the market. Its the buyers who never should have been able to buy in the first place that have dissapeared. Also many of the foreclosures are from investors who had borrowed hard money and got in over their heads. 90% of the foreclosures I see are not a great deal. The borrowers were upside down and just walked away. Most have very little if any equity and are in neighborhoods that have upwards of 15% in foreclosure. However in the majority of the subdivisions there are few if any foreclosures. The media is fueling a fire that never was fully explained. Beware if you are considering purchasing a foreclosure, make sure you have a realtor thoroughly research the property
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