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Thread summary:

Considering relocating to North Carolina area, concerned about waiting too long to move resulting in pricing myself out, outlook of North Carolina real estate markets

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Old 09-08-2006, 02:33 PM
 
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All these past posts re what we could have got we directly affect the market, there will be those who saw what they could have gotten and won't budge, and those who just want out so they lower their prices which effects those who won't move..
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Old 09-08-2006, 02:34 PM
 
Location: MI
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Originally Posted by TornadoAlley View Post
Agree. We missed the boat too. About $60k worth of it. BUMMER!
Well you guys still have options on the next "bubble" areas , Texas and NC start buying! Bubble should be arriving within next 2 years. Looks like the speculators are just moving east across the country, from CA to Las Vegas to Phoenix, currently places like Alberquerque New Mexico are experiencing big jumps, Texas should be next!
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Old 09-08-2006, 02:43 PM
 
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Originally Posted by thisguy View Post
Well you guys still have options on the next "bubble" areas , Texas and NC start buying! Bubble should be arriving within next 2 years. Looks like the speculators are just moving east across the country, from CA to Las Vegas to Phoenix, currently places like Alberquerque New Mexico are experiencing big jumps, Texas should be next!
That is what I am wondering. Should we wait or go now?!?
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Old 09-08-2006, 02:49 PM
 
Location: Up above the world so high!
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Originally Posted by TornadoAlley View Post
That is what I am wondering. Should we wait or go now?!?

How TornadoAlley, are you still in town looking around?

Just from what I am hearing waiting is not a good idea. This state was predicted to be strong for several years to come based on what I heard on the evening news a few weeks ago. Even with what is happening with builders the rest of established neighborhood values are not growing at an alarming rate. We are still considered to have a steady growth pattern, but not an artifically created one. I think investing here will be a good thing in the long run and in a few more years you could be priced out of what you can afford now. Just my humble opinion
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Old 09-08-2006, 02:52 PM
 
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Originally Posted by lovesMountains View Post
How TornadoAlley, are you still in town looking around?

Just from what I am hearing waiting is not a good idea. This state was predicted to be strong for several years to come based on what I heard on the evening news a few weeks ago. Even with what is happening with builders the rest of established neighborhood values are not growing at an alarming rate. We are still considered to have a steady growth pattern, but not an artifically created one. I think investing here will be a good thing in the long run and in a few more years you could be priced out of what you can afford now. Just my humble opinion

I agree, I think it is a nice steady pattern so far. Az was a nice steady pattern to from 2000-2004.
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Old 09-08-2006, 02:54 PM
 
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Originally Posted by thisguy View Post
I never heard about such things as "lotteries" until reading this story ... but now that I know about them, I will know when you start hearing about them, sell your house in within 6 months and go live in an apartment for 2-3 years while the market crumbles around you

Thats the thing about even a correction - the person who bought that $289K home, and now its worth say $550K... even if the market corrects 20% from here, the house is STILL worth $440K after a 20% correction. So as long as you did not buy in the TAIL END of the bubble you still will do ok if you plan to live in the house. The main problem is the speculators who cannot take a flat market not to mention a falling market, so their flipping methods become moot and they will get desperate to unload their 9th, 10th, 11th home to stay solvent. This will create opportunities for people with cash to buy these homes, but also potentially drive down values below where they should be if enouhg of the market is these speculators. That said, most of these markets are overpriced relative to incomes of people so 20% down is still not going to make it easy for a flood of new buyers to enter the market (people who actually want to live in the homes). A payment on a $440K house (post
"correction") is very different than a $289K house. That is why the next 12-24 months will be very interesting. Correction could be far worse than anticipated in some areas, while other areas of the country that never had the rampant speculation will just go humming along since overall economy is still in good shape and people have jobs. Most home busts are due to recession and loss of jobs - this is the first (potential) one that is a direct result of rampant speculation and total inability for people with "normal" mortgages and "normal" incomes to be able to afford a home in these cities.
I remember my friends brother who lives in Vegas was telling us about these lotteries for new homes and I didn't believe him, I thought he was full of it. I should have looked into it. I didn't know what was coming.
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Old 09-08-2006, 03:12 PM
 
2,290 posts, read 2,450,786 times
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Originally Posted by Weis02 View Post
All these past posts re what we could have got we directly affect the market, there will be those who saw what they could have gotten and won't budge, and those who just want out so they lower their prices which effects those who won't move..

I have come to terms with myself on what I can sell my house for realistically, but I still haven't come to terms with not buying that house for 280,000. I think I need therapy for that one.
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Old 09-08-2006, 03:12 PM
 
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Originally Posted by lovesMountains View Post
How TornadoAlley, are you still in town looking around?

Just from what I am hearing waiting is not a good idea. This state was predicted to be strong for several years to come based on what I heard on the evening news a few weeks ago. Even with what is happening with builders the rest of established neighborhood values are not growing at an alarming rate. We are still considered to have a steady growth pattern, but not an artifically created one. I think investing here will be a good thing in the long run and in a few more years you could be priced out of what you can afford now. Just my humble opinion
I know. Crunch time. My parents are thinking of moving there too.
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Old 09-08-2006, 03:17 PM
 
Location: MI
333 posts, read 1,198,076 times
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Originally Posted by TornadoAlley View Post
That is what I am wondering. Should we wait or go now?!?

After I posted my somewhat sarcastic comments about Texas being the next boom area I was reading a blog which had a link to thise site which projected 2006 and 2007 home price increases (it was published at year end 2005)

Funny thing - the top 3 markets for future appreciation were in Texas .. so I guess I wasn't being as much of a smart aleck as I thought On a serious note you do get a lot of money for your home in Texas so if you can stand the heat and the culture suits you, you get a lot of house (neither of which apply to me!)

Here is the link
http://money.cnn.com/pf/features/lis...owth_forecast/

Another interesting note... take a look at the median home value in the top 10-20 home markets for future appreciation, versus the bottom 10. What a gulf. And no, people in Las Vegas or San Diego or LA don't make on average double or triple what a person makes in Tulsa Oklahoma or Texas or Carolinas. Their markets are just out of whack with the average income. (In fact Vegas is a town based on service industry which is generally the lowest paying type of work!)
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Old 09-08-2006, 03:21 PM
 
Location: MI
333 posts, read 1,198,076 times
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Originally Posted by TornadoAlley View Post
I know. Crunch time. My parents are thinking of moving there too.
I don't think NC is necessarily "CHEAP", but I think NC is a very good value for what you get in terms of climate, jobs, the whole package.

Will it bubble? Whose to know? I hope not. But I can see a lot of steady appreciation year after year. There is still a lot of room to grow around the major cities so hopefully that new supply of homes will stop any bubbling from happening.

That said, if anyone hears about lotteries in NC let me know so I know to avoid that area haha.
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