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I am very concerned about our region getting labeled as FLIPPER heaven. Someone has to buy these houses. They are gonna be the ones to get hurt - when they are actually thinking - wow - bargain home!
Then you add to that the people moving here w/o jobs . . . who may be taking cash out money (including retirees) . . . just very very worrisome to me.
ani - For many people, shopping for a home in the Charlotte metro area, is like being a kid in a candy store. Those of us from the NE are used to 50 year old houses as a "norm" and everything looks so good - even the "so-called" bad neighborhoods. I think more than a few people will end up in these places, thinking they "moved on up" only to discover that their new neighborhood is the "hood". That's why this forum can be a godsend to people thinking of moving down here. If you or "loves" mention that a particular place is "not so nice", I would not even consider going there for any reason. Better safe than sorry!
Thanks Em And you are dead on in your remarks about some people thinking they have "moved up" when in fact they have moved right into a troubled hot spot. Let's just keep working to give people the info we can to help as many as possible!
Thanks Em And you are dead on in your remarks about some people thinking they have "moved up" when in fact they have moved right into a troubled hot spot. Let's just keep working to give people the info we can to help as many as possible!
Loves, you and Em have it right. That is all we can do. But I do highly resent misleading info being published in national publications. Fries me. Stats can be manipulated any way you want. I know. I work w/ raw data.
What many outside investors (especially the many novices that have entered the marget recently) do not realize that 90% of the foreclosures here are not a great deal. Many of the previous owners were UPSIDE_DOWN . Many of the foreclosures have little or no equity, and are in neighborhoods where there is upwards of 30% in foreclosure. These neighborhoods may rebound one day but its a long shot because too many of the homeowners are not able to maintain the properties and the investors put in renters to help them hold on hoping for a market rebound. However here in Charlotte there are enough neighborhoods with few if any foreclosures that also have homes with good value. What the article did not mention was that many of the owners of foreclosed properties are investors who had no realtor and bought properties based on the prices in the north where they were able to readiy flip properties, and found out that they oftentimes overpaid and bought in the wrong areas of town,are overextended and walk away from properties that they really have no capital invested. This has created a false sense that there are all of these so called bargains out there. If these homes were really a bargain, beleive me the savy investors would have already snapped them up. so beware if you plan to venture into the foreclosure market.
Loves, you and Em have it right. That is all we can do. But I do highly resent misleading info being published in national publications. Fries me. Stats can be manipulated any way you want. I know. I work w/ raw data.
I so agree about stats - which is why I personally never buy into them as my sole source of info in ANY situation. This is also why I do not agree with some of what Mikey and CouponJack have posted about the market - they can give me stats all day long, but there is more to the situation in Charlotte's housing market than stats. Though of course I can appreciate that they are certainly entitled to their opinions on the subject
If buyers get a qualifed agent they should not have that problem. Many buyers from the north (When I lived in NY they did not allow agents in NEW home developments.because of the fast sell of the new homes. Consequently, many home buyers do not realioze that they should find an agent to reperesent them when they move here. Many think the agent in the sales office represents them and most never find out until after closing that they could have had their own representation without a cost to them, and in many cases could have negotiated a better deal. Home buyers need to be better educated before they venture out to purchase a home and realize that they do not save money trying to purchase a home without a realtor
If buyers get a qualifed agent they should not have that problem. Many buyers from the north (When I lived in NY they did not allow agents in NEW home developments.because of the fast sell of the new homes. Consequently, many home buyers do not realioze that they should find an agent to reperesent them when they move here. Many think the agent in the sales office represents them and most never find out until after closing that they could have had their own representation without a cost to them, and in many cases could have negotiated a better deal. Home buyers need to be better educated before they venture out to purchase a home and realize that they do not save money trying to purchase a home without a realtor
Well, that just flats worries me to pieces. All the info you have posted is so accurate, RM - referring to the info on investor properties that have been rented out, run down properties, etc. And that really does concern me that perhaps newcomers do not realize how having a buyer's agent is going to PROTECT THEM - in this state, anyway. I had no idea people would not KNOW this. I am very pro-realtor b/c I have had unbelievably good service from agents myself (and I was also a broker over 2 decades ago). So even tho I understand real estate transactions better than most people, I know firsthand how helpful having an agent can be!!!
What many outside investors (especially the many novices that have entered the marget recently) do not realize that 90% of the foreclosures here are not a great deal. Many of the previous owners were UPSIDE_DOWN . Many of the foreclosures have little or no equity, and are in neighborhoods where there is upwards of 30% in foreclosure. These neighborhoods may rebound one day but its a long shot because too many of the homeowners are not able to maintain the properties and the investors put in renters to help them hold on hoping for a market rebound. However here in Charlotte there are enough neighborhoods with few if any foreclosures that also have homes with good value. What the article did not mention was that many of the owners of foreclosed properties are investors who had no realtor and bought properties based on the prices in the north where they were able to readiy flip properties, and found out that they oftentimes overpaid and bought in the wrong areas of town,are overextended and walk away from properties that they really have no capital invested. This has created a false sense that there are all of these so called bargains out there. If these homes were really a bargain, beleive me the savy investors would have already snapped them up. so beware if you plan to venture into the foreclosure market.
rmorton - You're so right! I bet there aren't too many of those people in the TV infomercials ,who are making a killing in real estate, after buying their "No Money Down" books and CDs. My brother was about to buy a home in Livingstone NJ, in 2005, for $405,000 which probably made it the cheapest house in that town - (avg price about $750,000). He had bought one of those courses a year earlier. I asked him if he planned to used all that "RE knowledge" that he had gleened from his course. He didn't have any answer for that one! Apparently, it didn't apply too well for buying a house for himself!
Last edited by TheEmissary; 03-31-2008 at 11:00 AM..
Reason: punc
rmorton - You're so right! I bet there aren't too many of those people in the TV infomercials ,who are making a killing in real estate, after buying their "No Money Down" books and CDs. My brother was about to buy a home in Livingstone NJ, in 2005, for $405,000 which probably made it the cheapest house in that town - (avg price about $750,000). He had bought one of those courses a year earlier. I asked him if he planned to used all that "RE knowledge" that he had gleened from his course. He didn't have any answer for that one! Apparently, it didn't apply too well for buying a house for himself!
I promise you, Em, if there were a way to make money w/ these foreclosures, I would be on it myself. Believe me, I have certainly considered it - done my research! And there is NO WAY. This is no "flippers market" and as Rmorton stated earlier - so many of these homes were upside down on their loans! So no bargains . . .
I promise you, Em, if there were a way to make money w/ these foreclosures, I would be on it myself. Believe me, I have certainly considered it - done my research! And there is NO WAY. This is no "flippers market" and as Rmorton stated earlier - so many of these homes were upside down on their loans! So no bargains . . .
There is ways to make $$. The key is to buy right.
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Apparently, it didn't apply too well for buying a house for himself! 
