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Old 01-09-2009, 03:20 PM
 
Location: Wouldn't you like to know?
9,116 posts, read 17,759,549 times
Reputation: 3722

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Its ugly unfortunately.....looks like we are at '03 levels in terms of sales and '06/'07 (roughly) in terms of pricing.....


Charlotte home sales take biggest drop yet | CharlotteObserver.com (http://www.charlotteobserver.com/597/story/462157.html - broken link)
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Old 01-09-2009, 03:39 PM
 
Location: State of Being
35,879 posts, read 77,632,388 times
Reputation: 22755
Well, not surprising. Certainly what you and I were expecting to see, Jack . . .

I am hoping that retirees - still a segment of the population who often have defined benefits and pensions that were not affected by the market decline - will decide this is an excellent time to head our way and buy up existing inventory. Great bargains on housing in wonderful neighborhoods . . .

Sellers are just going to have to get right w/ the universe and accept that they must price their houses accordingly or expect to hold on to them for another year. That is a difficult situation for someone who has been transferred to another location - or for someone who has lost his/her job and needs to unload real estate. No easy answers.
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Old 01-09-2009, 04:17 PM
LLN
 
Location: Upstairs closet
5,265 posts, read 10,760,951 times
Reputation: 7189
When we sold, downsized, left Charlotte, AND took on a sustainable job in the late summer of 2007, my neighbor was afraid we would "low-ball" the price of our home just to move it. We got 94% of what we were asking, and never looked back.

I shudder to think how those folks will do when/if they sale. I am really sorry for all that have had to face the crisis cause it ain't over, but I am eternally grateful we made the move when we did. And my wife calls me an ID10T!!

lln
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Old 01-09-2009, 04:32 PM
 
Location: State of Being
35,879 posts, read 77,632,388 times
Reputation: 22755
Quote:
Originally Posted by LLN View Post
When we sold, downsized, left Charlotte, AND took on a sustainable job in the late summer of 2007, my neighbor was afraid we would "low-ball" the price of our home just to move it. We got 94% of what we were asking, and never looked back.

I shudder to think how those folks will do when/if they sale. I am really sorry for all that have had to face the crisis cause it ain't over, but I am eternally grateful we made the move when we did. And my wife calls me an ID10T!!

lln
Whew - you really did get out at the right time. I would say - a very fortunate move indeed. I call you damn smart, Hee Hee.
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Old 01-09-2009, 11:31 PM
 
Location: Shaker Heights, OH
236 posts, read 696,815 times
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Don't buy the HBA line...it will be a good time to buy a home for at least 3 years..Obviously their motivations are tainted...take your time
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Old 01-10-2009, 05:40 AM
 
7,125 posts, read 11,732,029 times
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Quote:
Originally Posted by blabber View Post
Don't buy the HBA line...it will be a good time to buy a home for at least 3 years..Obviously their motivations are tainted...take your time
Why "take your time" IF you want a house NOW? Well, I guess I see your point. Lower than a drop of 40% could be a drop of 100% and maybe then houses have zero value hence you may have it for free.

Kidding aside, who is qualified to call the bottom of a market? And, what does it matter if you want a house now, it's afforable and you plan to live in it for the next 5-6 years? So it drops another 5-10 %. Who cares? You enjoyed the house. Got a tax deduction. Were part of a community. If lucky built a little equity instead paper receipts to lite your grill.

What do I know... other than I don't understand those trying to find the bottom of the market if they are not flippers like me.
Buy a damn house and stop enriching your landlord.
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Old 01-10-2009, 06:26 AM
 
Location: South Charlotte
124 posts, read 464,069 times
Reputation: 70
Well, we bought a house here and close at the end of January and I can tell you that I'm not looking back and wondering if I should have waited longer. We got a great deal on the home and whether it goes up or down in value in the time we have it, I will be glad I did it. I love the neighborhood, I love the home, my kids need a stable place to live and I'm about to have another and couldn't imagine dealing with it in the small, cramped little rental home we're in now. We have no plans to move in the next couple years so to me it was the obvious choice. We may be different though because we buy a home to live in and enjoy and not a house that we want to worry about selling again in the next year or two.
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Old 01-10-2009, 06:31 AM
 
7,125 posts, read 11,732,029 times
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Quote:
Originally Posted by juliema View Post
Well, we bought a house here and close at the end of January and I can tell you that I'm not looking back and wondering if I should have waited longer. We got a great deal on the home and whether it goes up or down in value in the time we have it, I will be glad I did it. I love the neighborhood, I love the home, my kids need a stable place to live and I'm about to have another and couldn't imagine dealing with it in the small, cramped little rental home we're in now. We have no plans to move in the next couple years so to me it was the obvious choice. We may be different though because we buy a home to live in and enjoy and not a house that we want to worry about selling again in the next year or two.
You hit my nail on it's head!
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Old 01-10-2009, 06:36 AM
 
Location: Wouldn't you like to know?
9,116 posts, read 17,759,549 times
Reputation: 3722
Quote:
Originally Posted by johne482 View Post
Why "take your time" IF you want a house NOW? Well, I guess I see your point. Lower than a drop of 40% could be a drop of 100% and maybe then houses have zero value hence you may have it for free.

Kidding aside, who is qualified to call the bottom of a market? And, what does it matter if you want a house now, it's afforable and you plan to live in it for the next 5-6 years? So it drops another 5-10 %. Who cares? You enjoyed the house. Got a tax deduction. Were part of a community. If lucky built a little equity instead paper receipts to lite your grill.

What do I know... other than I don't understand those trying to find the bottom of the market if they are not flippers like me.
Buy a damn house and stop enriching your landlord.
Everyone's situation is different. Some who've waited (who could afford to wait) were rewarded w/ MUCH lower prices (and incentives) + abundant inventory over 1 or 2 years ago. Also, interest rates are lower than they were.

Its not a one size fits all. For some it might be the right time to buy now. It depends on your individual situation.
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Old 01-10-2009, 06:40 AM
 
7,125 posts, read 11,732,029 times
Reputation: 2600
Quote:
Originally Posted by CouponJack View Post
Everyone's situation is different. Some who've waited (who could afford to wait) were rewarded w/ MUCH lower prices (and incentives) + abundant inventory over 1 or 2 years ago. Also, interest rates are lower than they were.

Its not a one size fits all. For some it might be the right time to buy now. It depends on your individual situation.
Yep, exactly what I said when I posted "IF you want a house NOW and can afford it etc" why wait?
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