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Old 06-24-2006, 10:03 AM
 
1,035 posts, read 1,971,803 times
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It appears the double appreciate hits those areas in high demand so NC may see that over the next few years, but like I posted on another thread, if people going there are getting less here, then NC will have to come down or level off to keep its affordability appeal...interest rates and the entire ecomomy also effect all these things - I do not think you can pin point one thing that will drive the markets no matter where you go, for example, energy prices have risen no matter where you live...
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Old 06-24-2006, 10:37 AM
 
2,295 posts, read 268,284 times
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Quote:
Originally Posted by WenIs02
It appears the double appreciate hits those areas in high demand so NC may see that over the next few years, but like I posted on another thread, if people going there are getting less here, then NC will have to come down or level off to keep its affordability appeal...interest rates and the entire ecomomy also effect all these things - I do not think you can pin point one thing that will drive the markets no matter where you go, for example, energy prices have risen no matter where you live...
I agree it's the high demand factor. According to this Forum NC is out pacing any other state by far. I also agree hosuing is cheaper here but other things are more expensive, like for me state income tax is double than Az. I know you guys in NY,NJ and Ma are being taxed out of your homes on property tax , so you can't lose by making this move. You can't argue about the quality of life either. Much better down south than NY, NJ. I lived and worked in them both so I know.
Just a side note, wages seem to be better in NC than they are in Phx. Our wages never kept up with the housing prices. I know wages will probably be considerably lower compared to what you make in NY, CA, MA even NJ.
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Old 06-24-2006, 02:00 PM
Status: "Life is a hard teacher gives the test 1st" (set 21 days ago)
 
Location: Charlotte,NC, US, North America, Earth, Alpha Quadrant,Milky Way Galaxy
3,374 posts, read 4,685,775 times
Reputation: 1704
Quote:
Originally Posted by VickiR
All I can tell you guys is this...I am a Realtor but I've lived in Raleigh/Cary area for over 25 years. I've bought and sold 5 houses and have never NOT made a profit. Now, don't get me wrong...its not like Maryland or California or Florida, where prices double each year. We have a very stable economy here, low unemployment and our homes appreciate every year but at the rate of an average 5%. So, we have no bubble to burst. And I've never seen homes go down in value here. But lets remember this...people want a good life for their familes. Live where you are happy and don't make it all about the "investment". Yes, you want to make a well educated decision but if you are trying to find the area where houses are going to double in price by the end of the year, you are taking a huge risk wherever you go. My clients move to Raleigh becuase its a great place to live for a lot of reason, not just because of investments. Ok...I'm now getting off my soapbox!!! Vicki

Amen- open the doors of the church!
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Old 06-24-2006, 05:33 PM
 
Location: The Miami Of Canada
1,044 posts, read 2,601,476 times
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Quote:
Originally Posted by silverwing
<peeve/> woulda been nice to have been given just a little more than a tickle of what you were talking about</peeve>

::googling::

http://www.azcentral.com/community/gilbert/articles/0623ev-realestate0623Z12.html (broken link)
Thanks for posting the link and the article, Silverwing!

I love the term, "Exotic Mortgages". I guess that's another name for "Interest Only" loans?

Last edited by ITChick; 06-24-2006 at 06:22 PM..
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Old 06-24-2006, 05:38 PM
 
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I even read people in CA are now being offered 50 yr mortgages to afford the home there. It is getting out of control.More and more people want home ownership and cannot afford it and these brilliant banks and money lending companies will create just about anything to lend you the money -
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Old 06-24-2006, 05:40 PM
 
Location: The Miami Of Canada
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Quote:
Originally Posted by a1m1700
Az used to be the same way not even a 5% appreciation per year..............then bang double appreciation.
Times are different right though, I think someone descibed it well previously. The trickle down effect will effect the entire market some markets obviously more sereve due to the correction that must take place.
NC shouldn't be hurt in that capacity since they haven't been over inflated.
Do you think that the reason for such a huge rise of prices in a short time, is due to the large number of Californians wanting to move to Arizona within the last few years?
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Old 06-24-2006, 06:08 PM
 
132 posts, read 265,582 times
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These so called exotic mortgages aren't new and they aren't the problem. ARM's have been around forever and they really do serve a good purpose it just so happens that now is not the time to get one. If people really knew how they worked though, they could have made a ton of money the past few years by having one. Now of course the rates are rising, which can actually be a good thing (if it isn't forced, which is what it is now, causing false inflation where everything else including income is not keeping up).

That site is correct there is a huge bubble across the country and it is about to burst, but it doesn't mean doom for everyone. See the problem is that people go into things without thinking or doing proper research and too many people these days are too concerned with "keeping up with the Jones's". (mind you I'm not refering to anyone in particular, it is just the "American Dream" to out do your neighbor, and in my opinion, if you live your life that way, then you get what you deserve which is bankrupcy at some point). That is how people ended up buying houses/cars/boats/private schools that they can't afford. That is why most of the country is in over $30,000$ worth of credit card debt.

As far as rent out in AZ being half that of a mortgage, that is what rent is supposed to be! You don't know how lucky you are! When my parents were making their way right before they had me, they rented in order to save up a decent (20%) down payment for a nice starter home. Now, at least not here in my state, you can't do that. Our monthly rent for a 3 bedroom townhouse is double my parents 15 year mortgage! And we pay for everything that my parents pay for in owning a house (except for property tax). It is ridiculous. We couldn't afford to squat in a house!! We will be lucky if we can come up with the 5% down for an FHA (or 3% depending on who we go through).

That is why adult children are living with their parents until they are 30 years old. Because you come out of college with about $40,000 worth of debt and get a job making $30,000 a year and houses cost over $250,000 for a starter home in the ghetto. I mean, do the math, it simply doesn't add up.

Anyway, I'm sorry for going off, it is just very frustrating to have done everything supposedly right (school, no debt, no children, no expensive wedding, no wasteful car loans) and we still can't get ahead. We work our butts off (I have two jobs) and get no where. And I know many of you can relate. But my point was, things are what they are and there are only slight ways to change them (like voting for one) but to think that the end of the world is comming chicken little doesn't solve the problem or make anyone else feel better. Educate yourself before you go into things like real estate and you shouldn't run into so many surprises. And just deal with things and keep positive and everything will work out the way they need to.

I really do wish everyone luck in what they are looking for. But the bigger the house, more land, fancier this and that, etc doesn't make one truely happy. You have to find the happiness first.
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Old 06-24-2006, 06:31 PM
 
Location: The Miami Of Canada
1,044 posts, read 2,601,476 times
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Quote:
Originally Posted by Sugar Magnolia
That is why adult children are living with their parents until they are 30 years old.
That would be a nightmare for me. I don't know how they do that.

Quote:
Originally Posted by Sugar Magnolia
Anyway, I'm sorry for going off, it is just very frustrating to have done everything supposedly right (school, no debt, no children, no expensive wedding, no wasteful car loans) and we still can't get ahead. We work our butts off (I have two jobs) and get no where.
ITA! Same here. I lucked out on some real estate only because I partnered with an ex-boyfriend on the purchase. I don't think I could've done it on my own otherwise.
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Old 06-24-2006, 06:45 PM
 
2,295 posts, read 268,284 times
Reputation: 317
Quote:
Originally Posted by ITChick
Do you think that the reason for such a huge rise of prices in a short time, is due to the large number of Californians wanting to move to Arizona within the last few years?
Yes that was a major part of the puzzle. The other part was investors buying 2,3,4 houses at a time before the builders started cutting them off. What's happening now is investors dumping and flooding the market here.

Last year we couldn't even get a lot to build on without being in the lottery system. We had Californians coming every weekend to put their name in a hat to see if get picked to buy a house. The builders would not sell to investors last year and you had to be employed in AZ at the time of contract, plus you had to sell your existing home within 60 days. It was absolutely nuts. The builders even cut the commission to Realtors a lot were giving a cheap flat fee instead of a percentage. Everytime they released a lot the price went up 10,000.
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Old 06-24-2006, 10:45 PM
Status: "Life is a hard teacher gives the test 1st" (set 21 days ago)
 
Location: Charlotte,NC, US, North America, Earth, Alpha Quadrant,Milky Way Galaxy
3,374 posts, read 4,685,775 times
Reputation: 1704
Quote:
Originally Posted by a1m1700
Yes that was a major part of the puzzle. The other part was investors buying 2,3,4 houses at a time before the builders started cutting them off. What's happening now is investors dumping and flooding the market here.

Last year we couldn't even get a lot to build on without being in the lottery system. We had Californians coming every weekend to put their name in a hat to see if get picked to buy a house. The builders would not sell to investors last year and you had to be employed in AZ at the time of contract, plus you had to sell your existing home within 60 days. It was absolutely nuts. The builders even cut the commission to Realtors a lot were giving a cheap flat fee instead of a percentage. Everytime they released a lot the price went up 10,000.
Wow, I see how a mess was created. So there should be some cheap AZ RE soon...
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