Real Estate slide?

I disagree with that.

Do your homework and buy early. Once a development is complete you don't get near the perks and the cost is much more, unless the development stinks. The first couple purchasers always get the best choices and prices, plus they lock the developer into a price before he can even test the market. It's a win win normally, unless the developer goes belly up.

 

Here's my There was/is a bubble in the housing market in certain areas, CA, NOVA, NJ, NY, MA, FL, as those bubbles burst and people can't afford to live in those areas, or as investors stop investing in those areas, b/c of small gains, they are looking to more affordable or potentially appreciating areas of the country, more specifically, in my case, Charlotte, and the entire state of NC. I talk to a bunch of people from NJ etc., that are or are planning on buying property here in NC, b/c it's so GD expensive everywhere else. So, as we all remember from our Micro-Economics class, supply and demand will dictate the market, there is now a higher demand for single family residences in N.C., thus property values will increase. I predict this to go on for 3 - 5 years until NC is caught up wtih the rest of the country in property values. Thus, now is OUR bubble, and there are profits to be made in real estate in NC. That's my story, and I'm sticking to it.

 

Once again the most important aspect is forgotten. Interest rates push the market. Rates increase and buyers decrease. Just the way it works.

 

Where's that Myers Park?

 

I found a condo in Whrightsville Beach in my price range. If it does become a buyers market, I may get it in March. Depends on rates and such. Everything down here has increased so much I'm not sure if the bubble bursts that it would make a damn difference.

 

Yeah, but rates have been going down this last month (don't tell my customers), even if rates do increase or continue to increase, if the purchase price is low enough, makes the mortgage still affordable, and property values increase. I think this is true for single family residences, condos have flooded the market, they're out. Disclaimer, no one can predict the future, this is complete opinion, but based on certain facts.

 

Well, that was the question we asked when we bought our house in 2004:

What is our house realistically worth if rates went to 8% (from 6% at the time)? It's one of the things that kept us out of an ARM. I wasn't sure we'd be able to unload the house by the time the rate ballooned either.

I guess I was just looking for some anecdotes from folks. I spent last weekend in Philly and the condo market there (in the city) has collapsed. I have no idea why anyone would want a good view of Camden anyway. But it's bad. Same thing here in DC. Developers are now renting places that flippers were fighting to buy a year ago. The entire herd has gone from buying to sitting.

And then there's my neighbirs....they have cut the price on their house again and still no takers. It looks like they will be staying - which is cool. We like them. Glad to see you got rid of your townhouse VA49er...

 

yeah...I suppose you can give stuff away again like they did early 90s and people will buy.....but sells will still be down as long as interest rates are on the rise.

 

One other thing.... it looks like - for once in my life - we timed it just right when refinancing the house. It was appraised right before the market slowed so we maxed out on the appraisal value and borrowed like hell on it. Fixed rate.

 

Good job, KShead!!