Housing market trash

The median price of all real estate sold in Wake County during November 2021 reached a new record high, surpassing $400,000 for the first time, according to a new analysis of real estate records conducted by the Wake County Register of Deeds.

The analysis found that the median sales price for a parcel of real estate in Wake County was $405,000, an increase of $76,250 above the median price of real estate calculated using the same methodology for real estate sold in January 2021, or a change of 23.2% during that time period.
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www.wraltechwire.com

Median price of Wake County real estate hit new high in November – $405,000 | WRAL TechWire

The median price of real estate sold in Wake County reached a new high in November: $405,000, according to a new analysis of real estate records from the Wake County Register of Deeds. And real estate agents are expecting price appreciation to continue this winter and into 2022.
www.wraltechwire.com www.wraltechwire.com
 
awheelterd said:
Kinda feel like this is a precursor

news.yahoo.com

Most American homeowners are 'house poor' — and 40% of them have taken second jobs to afford a mortgage, survey says

ConsumerAffairs finds that the dream of owning a home is plunging Americans into debt. Millennials have it worst — 78% said they feel "house poor."
news.yahoo.com news.yahoo.com
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I’m not sure how to quantify it…but I really feel that’s a solid chunk of home buyers over the last two years. At least anecdotally…I don’t know of very many people that could afford a house before the pandemic, that purchased one during. Sure there are some with a new found freedom that can work from anywhere, that are driving up the prices in hotbed areas. But I feel like (and what I really don’t know how to quantify)…a lot of them are like my older sister, life time renters with stimmy money in their pocket, that now magically found their forever home, that’s $100k higher than it would have been 3 years ago.
 
awheelterd said:
Kinda feel like this is a precursor

news.yahoo.com

Most American homeowners are 'house poor' — and 40% of them have taken second jobs to afford a mortgage, survey says

ConsumerAffairs finds that the dream of owning a home is plunging Americans into debt. Millennials have it worst — 78% said they feel "house poor."
news.yahoo.com news.yahoo.com
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UTfball68 said:
I’m not sure how to quantify it…but I really feel that’s a solid chunk of home buyers over the last two years. At least anecdotally…I don’t know of very many people that could afford a house before the pandemic, that purchased one during. Sure there are some with a new found freedom that can work from anywhere, that are driving up the prices in hotbed areas. But I feel like (and what I really don’t know how to quantify)…a lot of them are like my older sister, life time renters with stimmy money in their pocket, that now magically found their forever home, that’s $100k higher than it would have been 3 years ago.
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What I'd be curious to know is how this survey is different today vs a year ago vs 3 years, 5, etc.
Is this a rapidly increasing % that are ill-prepared for what they are getting into, or actual just normal? Isn't thi part of why we had the bubble a decade ago?

I think back to 2002 when we bought our first home... 3rd year teacher and a grad student... and that $750 payment was a huge portion of what we had, with pretty much nothing as fallback... and I think wow that was a terrible idea to lend to us... but it still worked out ok.
 
awheelterd said:
Well yeah, but what about the last 24 mos? That's when demand started exponentially growing. All those buyers didn't simultaneously graduate from college and start making offers on $300k homes did they?
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Practically everyone in my friend group (28 years old) got out and bought a house starting in 2019. Social media was filled with “So I did a thing” posts with keys in their hands and a house in the back ground.

Renting costs are outrageous and with low interest rates it is a no brainer. We effectively traded our expenses from renting and got a 2000 sqft house with a detached garage. Cost was basically the same.

If you want to truly understand then maybe spend some time checking the average price of renting a two bedroom apartment in any decent sized city with city life. I’m my experience those rent costs start around $2k per month…
 
NickMaul said:
Practically everyone in my friend group (28 years old) got out and bought a house starting in 2019. Social media was filled with “So I did a thing” posts with keys in their hands and a house in the back ground.

Renting costs are outrageous and with low interest rates it is a no brainer. We effectively traded our expenses from renting and got a 2000 sqft house with a detached garage. Cost was basically the same.

If you want to truly understand then maybe spend some time checking the average price of renting a two bedroom apartment in any decent sized city with city life. I’m my experience those rent costs start around $2k per month…
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Yep. Increasing rent combined with low mortgage rates makes buying a house more attractive. But house prices are doing everything they can to counter that!
 
jeepinmatt said:
Yep. Increasing rent combined with low mortgage rates makes buying a house more attractive. But house prices are doing everything they can to counter that!
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Advice given to me was buy a house you can grow into (if you can reasonably afford it). A "starter home" was not going to be very realistic for more than 5 years. So we went after the bigger tuna and I am fine with that. It was was over our preliminary budget, but to settle for a home with less than 3 bedrooms would have hurt. Starter homes are pulling pretty good money no doubt.

The extra $30k got us into a legit family size home. I think that is the difference right now. If you are going to buy a house, pay more for the bigger home rather than paying a lot for a starter home.
 
NickMaul said:
Advice given to me was buy a house you can grow into (if you can reasonably afford it). A "starter home" was not going to be very realistic for more than 5 years. So we went after the bigger tuna and I am fine with that. It was was over our preliminary budget, but to settle for a home with less than 3 bedrooms would have hurt. Starter homes are pulling pretty good money no doubt.

The extra $30k got us into a legit family size home. I think that is the difference right now. If you are going to buy a house, pay more for the bigger home rather than paying a lot for a starter home.
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We did similar, kinda. Bought a house that would house at least 2 kids, but is well suited for an addition. We want to add on a master suite when things level out.
 
shawn said:
Dumb article written by economic illiterates. New home sales are down because they built fewer of them due to material and labor shortages.
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Around here they sure as heck didn't. It has been wide ass open for the past couple years.
 
shawn said:
Surely you have some data to back that up...
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Well, for 1, I can see that they are building about one metric shit ton more houses around here than they did last year or the year before, and they built a lot then.
And 2, sure, thanks, straight out of your second article:
Single-family starts dropped in the West and Midwest. They rose in the Northeast and the densely populated South.
 
home.jpeg
 
So forgot to update this, actually ended up buying in late September. house is great in the process of rebuilding a deck and getting it painted. If any of you are still in the market, I OP'd this thread in March and spent roughly two years in the market. stay patient the right house for the right money will come. thanks all to the advice an input.
 
This house is about 1/8 mile away from me, @Jody Treadway knows the location pretty well as does @shawn and @trailhugger

www.zillow.com

3620 Country Cove Ln, Raleigh, NC 27606 | Zillow

3620 Country Cove Ln, Raleigh NC, is a Single Family home that contains 1634 sq ft and was built in 1975.It contains 3 bedrooms and 2 bathrooms.This home last sold for $481,000 in February 2022. The Zestimate for this Single Family is $533,000, which has increased by $16,047 in the last 30...
www.zillow.com www.zillow.com

It went on the market for 399k, sold for 481k. For 1600 sq feet... in Raleigh... outside the beltline (granted we are 4 miles from downtown or so). I never thought I would see the day. My house is very similar. Raleigh is going to be unaffordable to normal people pretty soon. That is 294/sqft.

My house is redone to about the same level as this house is, cost me 255k 6.5 years ago. To almost double now, is crazy.
 
DSM Turbos said:
This house is about 1/8 mile away from me, @Jody Treadway knows the location pretty well as does @shawn and @trailhugger

www.zillow.com

3620 Country Cove Ln, Raleigh, NC 27606 | Zillow

3620 Country Cove Ln, Raleigh NC, is a Single Family home that contains 1634 sq ft and was built in 1975.It contains 3 bedrooms and 2 bathrooms.This home last sold for $481,000 in February 2022. The Zestimate for this Single Family is $533,000, which has increased by $16,047 in the last 30...
www.zillow.com www.zillow.com

It went on the market for 399k, sold for 481k. For 1600 sq feet... in Raleigh... outside the beltline (granted we are 4 miles from downtown or so). I never thought I would see the day. My house is very similar. Raleigh is going to be unaffordable to normal people pretty soon. That is 294/sqft.

My house is redone to about the same level as this house is, cost me 255k 6.5 years ago. To almost double now, is crazy.
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Sell your crib and move up here. We'll allow one exemption for you guys.
 
Jody Treadway said:
Sell your crib and move up here. We'll allow one exemption for you guys.
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We want to move west, just can't do it until the kid graduates.... 5 more years, then we can start to be serious... by then we will be living in a million dollar house though haha.
shawn said:
It's not that the house is worth more, it's that your dollars are worth less.
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Thats why we want to GTFO and go somewhere where the dollars are worth more.
 
obullfish said:
Saw a couple different articles in the last few days that Asheville is now the highest rent in the state now. Really debating selling our place and heading to east Tn.
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hell western nc is expensive to rent. i saw an add today for a 400sf 1 bed 1 bath apartment for the 70s was 750.00 a month.
 
Loganwayne said:
hell western nc is expensive to rent. i saw an add today for a 400sf 1 bed 1 bath apartment for the 70s was 750.00 a month.
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Yea, all these damn apartments they are building around here start around $1300 for 1 bedroom and $1800 for 3 bedroom from what some of the property managers have told me while there getting the fiber optic service ready.
 
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