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Can the REAs and non-REA's give their projection on what things will be like 2 - 5 - 10 years housing and RE wise?
1. Will most of the market at the affordable price point of <300 be townhomes with little no yard ?
2. Will SFHs move to the high 3 and 400's essentially becoming unaffordable?
3. Will we have a stuck class like the west coast as no one can cash out since everything is more expensive?
4. Will development on the edges worsen creating worse traffic?
I was lucky enough to buy late 2014 and have some appreciation and i thought i would want to upgrade about 8 years but it's like where would i even go? Step up houses from my 2200 sq/f are like 400ish and i dont want to pay a 2k mortgage i dunno
Apologies to all if it is not appropriate to speak to the OP...
What will be the engine of change that will stop the historic progression of the last 50 years?
Economic Armageddon? 2009 without a response from government?
What will change the influx of transplants that drives price appreciation?
We have a great climate, a good East Coast location, and various opinions on the government of the state.
It is very difficult to offer a good projection. A subjective prediction or two? Sure, why not?
So, I numbered your questions above.
1. In close to municipal centers, where land is most expensive, yes. And costs will spread out from there as land becomes less expensive. But, those costs will increase, too.
2. Yes. A continuation of the same dynamic over the last 30 years. Will there be pauses and dips? Sure. When? I dunno.
3. No. We have workable develope-able land and desirable locations, and commercial developmental patterns that will help avoid that.
And, we aren't hemmed in by an ocean directly adjacent to the Triangle.
4. Yes, as municipalities continue to increase in price, "Drive 'til you qualify" development will create more traffic.
Very aggressive creation of subsidized or required affordable housing will not be adequate to offset that.
Apologies to all if it is not appropriate to speak to the OP...
What will be the engine of change that will stop the historic progression of the last 50 years?
Economic Armageddon? 2009 without a response from government?
What will change the influx of transplants that drives price appreciation?
We have a great climate, a good East Coast location, and various opinions on the government of the state.
It is very difficult to offer a good projection. A subjective prediction or two? Sure, why not?
So, I numbered your questions above.
1. In close to municipal centers, where land is most expensive, yes. And costs will spread out from there as land becomes less expensive. But, those costs will increase, too.
2. Yes. A continuation of the same dynamic over the last 30 years. Will there be pauses and dips? Sure. When? I dunno.
3. No. We have workable develope-able land and desirable locations, and commercial developmental patterns that will help avoid that.
And, we aren't hemmed in by an ocean directly adjacent to the Triangle.
4. Yes, as municipalities continue to increase in price, "Drive 'til you qualify" development will create more traffic.
Very aggressive creation of subsidized or required affordable housing will not be adequate to offset that.
thanks mike i guess at the end of the day i dont feel like there is a move to make to my advantage when it comes time to upgrade houses
i could move out but "out" has appreciated as well and then i'll be shouldered with bigger cons like traffic sure ill have "more" house but ill still pay more and have above cons
i guess there is some sort of adage the best time to buy was yesterday
i live in south durham and there multiple 100ish unit townhome developments going in and i hate it
over in carrboro there was a small subdivision parkslope i think? the houses were in a circle with back doors going into a nice shared back yard i wish something like that was more normative for development than T.H. hoods
townhomes are kind of misnomer because they aren't accessible to any sort of town
thanks mike i guess at the end of the day i dont feel like there is a move to make to my advantage when it comes time to upgrade houses
i could move out but "out" has appreciated as well and then i'll be shouldered with bigger cons like traffic sure ill have "more" house but ill still pay more and have above cons
i guess there is some sort of adage the best time to buy was yesterday
It is all the time, for plenty of owners who want to move.
We have been kicking around getting into a rancher, into a walkable neighborhood.
We can sell and put a nice chunk into our pockets, but like thousands of others, "Where to we go?"
When people talk about the real estate market softening, flattening, slowing, not moving as quickly, it really reflects the lack of inventory, and folks like us who are holding inventory back.
Heck, some gurus are designating Boomers who are not selling their homes as "the problem."
I would pay up to live in the heart of things before I would try to hit a price point in exurban areas, more time, and costs, in the car for everything.
And, I think the investment is safer, without having to compete with builders and cheaper land if I needed to sell on short notice.
Last edited by MikeJaquish; 02-14-2019 at 10:29 AM..
Houses are moving fast right now. One down the street went on the market and first day it was a zoo. Next day it was 'under contract'. Anything east of 540, north of 64, south of 40 is gone fast.
thanks mike i guess at the end of the day i dont feel like there is a move to make to my advantage when it comes time to upgrade houses
i could move out but "out" has appreciated as well and then i'll be shouldered with bigger cons like traffic sure ill have "more" house but ill still pay more and have above cons
i guess there is some sort of adage the best time to buy was yesterday
If you have a good location and lot size, consider an addition.
I did the math, and moving would cost us thousands just in real estate commissions and closing costs (plus whatever unexpected expenses come up). We’re going to put that money directly into adding the space we need.
Houses are moving fast right now. One down the street went on the market and first day it was a zoo. Next day it was 'under contract'. Anything east of 540, north of 64, south of 40 is gone fast.
I don't know about that; I have noticed some softening. Here are a couple that have been "sitting" -including one of the increasingly "unicorn" Wake county sub 300K sfh. Not "new build" but decent condition and in that location "sweet spot" you mention. New build townhomes in the general area are going for 330K+
The market has seemed to softened since last summer.
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