Housing market trash

NickMaul

Well-Known Member
Joined
Jul 4, 2009
Location
Norfolk, VA
On average, probably not immediately. I have no idea what the typical lag is between rises in the cost of goods & living, and average wages. I'm quite sure that data exists.
But bc of supply and demand they eventually HAVE to some extent. if you don't pay enough, people quit. If an industry doesn't catch up, it dies off. The only question really is, for any particular industry what is that lag time?

As a government employee I can guarantee you my pay wont go up nearly enough to catch up. Last I saw the proposal was 4.6%, which in any other year would be huge, but now is like half what would be appropriate.
Can confirm. Government contractor. 1.75% annual raise this year. Actively looking for better opportunities. What a shit show. Company just sent out a survey how to improve employee retention. I guess they don’t want to look themselves in the mirror and just pass the buck.
 

LT1JEEP

Well-Known Member
Joined
Jul 25, 2008
Location
HARLAN, KY
I bought a house 2 weeks ago and it has 1/3 acre of land. I was walking by the courthouse and seen a bunch of people in front so i walked by to see what is going on. They were having a court order sale of several pieces of property. So i was watching them auction off the lots. They got to last property and was trying to get somebody to bid on it but nobody knew any info about it and they didn't give much info about it and nobody was interested so i bid 500.00 and got it. I t is appraised for 7500.00 So does anyone want to buy a fixer upper house this fall?
 

ponykilr

🤠 YippeeKiYay
Joined
Apr 26, 2021
Location
Lowgap
I'm just glad we're not buying anything right now. Like everyone else, we could sell and make a ton of profit. But that profit will be eaten up quickly in the cost of a replacement home. We refinanced last year at 3% and keep knocking down the priciple with extra $$$ each month.
I really can't imagine starting out/over/etc and looking down the barrel of a starter home in WNC being in the $300k at 6%+ range.
Join us trailer people who sold and are riding it out 😂
 

RatLabGuy

You look like a monkey and smell like one too
Joined
May 18, 2005
Location
Churchville, MD
1652320360040.png
 

iwaxmyjimmy

College Web Wheeler
Joined
Mar 10, 2007
Location
Greenville NC
I bought mine 6 years ago on a short sale. Could easily make 150k+ on it right now but like Jody said, I wouldn’t be able to replace. I am hoping to buy some land now that I’m making good money. Hopefully I can dodge this crazy market and build a house on it in a few years.
 

RatLabGuy

You look like a monkey and smell like one too
Joined
May 18, 2005
Location
Churchville, MD
Neighbor behind us just sold, under contract for something like 430k.
They are older, kids out of the house... Cashing in and moving into a trailer for awhile.
 

rockcity

everyday is a chance to get better
Joined
Apr 10, 2005
Location
Greenville, NC
I’ve missed out on a few houses the last couple weeks. Off market flips that I bid more than reasonable and still missed out. Not sure how people think they can make any $ beyond what I was looking at. Anything more and they are in for a $165k house with $75k in repairs to make it move in ready with comps selling for $250k. After floating it and realtor fees, there isn’t much $ for any profit.
 

VortecJeep

Powered by Uranium-235
Joined
Aug 24, 2005
Location
Concord, NC
A house in our neighborhood was listed a couple days ago for about $300k more than they paid for it in 2017. It’s no longer showing up on Zillow. So I’m not sure if they took it off the market or it went that fast.
 

drkelly

Dipstick who put two vehicles on jack stands
Joined
Mar 21, 2005
Location
Oak Ridge/Stokesdale, NC

Mortgage applications to purchase a home declined 12% week to week and were 15% lower compared with the same week one year ago. That was the first weekly drop in homebuyer demand since the third week in April. Mortgage rates have risen over 2 full percentage points since the start of the year, and home prices are up more than 20% from a year ago.
 

drkelly

Dipstick who put two vehicles on jack stands
Joined
Mar 21, 2005
Location
Oak Ridge/Stokesdale, NC

Mortgage applications to purchase a home declined 12% week to week and were 15% lower compared with the same week one year ago. That was the first weekly drop in homebuyer demand since the third week in April. Mortgage rates have risen over 2 full percentage points since the start of the year, and home prices are up more than 20% from a year ago.
 

RatLabGuy

You look like a monkey and smell like one too
Joined
May 18, 2005
Location
Churchville, MD

Mortgage applications to purchase a home declined 12% week to week and were 15% lower compared with the same week one year ago. That was the first weekly drop in homebuyer demand since the third week in April. Mortgage rates have risen over 2 full percentage points since the start of the year, and home prices are up more than 20% from a year ago.
My borther is under contract on a new house. Like many the process happened really quickly and they weren't ready to sell their current home yet. "Eh I'm sure it will sell quick, we can afford to go a month or two overlapping."
Unfortunately based on the above I'm wondering how much he might lose out on just in bad timing.
 

CLRracer

Mopar Nut
Joined
Mar 20, 2005
Location
Archer Lodge
My borther is under contract on a new house. Like many the process happened really quickly and they weren't ready to sell their current home yet. "Eh I'm sure it will sell quick, we can afford to go a month or two overlapping."
Unfortunately based on the above I'm wondering how much he might lose out on just in bad timing.

We start construction on our house this week. Hoping the market holds on long enough to get it built and get our current one sold. Also hoping maybe the cost of some materials will start dropping to help offset the higher interest rates, but knowing my luck probably not 🤦‍♂️

Duane
 

awheelterd

Well-Known Member
Joined
Oct 18, 2007
Location
Kenly, NC
We start construction on our house this week. Hoping the market holds on long enough to get it built and get our current one sold. Also hoping maybe the cost of some materials will start dropping to help offset the higher interest rates, but knowing my luck probably not 🤦‍♂️

Duane
Where are you building at?
 

UTfball68

Well-Known Member
Joined
Jul 18, 2008
Location
Granite Quarry
Buddy of mine and his wife went full time remote work about 2 years ago, so they decided to move to Emerald Isle about 18 months ago. Bought a 1600sq/ft 3rd row beach house on a 1/4acre for $420k. Sold for $750k (asking price) in 4 days, cash offer. The crazier thing, for capital gains purposes, my buddy doesn’t want to close until September and was a noted stipulation of the sale. I thought the price was insane, I thought his realtor was crazy for suggesting the stipulation. However, apparently the island is booked until September, so not an uncommon request these days and in an attempt to not lose the house, the buyer offered to pay market rate weekly rental from now until September AND allow my buddy to continue living there. So he’ll be paid another $30k to continue living there. Unreal.
 

jeepinmatt

..l.
Joined
Mar 24, 2005
Location
On the internet
5 years ago, $1.5mil would have been a stupid price. In todays market, it actually seems pretty decent...
Especially since it includes...
1652979216214.png
 

UTfball68

Well-Known Member
Joined
Jul 18, 2008
Location
Granite Quarry
5 years ago, $1.5mil would have been a stupid price. In todays market, it actually seems pretty decent...
Especially since it includes...
View attachment 372992

That's exactly the kind of place I've been looking for...unfortunately, my budget is about 5 years behind my want list. When I bought my current house, figured I could buy something like that for $750-900k. Looks like my 5 year plan has turned in to a 'keep your ass where you're at, you're never getting out' plan.
 

BNielsen

Member
Joined
Sep 21, 2021
Location
Granite Quarry
I know I'm kicking myself these days for not putting up more of a fight for a tract of land the borders my friend's properties.
Had 20 some odd acres for like, 42K? I can't remember now. I'm wishing I would've done something on it but I was flat broke back in 2018/2019, still living with my parents.
 

drkelly

Dipstick who put two vehicles on jack stands
Joined
Mar 21, 2005
Location
Oak Ridge/Stokesdale, NC

Talked to realtor I know earlier this week. He said prices will most likely go sideways for a while now. He expects some hot/over valued areas will see small price decreases.
 

benXJ

Well-Known Member
Joined
Dec 5, 2005
Location
Raleigh NC
I never believed this 'shortage' crap....the market just got all out of control with the large stock market gains from COVID and the super cheap interest rates. People and investors were buying and moving just to do it. No one was homeless, they just wanted something different and had money to be stupid with. Maybe it's cooling off now. I need building materials to come back to earth....soon.
 
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