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Like I have said here the market is weak even here in the triangle. There are going to be even bigger bargans. In fact I would hold off buying any house at prices over 400K here.
I don't think you can draw any conclusion regarding the Triangle housing market from this report. The critical part - exactly *where* in the South is the market slowing - isn't covered at all. After all, what is happening in Birmingham, Alabama doesn't tell you much about what is going on in Raleigh, NC.
I don't think you can draw any conclusion regarding the Triangle housing market from this report. The critical part - exactly *where* in the South is the market slowing - isn't covered at all. After all, what is happening in Birmingham, Alabama doesn't tell you much about what is going on in Raleigh, NC.
You are mistaken on this point. The Dow is now down 10% for the short term, it has wiped out all of this years gains. Countrywide mortgage is in real trouble and wait until those 2/28 year loans taken out in 2005 start to re adjust in the next few months. A 400 K home here in the raleigh area can very easily become a 300K house!!!!! A home in our subdivision listed for 354K by the builder sold for 304K they cut 50K from the price of this NEW home yesterday !!
Be careful!
Do you want to be the family that buys that 400K house and 3 months later the builders are now selling inventory for 50K lass than you paid? Its happening in Florida big time, and starting to happen here. Heck even that Kitts Creek place is cutting prices!
We rent for many reasons, but one is that there is so much new building in all areas (except for Carrboro, etc), just cannot know what it is going to be in five, ten years. When I read things like The Villages and Trinity going up in Apex, that makes me nervous. Or the PrestonDev guys doing stuff in Pittsboro.
Anyway, with all the new building, can't help but drive down prices for existing homes. And what is one buying into anyway? Can one know that much about what will be the place one will leave, what retail will be there, traffic, schools, etc? Seems like a crap shoot in many areas, so much change coming. Don't want to be another one like I read in the Op Ed in Cary newspaper everyweek. 'I moved here in _____ and thought I'd gone to heaven. Now it's just like Long Island/New Jersey/Conneticut/etc...'
So what about homes in the 150K range? I wouldn't think there is much room to go lower on homes in the 150K and under range. Opinions?
They seem to be the bottom number at that price with what the salaries are down here people can afford the payments. You know a 170K house with 20% down is a 144K mortgage at 6.5% thats almost 1000 a month P&I then add about 200 a month for taxes and you have about 1,200 payment to live in your new house. You better have 20% to put down these days. A 400K House with 20% down is a 320K mortgage at say 6.5% is almost 2400 a month add 300 a month taxes and whoa almost 3000K to live in that house a month.
They seem to be the bottom number at that price with what the salaries are down here people can afford the payments. You know a 170K house with 20% down is a 144K mortgage at 6.5% thats almost 1000 a month P&I then add about 200 a month for taxes and you have about 1,200 payment to live in your new house. You better have 20% to put down these days. A 400K House with 20% down is a 320K mortgage at say 6.5% is almost 2400 a month add 300 a month taxes and whoa almost 3000K to live in that house a month.
Uh no. $400K house with 20% down at 6.5% is $2000 a month (plus taxes). There are plenty of mortgage calculators on the web, use google.
So what about homes in the 150K range? I wouldn't think there is much room to go lower on homes in the 150K and under range. Opinions?
That price point is still in high demand I think because (1) there isn't a lot of new construction in that price bracket and (2) it is affordable for people who actually live and work in the Triangle.
Uh no. $400K house with 20% down at 6.5% is $2000 a month (plus taxes). There are plenty of mortgage calculators on the web, use google.
It was quick off the top of my head and the taxes are probably closer to 400 a month 1.20 per 100 in this part of wake county. Yes 2,022 a month and add 400 for taxes well you are at almost 2500 a month just for P&I and taxes.
Anyways a bit of dollars and quite frankly who wants to be saddled with a huge mortgage?
Plus I want to see who really gas 80K to put down on a house these days. Most will be in the 10% range with a downpayment then add PMI and bingo a 3000+ payment a month!
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