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York and Lancaster Counties Rock Hill - Fort Mill - York - Tega Cay - Lancaster
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Old 12-31-2008, 07:41 AM
 
146 posts, read 398,243 times
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people are buying what they're told they can QUALIFY for which is a heck of a lot different for what they can AFFORD. Those are two really different concepts. Thus, leading to the mortgage crisis and national bailout.
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Old 01-01-2009, 12:06 PM
 
Location: SC
1,121 posts, read 2,240,887 times
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Originally Posted by guyL View Post
median home is 300 K in Fort mill, which should mean people earn 90K or more on average. this isnt the case in statistics.

the majority makes under 50 K
Moderator cut: link to a competitors site removed

is the 50 k per person or per household? if someone only makes 50 K and buys a 300,000.00 home, they probably had a huge down payment.
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Old 01-03-2009, 07:08 PM
 
20 posts, read 31,192 times
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I am quite sure there are some people overspending on homes, as well as cars, restaurants, 60" flat-screen TV's, etc., etc.

However, there are many people that have been steadily climbing the real estate ladder for many years that will buy that $300,000 home with 50-60-70% down. Some probably retired from elsewhere (why pick on NY and California? And why forget South Florida?) and paid cash for their $300,000 homes.

By the way, when the talking heads on CNBC say the home prices seem to have firmed up and that prices seem to be heading back up, you can be assured that that is the start of the next bubble!
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Old 01-03-2009, 10:07 PM
 
385 posts, read 507,866 times
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The link that Palmetto Heel posted (LINK) has some pretty good info on it as far as median home prices/values and median age of people. The median age of a Fort Mill resident is 34.3 years (according to the link anyway). That's some young retired folk - wish that was ME!!! And I'm not bein' snotty. Everyone on here is so awesome. I just seriously wish that was me! Waaaahhhhhh! Then I could spend more time with my family up north and out west. But, I think it's safe to say that the median price of a Fort Mill, SC home is NOT 300k, but lower (at least according to the link). Either way, Fort Mill is a great place for raising kids and close enough to uptown Charlotte that you get the best of both worlds - a hometown setting close to the big city lights. By the way, we just went uptown the other day and ate at the Rock Bottom Brewery. We had never been there before - VERY good food (but I guess that's for another thread... just thought I'd mention it!)
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Old 01-05-2009, 01:25 PM
 
225 posts, read 457,118 times
Reputation: 64
Quote:
Originally Posted by chili555 View Post
I am quite sure there are some people overspending on homes, as well as cars, restaurants, 60" flat-screen TV's, etc., etc.

However, there are many people that have been steadily climbing the real estate ladder for many years that will buy that $300,000 home with 50-60-70% down. Some probably retired from elsewhere (why pick on NY and California? And why forget South Florida?) and paid cash for their $300,000 homes.

By the way, when the talking heads on CNBC say the home prices seem to have firmed up and that prices seem to be heading back up, you can be assured that that is the start of the next bubble!
I do agree that people were over spending, but with the banks and mortgage companies, doing what they were suppose to have done, from day one I think that trend is slowed downed or died out. You actually need collateral and some kind of credit to get into home. As far as the media goes, they have been wrong before and I am sure they will be wrong again. The best indicator is your common sense, when you hear more people being laid off and people holding back or cutting back on vacations, luxury buys and home improvements. That usually indicates that the home prices will not be raising, in the next few months. Eventually, it will get better, but right now it is a buyer's market. If you have the means you will land soemgreat opportunities.
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