Housing market trash

And then you have this example…I’m thinking $5k/acre is reasonable, more than reasonable in this market…and $140sq/ft would be a cheap estimate. I would have expected close to a $1mil price tag…but it’s $690k…and for that price I’m thinking commuting ain’t so bad.

www.homes.com

11945 Brushy Mountain Rd, Moravian Falls, NC 28654

Off-Market Listing. Welcome to this gorgeous home with 72+/- acres of land and rippling water falls that are bound to make you fall in love....
www.homes.com www.homes.com
 
Local anecdotal observation...from the notifications I'm receiving, the $500k+ market seems to be cooling. Days on the market look to be stretching longer and longer and I'm seeing a lot more 1-3% price reductions. Last market to go up, the first one to come down.
 
UTfball68 said:
Local anecdotal observation...from the notifications I'm receiving, the $500k+ market seems to be cooling. Days on the market look to be stretching longer and longer and I'm seeing a lot more 1-3% price reductions. Last market to go up, the first one to come down.
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I concur.

Several around us that haven't moved and been on the market 60+ days
 
Sucks for us, Dad is trying to sell Grandmother's house in Union City, TN. Even there, time BFE town, the market has been crazy. The lady that was supposed to arrange the estate sale bailed and Dad had to scramble to make new arrangements (just as well, we learned they were gonna list $3k+ pieces of antique furniture for like $200 on consignment) before the marlet cools off for the fall.
Thats a rough deal, the house is full of valuable old antiques, it hurts to see things get sold off super cheap to people who have no apperciation for what they are getting, but a 5% drop in a 300k house is way more than the sum of the diference.
 
I was just noticing this today. Several 'for sale' signs have been up for a few days now, both existing houses and raw land. Haven't seen that for a while without either "under contract" or "sold" added on.

Hopefully, the Sanford area market will hold up better than other areas....always been a lot of commuters to Raleigh area, and Raleigh is just about full. We'll continue being a good overflow area (especially if they ever do that commuter rail test project).
 
UTfball68 said:
And then you have this example…I’m thinking $5k/acre is reasonable, more than reasonable in this market…and $140sq/ft would be a cheap estimate. I would have expected close to a $1mil price tag…but it’s $690k…and for that price I’m thinking commuting ain’t so bad.

www.homes.com

11945 Brushy Mountain Rd, Moravian Falls, NC 28654

Off-Market Listing. Welcome to this gorgeous home with 72+/- acres of land and rippling water falls that are bound to make you fall in love....
www.homes.com www.homes.com
Click to expand...

That is what I want for retirement but a house half that size, but that thing is perfect!
 
UTfball68 said:
Local anecdotal observation...from the notifications I'm receiving, the $500k+ market seems to be cooling. Days on the market look to be stretching longer and longer and I'm seeing a lot more 1-3% price reductions. Last market to go up, the first one to come down.
Click to expand...

With final closing documents coming in a day or two, my appraisal came up about $10sq/ft less than I anticipated. The broker said he’s hearing/seeing that a lot in my demographic lately. So either he was being polite and my house is crappier than I thought, or the top-ish end of the market is legitimately starting to cool. I’m still happy though, dropped another 1/8% since my December refi, and even with the cash out, I’m less than what I paid 4.5 years ago, and it’s only costing me $136 out of pocket.
 
I don't think we are going to see a housing crash. I think house value appreciation will be much less over the next 10 years. Rates will begin to increase around the end of the year, but it will most likely be a very slow climb. Inflation is going to continue as well. Salaries are going to go up with inflation.

It has definitely been mind blowing seeing what some of the new houses in my hood are selling for. I'm very glad we bought our lot and built our house in the wake of the great recession when everything was cheap.
 
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drkelly said:
I don't think we are going to see a housing crash. I think house value appreciation will be much less over the next 10 years. Rates will begin to increase around the end of the year, but it will most likely be a very slow climb. Inflation is going to continue as well. Salaries are going to go up with inflation.

It has definitely been mind blowing seeing what some of the new houses in my hood are selling for. I'm very glad we bought our lot and built our house in the wake of the great recession when everything was cheap.
Click to expand...
this is my prediction as well. I think it will just cool down but not pop.
Remember there is still, and will continue to be a major housing shortage - more people wanting homes* than are available. That will always keep it on the rise and the construction industry busy.

*nice homes, not inner city shitholes and country shacks because Americans have kind of high ideals when it comes to where they live
 
drkelly said:
I don't think we are going to see a housing crash. I think house value appreciation will be much less over the next 10 years. Rates will begin to increase around the end of the year, but it will most likely be a very slow climb. Inflation is going to continue as well. Salaries are going to go up with inflation.

It has definitely been mind blowing seeing what some of the new houses in my hood are selling for. I'm very glad we bought our lot and built our house in the wake of the great recession when everything was cheap.
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RatLabGuy said:
this is my prediction as well. I think it will just cool down but not pop.
Remember there is still, and will continue to be a major housing shortage - more people wanting homes* than are available. That will always keep it on the rise and the construction industry busy.

*nice homes, not inner city shitholes and country shacks because Americans have kind of high ideals when it comes to where they live
Click to expand...

You fellas are about 4 months and 70 posts behind...from when shawn and I first argued about this. Don't get him wound up again...he'll start seeing he was on the wrong side of history on that one.
 
I think it will bust within the next 2 years, but not quite as bad as it did in 2009. My realtor thinks I’m crazy. She said that to me in 2008 as well.

I’m hoping I’m right because it’s nearly impossible to find affordable rental properties right now. Homes are selling so high that rent is now only about 1/2%, at best, of sales price. No way that’s feasible unless you have the positive cash flow from some other source to keep finding the monthly payments.
 
UTfball68 said:
You fellas are about 4 months and 70 posts behind...from when shawn and I first argued about this. Don't get him wound up again...he'll start seeing he was on the wrong side of history on that one.
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Raleigh home prices are up 8% since June.

Builders have cut new home starts due to material price and labor volatility.
 
Banks are putting the brakes on various construction lending because they know the volatility of the market. It will slow down to reduced lending and material shortages.
 
UTfball68 said:
And then you have this example…I’m thinking $5k/acre is reasonable, more than reasonable in this market…and $140sq/ft would be a cheap estimate. I would have expected close to a $1mil price tag…but it’s $690k…and for that price I’m thinking commuting ain’t so bad.

www.homes.com

11945 Brushy Mountain Rd, Moravian Falls, NC 28654

Off-Market Listing. Welcome to this gorgeous home with 72+/- acres of land and rippling water falls that are bound to make you fall in love....
www.homes.com www.homes.com
Click to expand...

I cannot freekin believe this house is still on the market. It has be seriously considering some life changes...
 
NCJeeplover said:
I cannot freekin believe this house is still on the market. It has be seriously considering some life changes...
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In the middle of nowhere, nothing close by aside from a skoady Dollar General most likely.
For many of us, that's ideal. For most buyers in that price range, not what they're looking for.
That would be well over a million around here.
 
NCJeeplover said:
I cannot freekin believe this house is still on the market. It has be seriously considering some life changes...
Click to expand...
Jody Treadway said:
In the middle of nowhere, nothing close by aside from a skoady Dollar General most likely.
For many of us, that's ideal. For most buyers in that price range, not what they're looking for.
That would be well over a million around here.
Click to expand...
It's the non-matching washer and dryer. People see that and immediately get turned off to the entire house.
 
Jody Treadway said:
In the middle of nowhere, nothing close by aside from a skoady Dollar General most likely.
For many of us, that's ideal. For most buyers in that price range, not what they're looking for.
That would be well over a million around here.
Click to expand...

I agree. There is nothing close, but like you said not a problem for me. Hell, it's only 25 minutes from where I live now.
 
UTfball68 said:
And then you have this example…I’m thinking $5k/acre is reasonable, more than reasonable in this market…and $140sq/ft would be a cheap estimate. I would have expected close to a $1mil price tag…but it’s $690k…and for that price I’m thinking commuting ain’t so bad.

www.homes.com

11945 Brushy Mountain Rd, Moravian Falls, NC 28654

Off-Market Listing. Welcome to this gorgeous home with 72+/- acres of land and rippling water falls that are bound to make you fall in love....
www.homes.com www.homes.com
Click to expand...
You got me browsing in that area, and I spotted this one nearby:eek::

www.zillow.com

9259 Statesville Rd, North Wilkesboro, NC 28659 | Zillow

9259 Statesville Rd, North Wilkesboro NC, is a Single Family home that contains 3596 sq ft and was built in 1996.It contains 3 bedrooms and 2.5 bathrooms. The Zestimate for this Single Family is $761,100, which has increased by $761,100 in the last 30 days.The Rent Zestimate for this Single...
www.zillow.com www.zillow.com

Just a bit above my budget.:laughing::laughing::laughing:
 
trailhugger said:
I'm not ashamed to be seen socializing with you, I just don't want to have to cook without good ventilation.
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Haha, I didn't even notice the lack of a hood vent.

I saw 279 acres with mountain views and was sold.
 
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