Local economy (Mauldin, York: real estate, foreclosures, HOA fees)

[ellagrace]

Just looking for some opinions on the upstate economic situation. My wife has a friend in the mortage industry. She said upstate SC has now joined a few others nationally where housing values are on a steep decline. Do you think we will make it out of these uncertain times O.K. in the upstate. It is not a good sign when rice is being rationed.

[momix5]

The rice thing is in New York also, just a quick question, what is the average property tax in the Mauldin area and what is the average homeowners?

[pgriss]

It will depend on the price of the home as to the taxes. It will depend on the neighborhood as to the HOA fees. Our market is still good, mostly the higher end homes are sitting a little longer. I can get you more statistics if you would like. Let me know and I will post them.

[southerngentleman]

Originally Posted by ellagrace

Just looking for some opinions on the upstate economic situation. My wife has a friend in the mortage industry. She said upstate SC has now joined a few others nationally where housing values are on a steep decline. Do you think we will make it out of these uncertain times O.K. in the upstate. It is not a good sign when rice is being rationed.

Rice is a non issue created by sam's club for greed. no more than 80 lbs a day,the price of rice will be going up,yes the higher the price the higher the profit. They don't want companies,stocking up.

Now for housing, The thing that no one wants to address is that the housing market was a bubble,much like the tech bubble.The housing market for the first time in history became not a residence driven market but and investment market. And investments work in cyclical trends. When an artificially inflated market bubble bursts the prices historically reset to pre bubble pricing.The problem was much like any investment market.The savvy investors understand the trends and make lots of money ,and then the less savvy follow get caught up in the frenzy and get burned bad. This market was complicates by uninformed owners taking out loans that they had no business taking out,mainly influenced, in my opinion, by greed and ignorance.They were refinancing perfectly good loans to take money out of their homes,and using ARM's to do it. Also by people wanting to be "investors" and make money in the housing market boom,Buying homes that they could not afford to make a buck.
We knew that this market was going to bust 8 years ago,and had the timing down 5 years ago! Now I already hear from my savvy clients that they are looking to buy again, but at 25-35 cents on the dollar thru foreclosures which they will not hold , but sell at 50 cents on the dollar. Driving the market back to a corected level.
So yes as a whole you will see prices continue in a downward trend for the next 3-5 years. Compounding the problem is the retirement of baby boomers and long term the lowered demand for housing as that generation ages and moves into retirement homes leaving more traditional housing . This trend will continue for a while and the entire market will take 15-20 years to correct completely.
That said,The Savvy will again make money ,But at the cost of the less fortunate who thought that they knew enough to be investors in the real estate boom, and are in over their head. Those that have a fixed rate,and are not planning on selling will be able to ride out the market,just like in the stock market,you only lose money when you sell below what you paid.

[NoodlesKnowles]

Originally Posted by ellagrace

Just looking for some opinions on the upstate economic situation. My wife has a friend in the mortage industry. She said upstate SC has now joined a few others nationally where housing values are on a steep decline. Do you think we will make it out of these uncertain times O.K. in the upstate. It is not a good sign when rice is being rationed.

I buy large quantities of rice every week, I do the ordering for an asian restaurant. we have not seen an increase in our rice prices, nor have we been asked to order any less. The country as a whole is about to go into a depression, this I am fairly certain of, look at the prices of everything.

[g-man430]

Oh no. Rice is being rationed. We're all going to die.

[James Taylor]

Originally Posted by g-man430

Oh no. Rice is being rationed. We're all going to die.

Maybe rice rationing won't kill you, but paying five dollars for a gallon of gas just might...

[momix5]

Lets say a 2000 square foot home, on an acre of property, not in a subdivision in Easly. Thanks

[southerngentleman]

Originally Posted by James Taylor

Maybe rice rationing won't kill you, but paying five dollars for a gallon of gas just might...

Hey it's over $8.00 in the UK, converted to US Dollars

[James Taylor]

Originally Posted by southerngentleman

Hey it's over $8.00 in the UK, converted to US Dollars

Yeah, well most of the people in the UK don't rely on their cars for every single place they go, like we do here in America. The UK has many public transportation options and the people use them. Big difference.

And what's your point anyway? Since they're paying eight dollars a gallon in the UK, five dollars a gallon here will be just fine with you? You must have an awful lot of money to blow on gasoline!

Tougher times are coming fast... believe it.