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.
For those that have been sitting on the sidelines for the past 3 months waiting to "buy at the bottom" and for "another 10-20% drop" I would suggest you don't buy now. You might have missed the absolute bottom according to data that was released yesterday so I would recommend you hang out another year or two and wait for prices to go even lower.And they might just do that along with a steep rise in interest rates due to inflation.
Disclaimer: Only one man's opinion.
John, SEASONALLY prices have increased however YEAR OVER YEAR prices are still down significantly in the Charlotte region (which is a far more accurate indicator). I could post that data for you if you'd like.
Honestly, I think its somewhat overblown now with people trying to "buy at the bottom". Do I think prices will continue to fall here in many areas? Yes absolutely. However, interest rates are now the biggest concern IMO. IF interest rates start to go up, that will put more pressure on the housing market and will make it harder for 1st time home buyers to purchase homes.
Prices here in Charlotte are back to anywhere from '99 to '02 historical levels. Certainly they have a little ways to go to be in line IMO, however it has gotten better.
The problem that will haunt this area is the amount of inventory on the market and the foreclosures/short sales that are coming down the pike here.
Far from being a secret as it's front page news. Case-Schiller June Housing on 20 cities.
I hope you realize this index is limited to single family detached homes that have resold at a least twice. It does not include new housing, condos, or any other kind of home that doesn't meet that first definition. Also the index is averaged over the entire 3000+ sq mile "Charlotte Area" and not just the city of Charlotte.
If anyone could predict, with certainty, when markets hit lows, it wouild be my guess they would not be writing for a newspaper or number crunching housing averages.
There is also this minor issue of the government handing out $8000 for people to buy houses. What happens when that runs out?
rofl - so the bottom PASSED?! and he was serious about that.... I needed that laugh for the day.
All these "houses that John is buying up" - how many were over the 400k price point v. how many were <150k?
Remember - math is simple... All the inventory that's moving is at such low numbers that a small increase makes a big percentage difference price wise.
rofl - so the bottom PASSED?! and he was serious about that.... I needed that laugh for the day.
All these "houses that John is buying up" - how many were over the 400k price point v. how many were <150k?
Remember - math is simple... All the inventory that's moving is at such low numbers that a small increase makes a big percentage difference price wise.
Agreed. It doesn't take a rocket scientist to figure that this area is still in for major trouble down the road in terms of commercial and resi RE.
rofl - so the bottom PASSED?! and he was serious about that.... I needed that laugh for the day.
All these "houses that John is buying up" - how many were over the 400k price point v. how many were <150k?
Remember - math is simple... All the inventory that's moving is at such low numbers that a small increase makes a big percentage difference price wise.
Just curious...why would they have to be over $400,000 to be valid sales to you? PLENTY of people live well below that price point.
Just curious...why would they have to be over $400,000 to be valid sales to you? PLENTY of people live well below that price point.
LM, I think what MK means is that flippers like John are buying homes <100K (the % of home sales increases are much higher in this range than luxury homes 400-500K and up...)
John, I agree. I think finding those amazing deals from this point out will be few are far between and we all know what happens when supply is low. Average priced homes and non desperate sellers will still be everywhere. But the kind of crazy low pricing is (mostly) a thing of the past.
For those that have been sitting on the sidelines for the past 3 months waiting to "buy at the bottom" and for "another 10-20% drop" I would suggest you don't buy now. You might have missed the absolute bottom according to data that was released yesterday so I would recommend you hang out another year or two and wait for prices to go even lower.And they might just do that along with a steep rise in interest rates due to inflation.
Disclaimer: Only one man's opinion.
I haven't had a drink, yet I am really confused by your statement.
LM, I think what MK means is that flippers like John are buying homes <100K (the % of home sales increases are much higher in this range than luxury homes 400-500K and up...)
Yes, keep holding your breath for inflation lol...
I'd be dead or blue in the face if I was holding my breath for it. You guys have been ranting about this for years now...
Still no inflation and still no 8 or 10% interest rate.
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.
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.
