Look at these price reductions. (Raleigh, Cary: 2009, mortgages, loan)

[VickiR]

Originally Posted by chemteacher

My husband got a three year job in Boston. We came to look for places to live and the rentals were dumps (OR $2100/ month + parking) So we bought a condo and have a 5 year interest only loan and pay less than we would have for rent and have a nicer place. If we had chosen to stay here beyond five years then we would refinance or sell. As it turns out, we are leaving after the 3 year commitment so we are just going to sell.
Was there some risk involved with our decision? Probably but we weren't uneducated in our decision. And we didn't buy more than we could afford.
Our financial advisor actually suggested the interest only loan- for OUR situation.

And just what would you have said if your Agent had been so bold as to tell you that you "CAN'T buy now because your Agent didn't think you qualified???

According to Turbojp, thats part of the Agent's job?

Vicki

[suncat]

I wonder if the bursting bubbles in states like NJ, FL or CA will have a ripple effect on the Triangle. It may slow growth in the area, because future transplants will have more trouble selling their homes, or they'll have less equity with which to relocate.

[urbywan]

Originally Posted by VickiR

And just what would you have said if your Agent had been so bold as to tell you that you "CAN'T buy now because your Agent didn't think you qualified???

According to Turbojp, thats part of the Agent's job?

Vicki

I love your rose colored glasses. Look I would LOVE to see this area boom for ever! But I believe we will be in the same boat as the rest of the country sooner than later. I wonder Vicky do you wear the real large glasses that make ya look like a bug or the smaller ones very stylish!

[TuborgP]

Originally Posted by VickiR

And just what would you have said if your Agent had been so bold as to tell you that you "CAN'T buy now because your Agent didn't think you qualified???

According to Turbojp, thats part of the Agent's job?

Vicki

Vicki, I think you may have misunderstood me. I was trying to say thats not always what they agent should or could do. Doing so can get them in trouble. I am supporting agents and loan officers being cautious in trying to steer someone away from what they want.

[TuborgP]

Originally Posted by VickiR

Ok, let me get this straight. I am to now tell my clients, those that are adults and mostly older than I am, that they CAN'T buy now because I think they don't qualify even though their lender is telling them that they can qualify?

Really?

Vicki

No I am saying it can get you in trouble.

[DanielChang]

Originally Posted by suncat

I wonder if the bursting bubbles in states like NJ, FL or CA will have a ripple effect on the Triangle. It may slow growth in the area, because future transplants will have more trouble selling their homes, or they'll have less equity with which to relocate.

That would be based on the assumption that the high rate of growth in the area is due to transplants from NJ/FL/CA. I believe a high % of transplants are not necessarily coming from those specific states. People relocate for a variety of reasons. job potential/growth, good educational system and good medical infrastructure. The Triangle is attractive to people from all over, not just expensive housing markets.

[sacredgrooves]

Originally Posted by suncat

I wonder if the bursting bubbles in states like NJ, FL or CA will have a ripple effect on the Triangle. It may slow growth in the area, because future transplants will have more trouble selling their homes, or they'll have less equity with which to relocate.

Honestly, I hope it does to a degree. This will allow the triangle to come up for air! It may negatively affect my income as an inspector(but not as much as alot of inspectors because we are the best! ), but it would be positive for this area in the long run. We need to have an opportunity to catch up on infrastructure. With the new transplants literally pouring in, it is difficult at best to keep up. There is a fine line though of both growth and slow-down and we may be better served stepping back from growth just a bit. My .02

[TuborgP]

Originally Posted by sacredgrooves

Honestly, I hope it does to a degree. This will allow the triangle to come up for air! It may negatively affect my income as an inspector(but not as much as alot of inspectors because we are the best! ), but it would be positive for this area in the long run. We need to have an opportunity to catch up on infrastructure. With the new transplants literally pouring in, it is difficult at best to keep up. There is a fine line though of both growth and slow-down and we may be better served stepping back from growth just a bit. My .02

Coming from a place that has gone through this previously let me say been there done that and you are right and perhaps that is contributing to the current pace. Read the posts in here about the Wake County schools? Good schools but stretched and by being stretched the quality of is becoming more debatable. Schools help sell houses, Charlotte schools along with Atlanta schools require considerable selectivity when buying. Increase the debate about school quality and you can begin to minimize the attractiveness of the area. Create traffic jams and suddenly the great life becomes more like where folks want to leave.
The infrastructure needs to catch up with the demand or is it the demand will slow down to the infrastructure. Agggh I have it. Life in real estate is great when demand needs to catch up to the infrastructure.

[DanielChang]

Originally Posted by sacredgrooves

Honestly, I hope it does to a degree. This will allow the triangle to come up for air! It may negatively affect my income as an inspector(but not as much as alot of inspectors because we are the best! ), but it would be positive for this area in the long run. We need to have an opportunity to catch up on infrastructure. With the new transplants literally pouring in, it is difficult at best to keep up. There is a fine line though of both growth and slow-down and we may be better served stepping back from growth just a bit. My .02

I agree. When I first moved to the Triangle 4 years ago, I loved it and was telling everyone back home (SF Bay Area) to consider moving. In the past 2 years I've seen traffic increase what seems like tenfold, new construction sprouting like weeds. Now when people ask me about NC, I say it's horrible and if you're considering relocation, STAY HOME! LQTM

Now don't get me wrong--I absolutely adore it here. Just figure we don't need more people spoilin' it. ;-)

[SunnyKayak]

Originally Posted by jinxor

Now when people ask me about NC, I say it's horrible and if you're considering relocation, STAY HOME! LQTM

You are just painting an inaccurate picture of the state then there is life and beauty still left in rest of the state other than the triangle as matter fact other than the 14 counties that have higher than normal growth there is still 86 counties that are not so over developed and infrastructure still in tact.
14 counties actually will loose population within years 2010 to 2020

Projected Growth for North Carolina 2010 to 2020

(broken link)