U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > North Carolina > Charlotte
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 03-25-2008, 02:59 PM
 
Location: Union County
5,783 posts, read 8,417,724 times
Reputation: 4818

Advertisements

I LOVE YOU GUYS!

I was serious about the camp fire - you can pepper me and CJ with rotten tomatoes and partially digested foodstuffs!
Reply With Quote Quick reply to this message

 
Old 03-25-2008, 03:00 PM
 
Location: Up above the world so high!
45,270 posts, read 88,380,615 times
Reputation: 39851
Quote:
Originally Posted by TheEmissary View Post
MikeyKid - It seems there are a lot of folks out there like "Little Orphan Annie" singing "Tomorrow" for the umpteenth time! Remember there is a fine line between unbridaled optimism and delusion! Like Dr Pangloss always said "All's for the best, in this best of all possible worlds!"
Okay Em...I represent that remark, LOL

Seriously, I don't think anyone here is in denial or anything - we all know there are big problems in the US housing market - we just don't buy into it being as severe as some would have us believe. If I am proven wrong later, so be it. But for now, I will remain optimistic about the market righting itself and things improving by mid 2009. And personally from where I sit in my little neighborhood - it ain't so bad here in 2008
Reply With Quote Quick reply to this message
 
Old 03-25-2008, 03:01 PM
 
Location: Up above the world so high!
45,270 posts, read 88,380,615 times
Reputation: 39851
Quote:
Originally Posted by MikeyKid View Post
I LOVE YOU GUYS!

I was serious about the camp fire - you can pepper me and CJ with rotten tomatoes and partially digested foodstuffs!
hahahahaha - I'd rather roast marshmellows and make s'mores!!

But then again, I do believe in making lemonade out of lifes lemons

Just sign me,
Pollyanna
Reply With Quote Quick reply to this message
 
Old 03-25-2008, 03:08 PM
 
Location: Charlotte, NC
246 posts, read 502,605 times
Reputation: 160
Quote:
Originally Posted by TheEmissary View Post
renriq02 -

The Charlotte region has traditionally (last few years - anyway) relied on say 4-5 thousand people from about 10 of the "expensive" housing markets to keep its momentum. Once you kill the first-time buyers market in those areas, the "real estate" machines there start to grind to a halt. There will always be people that absolutely have to move and others that can bring wheelbarrows of cash to the table, but those folks will not sustain the Charlotte market in and of themselves.

If the interest rates ever rise to the level of the late 70's or early 80's, you'll see home prices drop like rocks!

In my opintion this is really getting to be a problem here in Charlotte. First-timers are practically priced out of buying a home under the traditional 20% guidelines. For instance, imagine a person out of college making $50k. This person brings home about $3k per month. Assuming no car payment, this person will have to save for nearly 60 months to be able to afford the $52k required for downpayment and closing costs on a $200k house. This matter is further complicated by the fact that in 60 months a $200k house (in 2008 dollars) won't be anywhere near as nice as a present-day $200k house.

Essentially, first-time homebuyers (like myself, bought in June of '07) have to just hold their breath and dive right in. Of course, you then run into the issue we have now, which is lenders who are no longer willing to do these high LTV mortgages. I know that many are now restricted to a 95% LTV, which would have disqualified me (96%).

Just some food for thought for a recent homebuyer.



PS - It's worked out well for me so far. I had a great realtor & was fortunate enough to buy in a good area. I think that if I needed to, I could sell tomorrow and make a few bucks.
Reply With Quote Quick reply to this message
 
Old 03-25-2008, 03:19 PM
 
Location: Noth Caccalacca
5,556 posts, read 6,674,395 times
Reputation: 4851
Quote:
Originally Posted by DBGNCSU05 View Post
In my opintion this is really getting to be a problem here in Charlotte. First-timers are practically priced out of buying a home under the traditional 20% guidelines. For instance, imagine a person out of college making $50k. This person brings home about $3k per month. Assuming no car payment, this person will have to save for nearly 60 months to be able to afford the $52k required for downpayment and closing costs on a $200k house. This matter is further complicated by the fact that in 60 months a $200k house (in 2008 dollars) won't be anywhere near as nice as a present-day $200k house.

Essentially, first-time homebuyers (like myself, bought in June of '07) have to just hold their breath and dive right in. Of course, you then run into the issue we have now, which is lenders who are no longer willing to do these high LTV mortgages. I know that many are now restricted to a 95% LTV, which would have disqualified me (96%).

Just some food for thought for a recent homebuyer.



PS - It's worked out well for me so far. I had a great realtor & was fortunate enough to buy in a good area. I think that if I needed to, I could sell tomorrow and make a few bucks.
DBGNCSU05 - Glad you got in while the getting is good! At least, in this area there are $200,000 homes. But with that $50,000 in a high cost real estate area, that's not even an option.
Reply With Quote Quick reply to this message
 
Old 03-25-2008, 03:19 PM
 
Location: Charlotte, NC
3,356 posts, read 8,868,886 times
Reputation: 1932
Quote:
Originally Posted by lovesMountains View Post
hahahahaha - I'd rather roast marshmellows and make s'mores!!

But then again, I do believe in making lemonade out of lifes lemons

Just sign me,
Pollyanna
When you life hands you lemons make lemondae alas life never hands me any sugar!!!






Enjoy your lemon juice
Reply With Quote Quick reply to this message
 
Old 03-25-2008, 03:26 PM
 
Location: Noth Caccalacca
5,556 posts, read 6,674,395 times
Reputation: 4851
Quote:
Originally Posted by MikeyKid View Post
I LOVE YOU GUYS!

I was serious about the camp fire - you can pepper me and CJ with rotten tomatoes and partially digested foodstuffs!
MikeyKid - You must have a fan base about the size of Alan Greenspan's and they must have been listening to you because the Consumer Confidence levels have fallen to their lowest point since 1973. I remember that year well - I graduated from college!

Last edited by TheEmissary; 03-25-2008 at 03:32 PM.. Reason: sp
Reply With Quote Quick reply to this message
 
Old 03-25-2008, 03:35 PM
 
Location: Way up high
14,115 posts, read 20,841,612 times
Reputation: 14390
I don't get it..I didn't have one problem qualifying for a 100% loan on a $171K house..Maybe its the money in the bank or my high credit score or both??
Reply With Quote Quick reply to this message
 
Old 03-25-2008, 03:40 PM
 
Location: Noth Caccalacca
5,556 posts, read 6,674,395 times
Reputation: 4851
Quote:
Originally Posted by himain View Post
I don't get it..I didn't have one problem qualifying for a 100% loan on a $171K house..Maybe its the money in the bank or my high credit score or both??
himain - It was probably both. If you have the right FICO and a sizable bank account, a lot of doors with many options are open for you! They will kiss your gluteus maximus maximumly!

Last edited by TheEmissary; 03-25-2008 at 03:42 PM.. Reason: edit
Reply With Quote Quick reply to this message
 
Old 03-25-2008, 04:20 PM
 
Location: Way up high
14,115 posts, read 20,841,612 times
Reputation: 14390
LOL EM-I don't have ALOT of money in the bank but a years worth of mtg pymnts at least and I've always been very careful with my credit. Its all you have left in this life unfortunately!!
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:



Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > North Carolina > Charlotte
Follow City-Data.com founder on our Forum or

All times are GMT -6. The time now is 04:43 AM.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top