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So my parents just put a house under contract. They viewed it on the first day and there were appointments booked up every 30 minutes from 9am until 8pm. Again, on the first day! They put a bid in that day and went $15k over asking on the advice of their realtor who sold similar homes in the area for list price up to 20-30k over. And this was in Bessemer City…30 minutes from center city. There’s literally almost nothing for sale in the area. Gastonia seems to be same way. A lady at my moms work just paid $275k for a cookie cutter 1200 so ft home in Kings Mtn.
So my parents just put a house under contract. They viewed it on the first day and there were appointments booked up every 30 minutes from 9am until 8pm. Again, on the first day! They put a bid in that day and went $15k over asking on the advice of their realtor who sold similar homes in the area for list price up to 20-30k over. And this was in Bessemer City…30 minutes from center city. There’s literally almost nothing for sale in the area. Gastonia seems to be same way. A lady at my moms work just paid $275k for a cookie cutter 1200 so ft home in Kings Mtn.
Things are slightly slowing down in Charlotte lately, but not by much...I've seen multiple homes going for over $100k above asking price...heck, I just got into a multi-offer with some clients of mine and at 50k over ask and $50k due diligence we were still not the best offer financially, but the sellers liked that we weren't investors. It's crazy. Tough time for any buyers right now.
Things are slightly slowing down in Charlotte lately, but not by much...I've seen multiple homes going for over $100k above asking price...heck, I just got into a multi-offer with some clients of mine and at 50k over ask and $50k due diligence we were still not the best offer financially, but the sellers liked that we weren't investors. It's crazy. Tough time for any buyers right now.
Wow that’s crazy. Seems Charlotte metro is heading towards being no cheaper that many places up north out west. I imagine at some point a balance will be met where people find that Charlotte isn’t much cheaper than where they are coming from…maybe another year or two of this. I have a few rentals and my own residence and I probably average 6 or 7 calls/texts a week from investors looking to buy. I guess they contact massive amounts of people hoping they’ll find a few that don’t really know what their home is worth or they’re tempted by the money and willing to rent/live with family or whatever.
I have a few rentals and my own residence and I probably average 6 or 7 calls/texts a week from investors looking to buy.
I have a small rental portfolio and speculators were finding my office number (off the dark web I suppose). I generally don't need to handle outside calls, so I just ignore unknown numbers, even at work.
I also have one vacant lot that I picked up as a cheap gamble several years ago. It's in an average 1950s neighborhood, nothing special. I am routinely getting offers mailed to me from builders. I should have bought more! It was easy to find remnant lots available for $6k-$9k after the financial crisis.
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Originally Posted by GoAmericaGo
So my parents just put a house under contract. They viewed it on the first day and there were appointments booked up every 30 minutes from 9am until 8pm. Again, on the first day! They put a bid in that day and went $15k over asking on the advice of their realtor who sold similar homes in the area for list price up to 20-30k over. And this was in Bessemer City…30 minutes from center city. There’s literally almost nothing for sale in the area. Gastonia seems to be same way. A lady at my moms work just paid $275k for a cookie cutter 1200 so ft home in Kings Mtn.
I live in Kings Mountain. I am bombarded with texts, calls, and mailings from realtors and flippers. The sprawl has hit out here just in time to coincide with the casino. City council has been turning down overtures from builders for years.
Does the lady at your mom's work have kids in school? That would explain her paying that price for a place in Kings Mountain.
Wow that’s crazy. Seems Charlotte metro is heading towards being no cheaper that many places up north out west. I imagine at some point a balance will be met where people find that Charlotte isn’t much cheaper than where they are coming from…maybe another year or two of this. I have a few rentals and my own residence and I probably average 6 or 7 calls/texts a week from investors looking to buy. I guess they contact massive amounts of people hoping they’ll find a few that don’t really know what their home is worth or they’re tempted by the money and willing to rent/live with family or whatever.
To be honest, rent prices have really caught me off guard...for the longest time when people would say they need a two bedroom and they have $1200 a month to spend my immediate thought was "oh that's easy"...well, not so much anymore. Despite the massive amount of apartments and housing options going in all over the city, prices are climbing at a rate that I just don't understand. There really hasn't been much relief in prices at all.
I always hesitate to talk about "oh it's great for the city" or "oh it's awesome to see the growth" because I figure most readers here would say "well of course YOU think it's great, you're a realtor" lol...but I work as an engineering project manager as my main squeeze and just do real estate on the side because I love helping people and I enjoy the market, I don't depend on real estate. But, I DO love to see the buzz of our awesome community growing (insert people's opinions on crime and homelessness here) because I'd much rather see our beautiful city growing than going in the opposite direction. I think it really is a fantastic little city to be in. I grew up in a small town and thought I was big timing it when I moved to Charlotte ten years ago, now I think it's a great little city to enjoy pretty much all of my interests.
Things are slightly slowing down in Charlotte lately, but not by much...I've seen multiple homes going for over $100k above asking price...heck, I just got into a multi-offer with some clients of mine and at 50k over ask and $50k due diligence we were still not the best offer financially, but the sellers liked that we weren't investors. It's crazy. Tough time for any buyers right now.
That is wasted on the average member of this forum... Most don't know why that is or what it means for a lot of people, and will only just point fingers; usually at the wrong people...
I was just strolling through the Gaston county listings... It's gotten to the point here, that it takes about $175k just to find a reasonably nice "middle-age-but-cared-for" SFR, even in far flung places like Cherryville. Below that tends to be rather beat up properties, or very old and small pre WWII mill homes, or manufactured homes.
Sometimes I wondered if I sunk too much money into upgrading my basic 1940s era Gaston county home, but I suppose I shouldn't worry about it. It won't take long before anything in the area is over $200K.
I was just strolling through the Gaston county listings... It's gotten to the point here, that it takes about $175k just to find a reasonably nice "middle-age-but-cared-for" SFR, even in far flung places like Cherryville. Below that tends to be rather beat up properties, or very old and small pre WWII mill homes, or manufactured homes.
Sometimes I wondered if I sunk too much money into upgrading my basic 1940s era Gaston county home, but I suppose I shouldn't worry about it. It won't take long before anything in the area is over $200K.
That’s what I’ve been seeing over the last year. For $200k you’re mostly looking at Cherryville (not bad but far from 85) the worst areas of West Gastonia or maybe the Chapel Grove area. But even then, you’re probably looking at something around 1300 sq ft or less. I would want a budget of $225-250k if you want to start getting picky about condition, location or finishes. I think decent homes under $250k probably go quick because with a small down payment and low interest rates people are looking at a $1k mortgage…which ain’t bad compared to what rent cost nowadays. I see sorta lower end 2-3BR apartments renting for like $1200-1500. With that being the case, I’d much rather own and have some spacing.
1940s homes seem to be some of the most charming and well build to me so I think you made a good decision.
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