Housing market trash

Homes are still selling here in Hendersonville/Brevard area. Part of it is being in a niche outdoors area too. But they aren't selling like wildfire or anything like a few years ago.
Face it, the higher interest rates than a few years ago plays a role too. Add in PMI since few people can save up 20% down anymore and there's a ton of additional $$$ on the payment aside from the cost of the home.
 
Spoke to a local guy here, he says homes are staying on market a lot longer and some do not sell until prices are dropped. Honestly not a lot of homes are put up for sale here but 🤷🏼‍♂️
 
ramjo said:
Thiught this might be informative, just got a 30x36 over a daylight basement in the dry for a buddy. Pretty basic house, 6:12 roof pitch (stick framed but vaulted throughout) , 10x16 deck with a shed roof off the back, 3x6 covered stoop on the front, Pella 250 vynil windows And architectural shingles. Sitting at about $85k ($42 sq. Ft.) to this point. I'll keep yall posted on how it progresses.
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Update: Just finished getting the LP Board and Batten on it. Interior has one coat of paint on the walls and flooring (3/4" prefinished for upstairs and lvp down) should be delivered this week. Ive got around $156,000 into it to this point ($72 sq. Ft)


20251006_160246.jpg
 
but the total monthly payment stays the same......that wolf article is old and receptive click bait. Of course 'free' money causes buying surges. Duh.

what should have happened is that 20-30MM people on the low end of the salary range should not have been introduced into the market over the past 5-6 years. That is what has caused all of the issues.

But I'm already ready for the buzz word 'affordability' to run its course. Affordable is what you can afford. NFL stadiums and walmart are full every day. Even NC State's lackluster program sells out 30 straight games. We are fine.
 
Atla said:
I'll suck dick under over passes for cash before I take a 'normal' interest rate.
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I have a 2.0% on my mortgage and I wouldn't even do that :laughing:
 
drkelly said:

View attachment 449132
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If you overlay the cost of a house with the cost of almost anything in the same period, they look the same. Spot gold chart tracks. You can't blame that on rates. If it costs $240k to build a 1000sf apartment, you're not getting a 2500sf house for $350k. They printed trillions of dollars, including a lot of direct payments. Salaries are a trailing indicator, but were also suppressed due to immigration and offshoring. Blaming it all on zirp is simplistic.
 
I live in a neighborhood on Mt Island Lake. There are homes here that have sat on the market for what seems like forever. The one thing they have in common - nothing that sets them apart from each other.

You throw in a deeded boat slip or are on the water, they sell in a few days.

We built our house 12 years ago. Since then we have had 3 different couples approach us asking to be first on the list if we decide to sell. My wife and I decided to pull the trigger and build our forever home recently. I contacted the first couple on "the list". Less than 3 days later we were under contract with our asking price with an extended closing date to accommodate our needs. We head out end of June. No realtors involved.

So I'd still say this is a seller's market as long as your home has something extra to offer. We are on the water and have a pool. Those have been our Aces in the hole for 12 years. We decided to play them when our competition was low.
 
shawn said:
If you overlay the cost of a house with the cost of almost anything in the same period, they look the same. Spot gold chart tracks. You can't blame that on rates. If it costs $240k to build a 1000sf apartment, you're not getting a 2500sf house for $350k. They printed trillions of dollars, including a lot of direct payments. Salaries are a trailing indicator, but were also suppressed due to immigration and offshoring. Blaming it all on zirp is simplistic.
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Do you have data that shows that? I'm not being a smartass. I would really like to see how house prices compare to many other regular items over the past 5-10 years. It seems to me that house prices have outpaced the cost of most other things, but maybe my perception is off. Fortunately we bought/built our house during the bottom right after the great recession when prices were low and no longer have a mortgage. I hear a lot of coworkers complaining about house prices and rates though. Salaries seem mixed. I don't think my salary has kept up with Covidflation, but my wife's salary has actually outpaced inflation in recent years.
 
benXJ said:
but the total monthly payment stays the same......that wolf article is old and receptive click bait. Of course 'free' money causes buying surges. Duh.

what should have happened is that 20-30MM people on the low end of the salary range should not have been introduced into the market over the past 5-6 years. That is what has caused all of the issues.

But I'm already ready for the buzz word 'affordability' to run its course. Affordable is what you can afford. NFL stadiums and walmart are full every day. Even NC State's lackluster program sells out 30 straight games. We are fine.
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Except the monthly payment doesn't stay the same when people have to start lowering house prices in order to sell them. What really should happen is for the gov to stop centrally planning the economy.
 
house prices are far more reliant on location, vs. chips and sodas and shoes

some houses in Raleigh have doubled in 10 years, some in BFE have gone up 10%, if that

mass immigration by the millions for all the reasons/excuses have broken the normal supply and demand curve that we referenced for the past 100 years. 10 people in a 2 bedroom house can pay whatever the asking price is, vs. a 'normal' fam trying to make it with 2 regular jobs and a kid
 
benXJ said:
house prices are far more reliant on location, vs. chips and sodas and shoes

some houses in Raleigh have doubled in 10 years, some in BFE have gone up 10%, if that

mass immigration by the millions for all the reasons/excuses have broken the normal supply and demand curve that we referenced for the past 100 years. 10 people in a 2 bedroom house can pay whatever the asking price is, vs. a 'normal' fam trying to make it with 2 regular jobs and a kid
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Only 2% of home sells in 2024-2025 were to foreigners, resident and non-resident:

www.nar.realtor

International Transactions in U.S. Residential Real Estate

The report highlights foreign client purchases and sales of U.S. residential property, and looks at U.S. clients seeking to buy property abroad.
www.nar.realtor www.nar.realtor

Investors bought 27% of homes sold in first quarter of 2025 and 18.5% of homes sold from 2020-2023:

finance-commerce.com

Investors purchased 27% of U.S. homes sold in Q1

Investor home purchases hit a five-year high, accounting for 27% of U.S. home sales as high mortgage rates price out traditional buyers.
finance-commerce.com finance-commerce.com
 
work permit, greencard, visa, whatevers, by the tens of millions......where are they living?

everyone has seen the rented 2 bedroom townhouse with 10 work vans in the driveway. maybe that prices some 'non foreigners' out? so maybe a 'non foreigner' owns it but can charge elevated rent that is split 10 ways that a single mom can't afford.....does that skew the typical supply/demand curve for US housing?

homes sold in 2019 to 2024....how many to foreigners? and now they are not moving due to 3% interest rates. Millions of those.

that data was just about the most recent imports.....what about the past 30MM over the past 10 years? screwing up things maybe?

and I'm sure all the data about 'foreigners' is accurate and reported properly.....cause no one would ever check the wrong box on a form. /s

and of course, back to my point, the cramming of people into certain areas will drive prices up, more than a random midwest city.
 
Yankees moving down here in droves are what has blown up our home prices the past 5 or 6yrs. Immigrants from other countries haven't moved the needle. If anything, immigrants working to slap together spec houses for said yankees has help hold prices in check by a small degree. I said what I said.
 
benXJ said:
work permit, greencard, visa, whatevers, by the tens of millions......where are they living?

everyone has seen the rented 2 bedroom townhouse with 10 work vans in the driveway. maybe that prices some 'non foreigners' out? so maybe a 'non foreigner' owns it but can charge elevated rent that is split 10 ways that a single mom can't afford.....does that skew the typical supply/demand curve for US housing?

homes sold in 2019 to 2024....how many to foreigners? and now they are not moving due to 3% interest rates. Millions of those.

that data was just about the most recent imports.....what about the past 30MM over the past 10 years? screwing up things maybe?

and I'm sure all the data about 'foreigners' is accurate and reported properly.....cause no one would ever check the wrong box on a form. /s

and of course, back to my point, the cramming of people into certain areas will drive prices up, more than a random midwest city.
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The population increase in the country has not changed drastically in the last several years.
You can point your finger at foreigners all you want but all the actual data argues against you.
They are replacing the native folks that aren't and haven't been having babies.

@awheelterd is right, they haven't moved the needle at all, despite your anecdotal claims.
 
GONOVRIT said:
I figured you were smarter than a 3rd grader. Are they all living in the sewers and caves?
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they're living in the places that native-born Americans used to be.

Look at the total population of the country. Has it shot up dramatically? Are there dramatically more bodies here?
I'll make it easy for you
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So show me where immigrants caused a massive housing shortage
 
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