Charlotte - Real Estate Boom or Bubble about to burst? (2013, condo)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Inventory is very low atm. Interest rates have skyrocketed .6 in 1.5 months. If you were on the fence about buying a house, well your more likely under contract to purchase atm
I wonder how the reduced availability of tradesman (plumbers, dry wallers, framers etc) has affected the market? Lots of tradesmen left when things got bad and now it seems harder to find sub-contractors and their charges are increasing again.Everyone wants the work done on their homes now!
I've also heard that building material prices have risen substantially since Jan this year.
Things are definitely selling around here- far more quickly and for higher prices than 2010, even older and more unusual ones and there are far fewer homes available in certain price brackest. Our neighbors just sold a 1/2 acre heavily wooded lot with a shared boat dock down and across the street for $90k and a 2000 sq ft waterfront brick 1960s (remodeled) just sold for $605k. That's what they paid for it in 2007 (it had already been remodeled).
We're not in "The Point" and don't have any community facilities (or HOA) but for people that like lots of different housing styles, ages and sizes, trees, the lake and close proximity to everything it's quite a desirable area.
I find it amazing that after years of everyone "talking the market down" now everyone is "talking it up". Just what we expected really- and it works too!
I find it amazing that after years of everyone "talking the market down" now everyone is "talking it up". Just what we expected really- and it works too!
Not sure what you mean by "talking the market down"
We witnessed the craziest housing bubble and bust since the depression. I don't think anyone talked these things into happening.
Sure there is a bubble. Salaries don't support house prices and the workforce has shrunk to the size that it was in 1979. How can there be a bubble?
The Federal Reserve is printing upwards of $80 billion each month and using it to buy stocks and mortgages from the banks. (on top of the government borrowing) QE, qualitative easing, means they reduce the quality of the $ by printing more of it. Banks love it. They are making huge profits again. Everyone else loses.
They will eventually have to stop QE, or the $ becomes worthless. When it happens, pop goes the weasel. Until it happens, the majority will refuse to believe anything is wrong and they will get fleeced just like they did in 2008/09. People in Charlotte who are buying now are gonna get burned again.
Sure there is a bubble. Salaries don't support house prices and the workforce has shrunk to the size that it was in 1979. How can there be a bubble?
The Federal Reserve is printing upwards of $80 billion each month and using it to buy stocks and mortgages from the banks. (on top of the government borrowing) QE, qualitative easing, means they reduce the quality of the $ by printing more of it. Banks love it. They are making huge profits again. Everyone else loses.
They will eventually have to stop QE, or the $ becomes worthless. When it happens, pop goes the weasel. Until it happens, the majority will refuse to believe anything is wrong and they will get fleeced just like they did in 2008/09. People in Charlotte who are buying now are gonna get burned again.
I don't think anyone will get burned like 2008/09...
Charlotte appears to be a rational market right now. Nicely prepared properties in good locations sell easily. It's not anything like 2006 during the condo flipping craze.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.