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10% unemployment, layoffs still happening, no raises for most who still have jobs, homes are still over priced... Have you seen the stuff in Briar chapel?? I mean still selling at 160 a square foot!!! Please homes are way over priced still, there is still a long way down on price. Plus if we see a double dip in the economy well..... Its toast gang. Get the Time mag article on homes this week maybe its not such a great idea to OWN a home...
10% unemployment, layoffs still happening, no raises for most who still have jobs, homes are still over priced... Have you seen the stuff in Briar chapel?? I mean still selling at 160 a square foot!!! Please homes are way over priced still, there is still a long way down on price. Plus if we see a double dip in the economy well..... Its toast gang. Get the Time mag article on homes this week maybe its not such a great idea to OWN a home...
Where are you getting $160 a square foot? I see most pricing around $125 a square foot.
I do agree there is a serious risk of a double dip which will depress prices even more, but as someone else said in this thread - You gotta live somewhere
Where are you getting $160 a square foot? I see most pricing around $125 a square foot.
I do agree there is a serious risk of a double dip which will depress prices even more, but as someone else said in this thread - You gotta live somewhere
Go ahead and believe the 7.5... So many are working part time... Its bad out in the trenches. The price per sq foot?? We were there today outside of chapel hill. 1600 sq foot new home Mcneill Burbank... 250K Uh that is pretty close to 160 dollars. The MI homes the small cottage series... 1700 to 1800 sq feet. They are still priced with the upgrades near 275 still over 150 a sq foot. Prices are still too high.
Go ahead and believe the 7.5... So many are working part time... Its bad out in the trenches. The price per sq foot?? We were there today outside of chapel hill. 1600 sq foot new home Mcneill Burbank... 250K Uh that is pretty close to 160 dollars. The MI homes the small cottage series... 1700 to 1800 sq feet. They are still priced with the upgrades near 275 still over 150 a sq foot. Prices are still too high.
Chapel hill market is on the high side. Highly sought after areas in Wake county mostly range ~120-150 per sqft.
10% unemployment, layoffs still happening, no raises for most who still have jobs, homes are still over priced... Have you seen the stuff in Briar chapel?? I mean still selling at 160 a square foot!!! Please homes are way over priced still, there is still a long way down on price. Plus if we see a double dip in the economy well..... Its toast gang. Get the Time mag article on homes this week maybe its not such a great idea to OWN a home...
I heard a rumor that there is more to the Triangle real estate market than Briar Chapel.
But, while we are there, the average sale over the last 90 days is $144/SF, with the highest at $167/SF.
But, you make a great point. They have about a 4 month inventory. Stuff IS selling at Briar Chapel.
And the Time article is a political social engineering screed. It is hardly a real estate article.
My wife asked me today, "Who is going to own all these rentals?"
Obviously, it is a play to mega-corp ownership of our homes, to power bucks for politicians, which I find more than a little unsettling.
I have a deed. In a few years it will be unencumbered. That is why I bought a home, to find myself in that position.
It is a buffer against politics and seizure of choice and faceless corporate landlords, albeit an imperfect one.
Stability in the market? Most experts belive the housing market will drop between 10-25% in the next 2 years-obviously not ALL markets will, but is there someone who can say with any certainty that the Triangle will not?
The experts also say that from here on out housing will generally appreciate in value less than 5% a year. So in theory, buying a house now and IF it depreciates 10%, it will take at least 2 years just to break even on value, not counting interest paid. For what it's worth,...
When the "experts" talk about the housing market dropping they are referring to the larger markets i.e cities in Florida, Texas, Nevada, California. Ask the local "experts" about the housing market in Raleigh vs. the rest of the country and you'll see that we are doing REALLY well.
Housing in this area has been appreciating on average 2-3% every year for the last 5 years I have been in the housing industry.
Quote:
Originally Posted by capt chill
Go ahead and believe the 7.5... So many are working part time... Its bad out in the trenches. The price per sq foot?? We were there today outside of chapel hill. 1600 sq foot new home Mcneill Burbank... 250K Uh that is pretty close to 160 dollars. The MI homes the small cottage series... 1700 to 1800 sq feet. They are still priced with the upgrades near 275 still over 150 a sq foot. Prices are still too high.
New homes in cary, larger than the ones mentioned here are selling for less than $120 sq. ft. Just an FYI.
10% unemployment, layoffs still happening, no raises for most who still have jobs, homes are still over priced... Have you seen the stuff in Briar chapel?? I mean still selling at 160 a square foot!!! Please homes are way over priced still, there is still a long way down on price. Plus if we see a double dip in the economy well..... Its toast gang. Get the Time mag article on homes this week maybe its not such a great idea to OWN a home...
That doesn't mean it's not a great time for the other 90% to purchase a home.
Don't mind beermat, if he doesn't complain about something after a few days I think he shrivels up and implodes.
Chapel hill market is on the high side. Highly sought after areas in Wake county mostly range ~120-150 per sqft.
But the area the poster is talking about is "faux Chapel Hill". It's the Chatham Co section and BC is just about as close to Pittsboro as it is CH proper. $160 is high for that area.
It has been good time to buy for sometime now, but the sellers aren't in any mood to bring down the prices to reflect the market conditions. I am on the market for a house. Although these are the best interest rates I have seen in my lifetime, I am always worried about buying a house and see its value go down 5-10% over the next few years. I know...you all will jump in to argue that it won't go down any further. But I just know it will. The major reason for stagnant market now is stubborn sellers who are making buyers like me to wait this out for few more months to a year. Banks are yet to unload all of the foreclosed homes, which I am sure will set out a domino effect. For now, I am on the wait mode.
I went through the 2000 stock market crash, which started in 1999 and went on for several years before it hit the bottom. During that time, everyone was thinking along the same lines as to how low can it go. ZERO? Since 0% interest rates are theoretically possible, I am thinking it could all be worth the wait, not that I expect it to go to 0%.
A lot of sellers are being unrealistic and stubborn, but so are a lot of buyers. If you believe that interest rates are going to stay this low for the next several years, or possibly even go to zero – you are being unrealistic. Even if house prices in this area decrease another 10%, that would be completely offset by a 1% rise in interest rates. The payment on a $220,000 loan at 4.5% is about $1115. If that loan decreases to $198,000 because the price of the house decreased 10% but interest rates go to 5.5% (which is still an incredibly low rate) the payment would be about $1124.
Not to mention the fact that over 30 years the interest on that 5.5% loan would be about $207,000 vs $181,000 for the 4.5% on the higher loan amount – a difference of about $26,000.
I can’t predict the future but the reality of interest rates going back up to the ‘stratospheric heights’ of 5.5-6% are pretty dare likely, which in the long run would make a decrease of 10% on a home price pretty much a wash.
I just have a feeling that a few years down the road, we will be hearing a lot of buyers saying, “I wish I would have bought when…”
10% unemployment, layoffs still happening, no raises for most who still have jobs, homes are still over priced... Have you seen the stuff in Briar chapel?? I mean still selling at 160 a square foot!!! Please homes are way over priced still, there is still a long way down on price. Plus if we see a double dip in the economy well..... Its toast gang. Get the Time mag article on homes this week maybe its not such a great idea to OWN a home...
I read that article. Quite frankly, the article merely rehashed what happened when the bubble burst. They didn't say how to deal with the housing crisis.
The problem is, and was, that people believe they are entitled to a home. What the American Dream really meant was that if one worked hard and saved money, they could buy a house they could afford. Not buy a house with zero down, poor credit and crazy financing, That's were the article missed the mark.
The point is that if people want to purchase a home and meet the criteria, they can do so. One has to do their homework, know and respect their fincanical situation and realize that it is a process like everything else.
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