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I'm sorry, I just don't see that as valid. There are many lovely, newer neighborhoods in Waxhaw. They just aren't in the old downtown area you describe. Some of them are as I have stated, in the under-$400 k range, and lots of them are much bigger houses in beautiful developments for plenty more in price.
All these houses are more affordable now because of the housing market downturn, and represent a comfortable way of life, with good schools, close to Mecklenburg but in Union County, were the taxes are lower.
The problem is there's too much stock... Right now there's 173 houses listed on MLS between 350-400k in Union County. That doesn't include all the builders who want to sell new in that range who are giving stuff away and FSBO - or the real killer which is the shadow inventory.
What's worse is that there's tremendous pressure on the higher price points due to all the distressed properties. If you can get a short sale or a foreclosure for 375k in a subdivision typically selling around 500k, why pay the premium for the list priced house in the "lower" subdivision. Don't get wrong... people WILL buy quite a few of the homes listed between 350-400k we see on MLS today. But there won't be enough of them - and the smart ones are going to be very picky.
The problem is there's too much stock... Right now there's 173 houses listed on MLS between 350-400k in Union County. That doesn't include all the builders who want to sell new in that range who are giving stuff away and FSBO - or the real killer which is the shadow inventory.
What's worse is that there's tremendous pressure on the higher price points due to all the distressed properties. If you can get a short sale or a foreclosure for 375k in a subdivision typically selling around 500k, why pay the premium for the list priced house in the "lower" subdivision. Don't get wrong... people WILL buy quite a few of the homes listed between 350-400k we see on MLS today. But there won't be enough of them - and the smart ones are going to be very picky.
I can agree with that. Waxhaw isn't any different from anywhere else in the country in terms of the housing market, though. The whole market is a mess, just not Waxhaw, which is actually a nice place, and situated in an area that has grown up in the last few years. I don't have to go that far to find anything I need or want, and I'm only selling because I want to be in another part of the country.
All these houses are more affordable now because of the housing market downturn, .......
This was the same exact argument got made when prices were exploding upwards. i.e. these homes are more affordable now because house will be more expensive tomorrow. We know how that turned out and this sort of argument is exactly the wrong reason for buying a property. Sure these house cost less now. They are going to cost even less tomorrow and then more the day after tomorrow. They become like fly paper, trapping their owners who no longer have any choices once their neighbors leave, the HOA runs out of money and the county has to raise taxes to cover the loss.
The cowfields of Union county are littered with McMansions due to easy credit and it's going to come down as fast as it went up. My advice wasn't for someone already living there. It was towards a young couple who was asking what to do. I don't really have advice for someone stuck in one of these subdivisions except I wish you luck.
You could be right about not seeing rates go up too soon. My gut feeling is it will happen either late this year or early next - but I'm not as studied on this as you are
Honestly, for those of us who lived thru the early 80's and 15% mortgage interest rates I just think it's worth taking advantage of the historically low rates if you can and need to buy anyway
Your guess is as good as mine... For the record, I do agree with you that it could absolutely be the right time for some people. Besides, my doom n gloom without your sunshine would make this forum terrible to read. I'm always happy to read your posts.
Quote:
Originally Posted by JoanD'Arc
I can agree with that. Waxhaw isn't any different from anywhere else in the country in terms of the housing market, though. The whole market is a mess, just not Waxhaw, which is actually a nice place, and situated in an area that has grown up in the last few years. I don't have to go that far to find anything I need or want, and I'm only selling because I want to be in another part of the country.
Please don't make Waxhaw sound so out-of-the-ordinary awful. There are plenty of people hurting everywhere, and we all need for our economy to stabilize.
Remember - I said before I'm an equal opportunity hater... Gimme an area of the metro and I'll bash it! But check my location, I live here in Union County. and very happy to boot!
Frankly, Waxhaw / Marvin is on my short list and I watch the market like a hawk. That's why it's near and dear to me to discuss it.
This was the same exact argument got made when prices were exploding upwards. i.e. these homes are more affordable now because house will be more expensive tomorrow.
I'm not sure I see the correlation. If I have x dollars to spend, I can't spend more now because I'll get more later when I sell. That selling point just doesn't seem real to me, for lack of a better term.
On the other hand, there are houses in my neighborhood that are selling, surprisingly, for better prices than we would have expected just a few weeks ago. So I am hopeful that will carry through to the sale of my house!
The cowfields of Union county are littered with McMansions due to easy credit and it's going to come down as fast as it went up. My advice wasn't for someone already living there. It was towards a young couple who was asking what to do. I don't really have advice for someone stuck in one of these subdivisions except I wish you luck.
Thanks for the good wishes! (Even if it might have been tongue-in-cheek! lol)
The exception I was taking to your original statements was that Waxhaw isn't worse than anywhere else, right now.
....On the other hand, there are houses in my neighborhood that are selling, surprisingly, for better prices than we would have expected just a few weeks ago. So I am hopeful that will carry through to the sale of my house!hanks for the good wishes! (Even if it might have been tongue-in-cheek! lol)
The exception I was taking to your original statements was that Waxhaw isn't worse than anywhere else, right now.
Sure, the federal government is backstopping almost every loan out there and paying people to buy homes. It's also putting a terrible burden on the taxpayers and financial state of this country and when that well finally runs dry, and it will, the financial issues are going to be significant. Much more significant than if they had dealt with it in 2008 instead of trying to borrow and spend their way out of the hole.
The housing in Waxhaw would have never been built had it not been for the insanity in real estate. "Luxury homes in cow fields".
If you believe there is some sort of renaissance in real estate in Waxhaw because you have noticed a few homes selling over the last few weeks it's not my place to tell you that you are wrong for believing such things. You are entitled to your opinion. The young couple will have to decide if such advice is useful to them as much as the advice I am giving.
Sure, the federal government is backstopping almost every loan out there and paying people to buy homes. It's also putting a terrible burden on the taxpayers and financial state of this country and when that well finally runs dry, and it will, the financial issues are going to be significant. Much more significant than if they had dealt with it in 2008 instead of trying to borrow and spend their way out of the hole.
The housing in Waxhaw would have never been built had it not been for the insanity in real estate. "Luxury homes in cow fields".
If you believe there is some sort of renaissance in real estate in Waxhaw because you have noticed a few homes selling over the last few weeks it's not my place to tell you that you are wrong for believing such things. You are entitled to your opinion. The young couple will have to decide if such advice is useful to them as much as the advice I am giving.
Well, I'll agree with you on one point here: Optimism is all some of us have at this point!!
And I can't argue with the way the Fed has handled the whole financial mess, but that's off topic at this point!
At any rate, I hope the OP will check out some more of the neighborhoods in Union County.
Of the neighborhoods you cited, Lawson and the Reserve would be my picks. Hollister is a very big question mark right now, Shea has left the neighborhood and I haven't heard anything yet about another builder coming in.
Consider Hunter Oaks and Somerset as well. They are closer in to town, are completed neighborhoods, and have nice amenities. The homes may be a little older than in the neighborhoods you listed, but certainly worth a look.
Thanks - the banter does help get a feel for the area. I still like the homes on Providence road south of 485! While we are young, I will still have an uptown condo if we want to go out to panther games or just have fun. IMHO we won't really use it and I will rent it out.
$280,000 seems to be the magic amount I would like to spend on a house. A split between 250 and 300. The homes I would spend 250 on have been a little smaller, didn't have nicer kitchens, etc. That really isn't worth saving 20-30 grand in my thoughts. A decent yard is all we want - somewhere our dogs can play.
My GF saw a house in Hunter Oaks and didn't really like the neighborhood. I don't know why, all I know is to not question her. My father taught me that if you make a decision on a home that she doesn't like you will hear about for the rest of your life.
My feeling on the market is that it will take another negative drop in prices by September, and I don't feel too bad waiting for it. I feel a little bad for the people that bought in the 440+ range where we would spend 300 for the same house, but it's business. We have been driving through often, even going to see a house tonight. We are in no rush and I plan on doing my homework. Opinions can help us choose though, or at least let us know where to look!
Thanks - the banter does help get a feel for the area. I still like the homes on Providence road south of 485! While we are young, I will still have an uptown condo if we want to go out to panther games or just have fun. IMHO we won't really use it and I will rent it out.
$280,000 seems to be the magic amount I would like to spend on a house. A split between 250 and 300. The homes I would spend 250 on have been a little smaller, didn't have nicer kitchens, etc. That really isn't worth saving 20-30 grand in my thoughts. A decent yard is all we want - somewhere our dogs can play.
!
I believe there are houses in at least one section of Somerset in that price range. Somerset is a pool community and the kids spend a lot of the summer in the pool. The clubhouse is used for all kinds of gatherings as well.
Good luck in your search!
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and very happy to boot!
