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Id say to anyone if you don't need a house, park your money for 2 years and just watch these houses come back on the market for what they was sold for and it might see there for a while
Id say to anyone if you don't need a house, park your money for 2 years and just watch these houses come back on the market for what they was sold for and it might see there for a while
Quote:
Originally Posted by m1a1mg
Yeah, people saying that 2 years ago as well.
Exactly. I know a very experienced investor Realtor who was telling his clients to sell back in 2018. He guessed we were at the top of the market back then. I personally wouldn't buy investment property right now unless I came across a killer deal. Buying a home that you expect to live in for 5+ years is always a good bet as long as you don't overpay, in my opinion.
Exactly. I know a very experienced investor Realtor who was telling his clients to sell back in 2018. He guessed we were at the top of the market back then. I personally wouldn't buy investment property right now unless I came across a killer deal. Buying a home that you expect to live in for 5+ years is always a good bet as long as you don't overpay, in my opinion.
Charleston and it's environs, is a unique entity. It is a destination. People moving here from all over. The demand vastly outstrips the supply.
These houses were on the market for days before they went contingent. Mount Pleasant is full of them. Look at property histories:
Exactly. I know a very experienced investor Realtor who was telling his clients to sell back in 2018. He guessed we were at the top of the market back then. I personally wouldn't buy investment property right now unless I came across a killer deal. Buying a home that you expect to live in for 5+ years is always a good bet as long as you don't overpay, in my opinion.
I came across one off market deal that I regret not pulling the trigger for a duplex which sold in a couple of hours when he put it on the market.
Investment properties dont make any sense to me right now. 3 unit downtown 1.5 million. I can not make the numbers work with my down-payment and the rents the units are getting/ work that needs to be done. One in north charleston that clearly had foundation issues went for about 150k more than I would of paid for it and I have a team.
5 years plus is always a better bet. If you follow the market/defaults/money, 2019 was a good year to sell/buy in normal times because you could see things changing. No one expected the sickness which changed everything though.
Exactly. I know a very experienced investor Realtor who was telling his clients to sell back in 2018. He guessed we were at the top of the market back then. I personally wouldn't buy investment property right now unless I came across a killer deal. Buying a home that you expect to live in for 5+ years is always a good bet as long as you don't overpay, in my opinion.
Quote:
Originally Posted by m1a1mg
Charleston and it's environs, is a unique entity. It is a destination. People moving here from all over. The demand vastly outstrips the supply.
These houses were on the market for days before they went contingent. Mount Pleasant is full of them. Look at property histories:
Is it because of inflation or something happened? I was looking to buy a house and spend too much time to decide what I want. And now the price is up and up, seems like my budget has to be up with the current market. What just happened within the last 6 months?
Be happy, gentrification will drive away the ghetto and greatly lower crime, it's already made Charleston much safer than it was years ago.
Charleston is a pretty desirable city and there are a lot of remote workers and well to do retirees that are interested. I'm sure a housing crash is on the way nationally in the next few years, until then, prepare to pay a premium if you want it.
I came across one off market deal that I regret not pulling the trigger for a duplex which sold in a couple of hours when he put it on the market.
Investment properties dont make any sense to me right now. 3 unit downtown 1.5 million. I can not make the numbers work with my down-payment and the rents the units are getting/ work that needs to be done. One in north charleston that clearly had foundation issues went for about 150k more than I would of paid for it and I have a team.
5 years plus is always a better bet. If you follow the market/defaults/money, 2019 was a good year to sell/buy in normal times because you could see things changing. No one expected the sickness which changed everything though.
At this point I think it is larger money people/investors/groups buying real estate for the appreciation as opposed to the income. Income should cover carrying costs but they are treating the actual $ in akin to buying a stock. So they are hoping for 4-7 year value increase to either sell or to use the equity for more financing.
I sold an '99/'00ish condo in closer in West Ashley year before last and one of the offers came from a medical practice. They were using their retirement accounts to purchase rental properties as they thought that would increase $ quicker than the stock market... I've known of people doing that with commercial properties but the idea of using individual housing units was new to me.
I came across one off market deal that I regret not pulling the trigger for a duplex which sold in a couple of hours when he put it on the market.
Investment properties dont make any sense to me right now. 3 unit downtown 1.5 million. I can not make the numbers work with my down-payment and the rents the units are getting/ work that needs to be done. One in north charleston that clearly had foundation issues went for about 150k more than I would of paid for it and I have a team.
5 years plus is always a better bet. If you follow the market/defaults/money, 2019 was a good year to sell/buy in normal times because you could see things changing. No one expected the sickness which changed everything though.
Quote:
Originally Posted by mrpeatie
At this point I think it is larger money people/investors/groups buying real estate for the appreciation as opposed to the income. Income should cover carrying costs but they are treating the actual $ in akin to buying a stock. So they are hoping for 4-7 year value increase to either sell or to use the equity for more financing.
I sold an '99/'00ish condo in closer in West Ashley year before last and one of the offers came from a medical practice. They were using their retirement accounts to purchase rental properties as they thought that would increase $ quicker than the stock market... I've known of people doing that with commercial properties but the idea of using individual housing units was new to me.
Back in 2007 I knew people who were buying properties even though they were cash flow negative because they were counting on appreciation. That didn't work out great for them but some folks made a lot of money that way. It just depends on your timing which is nearly impossible to get right consistently. I've never wanted to buy a property that wasn't cash flow positive right from the start. I'm sure I've missed some opportunities but I've never gotten burned either.
I believe remote work has completely changed the housing location dynamic.
I think you are spot on. Anecdotal, I know, but our neighborhood FB page is full of folks working from home.
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