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Looks like the National Association of Realtors has changed its mind. Here is an article that was just posted by NAR concerning HOME PRICES. I say to orginal poster just as before RENT and learn the area then make a move!
Duke, I'm not going to get into a "pi__ing" contest with you, but one problem I have (and have always had) with your posts is that you take articles about national trends and try to relate them to Charlotte. Charlotte's commerical real estate market is very healthy, as is its residential real estate market; and forecasts for each are quite favorable. With that said, however, I do agree with you that the original poster should wait and rent before buying in the market. But I agree for completely different reasons. I think its simply best to study a new city for a while to be sure where you end up buying is exactly where you want to be.
One thing I've started to hear in Charlotte is that although the housing market is strong and there are plenty of new people moving to the area looking to buy, the national real estate market may be affecting the Charlotte area. For example, people who are coming from the areas where real estate is crashing are having a hard time selling their old house and therefore can't close on the Charlotte house and either have to back out of their contracts or have to rent for a long time. I heard that this could be having an impact on the overall Charlotte housing market, especially in new developments. Anyone have thoughts on that?
Location: Sunny Phoenix Arizona...wishing for a beach.
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Originally Posted by Anu2
One thing I've started to hear in Charlotte is that although the housing market is strong and there are plenty of new people moving to the area looking to buy, the national real estate market may be affecting the Charlotte area. For example, people who are coming from the areas where real estate is crashing are having a hard time selling their old house and therefore can't close on the Charlotte house and either have to back out of their contracts or have to rent for a long time. I heard that this could be having an impact on the overall Charlotte housing market, especially in new developments. Anyone have thoughts on that?
Yes that's what I said previoulsy, Charlotte would have had a stronger performance if it wasn't for the rest of the markets. I think it's helped Charlotte's market to grow at the steady pace it has. A quickly over-inflated market ends up crashing pretty badly and it's usually falsely inflated. I think it says something about this area and how steady it has remained during these times.
I don't think you need to rush into anything at this moment. 6 months will not break you one way or another. It's not like Phoenix was, everytime they relased a lot it went up 10,000 a week and their were at least 50 people putting their name in a hat for that 1 lot. I don't see that happening for awhile but I do see it happening in some areas of Charlotte in the future.
One thing I've started to hear in Charlotte is that although the housing market is strong and there are plenty of new people moving to the area looking to buy, the national real estate market may be affecting the Charlotte area. For example, people who are coming from the areas where real estate is crashing are having a hard time selling their old house and therefore can't close on the Charlotte house and either have to back out of their contracts or have to rent for a long time. I heard that this could be having an impact on the overall Charlotte housing market, especially in new developments. Anyone have thoughts on that?
I wouldn't think so. I think there’s a misconception that the only people moving to Charlotte are people coming from “challenging†larger cities, like in the north. When in fact, a recent population study showed the majority of people moving to Charlotte are from other Southeastern states where many economies mirror that of North Carolina.
Also, to Duke’s earlier statements I’ll add the following…
“…Charlotte's solid economy and continued commercial and residential growth in the face of downturns in other parts of the country are attracting developers and investors…â€
This is all great information. Thanks! I am still looking for inventory stats if someone has a link to this information. I'm curious to # months inventory now compared to historical rates. Thanks again!
The problem with buying in the Fall is that inventory is low. Serious buyers usually have to pay premium price to get the house they want because competion is tough.
Oh gawd....I'm a housewife...so by no means am I offering educated advice...so take it with a grain of salt....
I see Charlotte appreciating because of its growth. Now, not many people admit moving here because their state got too expensive for them...But I will say it. Northern Virginia got too expensive. I suspect this is the case for many.
Now in NoVa...fairfax county in particular...20 years ago...oh wait I just had my 30th birthday, fooey...anyway..so let's say 25 years ago....was nothing....dirt roads, gravel roads....a couple of neighborhoods...Big business moved in forming the Dulles Corridor...AOL, WorldCom (they were big before their fall!) Sprint, Government Defense Contractors....the list goes on....while they could pull from the indigenous people of FFx county....they had to start transferring people in....therefore the area started growing...MCI came....it grew...small business boomed...it grew....
It's grown to the point that my father in 1978 bought 5 acres of land there for 10,000 built a fine home for 40,000. His home is on the market today for 785,000 and the hit point for sale is 650,000.....and he'll get it...he already has people fighting for his land...(think Scarlets dad telling her nothing is better than land....oh I so need to watch Gone with the Wind tonight....well, it's a long movie...tomorrow...I'll watch it)
and he's moving here...to a place he saw a long time ago. just a different state, but the growth just may happen the same way...
Personally. I don't wish for enormous appreciation here, but it may happen....I'd really like to be able to live my life here and my kids afford homes around here when they are adults...
The appreciation in VA was too much...way too much...
I personally think renting is a waste of money and just makes the landlord wealthy. Please note that I am not a realtor. We move from city to city due to relocation and this is our third house. We have never rented in any of these three cities and managed to sell the houses at good profits after living in them for 2-3 years. Even if you buy a house and break even on it, you are not out anything. If you rent at $1k/month, that's $12k/year automatically lost. If you lose $12k on a house, you can at least write it off. Can you write off rent, no, most can't in most situations!
Purchasing real estate is a gamble. If you have a good realtor it's not a problem. A good realtor knows the area and can make an educated guess at good investments. They are usually pretty good at it. A good realtor also can find an area that interests you and fits your needs and hobbies. They may even have employment or contractor recommendations. A good realtor is worth their weight in gold. I personally like buyer's agents because you won't run into a problem with a dual agency or conflict of interest on a house because they represent the seller in a transaction and you want to buy the same house.
So are you knowingly going to toss away the hypothetical $12k a year or will you purchase a house that typically manages to appreciate in value? With the house we bought here, we gained $16k in value from contract to assessment in about two weeks. Some of our neighbors managed about $30k in value from contract to assessment. Houses not quite comparable to mine in this neighborhood now are selling for about $20k more than what we spent last July. I also believe that our housing will jump in value upon completion of the neighborhood. I'll take the appreciation over renting any day...
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Renting?
