Replies: 53
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All-In [48078]
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Do any of you guys follow the real estate market?
Dec 1, 2020, 9:35 AM
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I am looking to buy a place in Wilmington, NC, but I am being patient because I don't know what the world is facing. Well, I keep seeing the prices dropping in Wilmington. How is it in your area? Also, I am no expert on the real estate market, so what do you think about real estate over the next year? You don't have to be an "expert". Just wondering what others are thinking or seeing.
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Oculus Spirit [85339]
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I think rising interest rates will cancel out the current
Dec 1, 2020, 9:37 AM
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inflated real estate prices. When prices come down, rates will go up??
I would make a spreadsheet if I were borrowing.
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All-In [48078]
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Re: I think rising interest rates will cancel out the current
Dec 1, 2020, 9:38 AM
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I don't know how to make a spreadsheet. I am a slacker.
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Oculus Spirit [85339]
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I made a picturesheet
Dec 1, 2020, 10:02 AM
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All-In [40656]
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Booming
Dec 1, 2020, 9:46 AM
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BIL and SIL just sold their house for $140k more than when they bought it four years ago and $40k over asking. Any decent home is on the market no more than 3 days in the Triangle (Friday-Sunday).
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All-In [48078]
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Re: Booming
Dec 1, 2020, 9:51 AM
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I am looking at this house. He lowered it to 350k today, even though it doesn't say that in this listing. I met with him a month ago and he said he wouldn't budge. Well, he did. To be honest, my real budget is 300k, but I am willing to stretch it. I just don't know where the market is going.
https://www.zillow.com/homedetails/1919-Nun-St-Wilmington-NC-28403/54309976_zpid/
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Heisman Winner [105622]
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$220/SF but you get a JO Shed in the back, nice***
Dec 1, 2020, 9:54 AM
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All-In [48078]
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Re: $220/SF but you get a JO Shed in the back, nice***
Dec 1, 2020, 9:58 AM
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No deck though. That's kind of weak.
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All-In [40656]
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Pallets are cheap***
Dec 1, 2020, 10:00 AM
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All-In [46825]
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All-In [40656]
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Germans***
Dec 1, 2020, 10:01 AM
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All-In [46825]
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It's not your deck so not your post***
Dec 1, 2020, 10:08 AM
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All-In [40656]
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Awesome looking place
Dec 1, 2020, 10:01 AM
[ in reply to Re: Booming ] |
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Everything seems to be updated and small lot with little upkeep.
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All-In [48078]
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Re: Awesome looking place
Dec 1, 2020, 10:04 AM
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Yeah, I have no skills, so I am looking for a place that is worry free.
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Oculus Spirit [81078]
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No house is worry free.
Dec 1, 2020, 10:15 AM
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Unless you are renting.
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Oculus Spirit [81078]
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Looks like its off the market now
Dec 1, 2020, 10:14 AM
[ in reply to Re: Booming ] |
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Nice looking place though. He's done some updating since he bought it and wants to flip it. He prob won't budge off that number much as he got an offer after he first put it up for sale, and now thinks that's what its worth, even if it fell through. Unless he really wants to get out of it, he won't come down much for a while.
Would be nice if you re-sided that place with cement siding and put usable shutters on it.
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All-In [46825]
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#### I need to pull the trailer to Charlotte***
Dec 1, 2020, 10:05 AM
[ in reply to Booming ] |
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All-In [40656]
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Where do you think I live?
Dec 1, 2020, 10:34 AM
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INB4 Ineligible user® posts the street name.
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Oculus Spirit [81078]
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Inb4 I get a bunch of expletive laced emails
Dec 1, 2020, 10:39 AM
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threatening me and calling the mods.
How long has it been now? 4 years ago? Longer? Of every long running gag on T-net I have ever seen, you have certainly gotten your crying and whining mileage out of this one. Stop being such a victimbitch.
I guess you still do it because you get a reaction out of me. The thing you don't get is I'd post the same reaction even if it wasn't me. But I guess you need the attention.
You must be as insufferable in real life as you are on here.
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All-In [40656]
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Threating you?
Dec 1, 2020, 10:41 AM
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Sorry dude, it's highly likely that I'm much stronger than you. Not claiming I'm the strongest person or a bad ###, but I am much stronger than the average American male. I was skinny as a youth, and when I see people from my youth that haven't seen me in years they are surprised by how much muscle I have added over the years. So highly unlikely you could do anything to me if challenged me. Most likely I would just shove you to the ground and tell you take your loss like a man without even punching you.
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All-In [40656]
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Oculus Spirit [81078]
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You and the Citadel guy with the dogs who used to
Dec 1, 2020, 10:45 AM
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post here remind me of each other. Was he your scok?
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All-In [40656]
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You're far too easy to rile up
Dec 1, 2020, 10:47 AM
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When are you going to learn that getting a rise out of you is my only intent here?
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Oculus Spirit [81078]
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When are you going to learn I'm not riled up?
Dec 1, 2020, 10:51 AM
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Like I just said, I'd make the same posts even if I wasn't involved. You've been whining for 4+ years. Its the only thing you've got.
You think I care; I promise, I don't.
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All-In [40656]
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You respond every time you get tagged
Dec 1, 2020, 10:59 AM
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You responding is proof you care, boomer.
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All-In [34823]
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Only direction is UP in Gvegas.
Dec 1, 2020, 9:50 AM
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Property tax bills for some of these houses that recently have sold for huge amounts are staggering.
A friend bought an original house in the original part of Chanticleer (where its always sunny and 72 degrees). Its a split level on a big lot.
I do not know what he paid for it, but his tax bill was $14,700; I just about had a heart attack, and it's not even my bill.
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Oculus Spirit [81078]
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Does he get the homestead tax exemption?
Dec 1, 2020, 10:23 AM
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If not, that's north of a $1.3-$1.4 million house. I know my buddy who is selling his IOP house for 1.35 million will net a little under 1 million after taxes and fees. He claims his primary house to be in Florida, so he gets violated during tax season out here.
bengaline--what were the taxes on your IOP house?
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All-In [34823]
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Not sure which residence he claims as his "home."
Dec 1, 2020, 10:41 AM
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He's got a place in Mt. Pleasant, too.
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Heisman Winner [119749]
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Oculus Spirit [81078]
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I thought they would have been more***
Dec 1, 2020, 11:33 AM
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Heisman Winner [119749]
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Oops, that was insurance
Dec 1, 2020, 11:40 AM
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Taxes were close to 11k
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Heisman Winner [105622]
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FYI, the guy who used to have my cell phone number, Scott
Dec 1, 2020, 9:51 AM
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Thomas, has a house in the Wilmington Area that might be for sale. I get calls and texts almost daily from either investors wanting to buy his house or Freedom Mortgage wanting to discuss his current mortgage. Maybe visit him, I think he may be in a place where he needs to sell. Also, he may be in a mental institution because I have gotten calls from there as well, looking for Judy Thomas.
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Heisman Winner [105622]
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Fatima with Bay Acquirers texted me yesterday, in fact. I'm
Dec 1, 2020, 9:56 AM
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trying to find the address for you.
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CU Medallion [60043]
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straight booming man
Dec 1, 2020, 9:54 AM
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There is zero new construction for less than $400k.
Even in Detroit City Limits, property is rising. The land bank is even letting go of property and land is rising upwards to $40k more than last year.
Kind of crazy.
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All-In [48078]
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Re: straight booming man
Dec 1, 2020, 9:59 AM
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Are a bunch of people moving to Detroit?
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Oculus Spirit [97746]
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The wood to build a house has doubled since spring.
Dec 1, 2020, 10:04 AM
[ in reply to straight booming man ] |
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It all offsets really. Debt gets cheaper, people can afford to borrow more, they build more house, demand increases, prices climb. You end up paying more, with cheaper debt, for a similar house. It ends up a wash really.
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Orange Blooded [2203]
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Re: straight booming man
Dec 1, 2020, 10:07 AM
[ in reply to straight booming man ] |
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If you are considering new construction go through a mortgage company even if you can pay for it out of pocket. The mortgage company will do inspection and kind of keep the contractor in line. He in SC the new home construction laws are so lacking it better to have a mortgage company look after your investment.
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Oculus Spirit [81078]
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It was a ridiculous market from April-October
Dec 1, 2020, 10:04 AM
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At least here in CHS and around Clemson, I was seeing double digit appreciation from just last year. Inventory is still tight, but it has slowed down, as it does every year about this time.
Every market is different, but there was a mass exodus from up north in the spring, so I'm sure that fueled a lot of the growth I saw. My house, and the 3 surrounding it, were sold to be VRBO rentals. What happens when the city clamps down on that (and they will--they aren't making any additional money on it except for property taxes)? Or the first big storm we get? I expect to see a mass exodus from here, too.
My gut feeling, and why I sold when I did--this "on fire" market isn't sustainable. $700K for a 1200Sq ft house that was last updated in 1948? Not me, man. I'm looking to get out of where I am in the next 10 months or so. Where to, is still the big question.
But if we have another Spring/Summer like last year, look for another housing "crisis" in a few years. I'm seeing the same things I saw in '04-'06; People buying a house, painting it, staging it and selling it for $50K more in 3 weeks. When folks are flipping houses on the retail side with no major reno's, bad things are coming.
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Hall of Famer [24477]
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A thought to check out with someone more expert:
Dec 1, 2020, 10:10 AM
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We all know dollars are being pumped into circulation. With no interest rates to be had, that money has to go somewhere. It seems to me it is going to equities and real estate, both markets booming in the last 6 months. Are those bubbles ready to fall?
We have considered moving to another location, and in looking at houses we would normally have the proceeds of our house as the upper limit, but I have found myself thinking, "Who cares? Whatever I have in cd's is better put into real estate anyway." If an idiot like me is thinking that, others are too, and that almost defines the word bubble.
If the Fed decides to stop that, and interest rates rise, what will happen? Common sense says both have to adjust, 'but please consult your professional'.
Obviously if you are selling a house to buy one, it doesn't matter. If just buying another house, you're buying into the top of the market, the only question being how much higher it can go, or if a fall is coming. I don't think anyone has lost money over the long term, so it depends somewhat on how long you intend to have it.
Not sure that helps you any.
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Oculus Spirit [81078]
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Its definitely a bubble.
Dec 1, 2020, 10:19 AM
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I tend to think like you--everyone is looking to make money on a house right now. At some point when the music stops, that will necessarily end. I don't know about you, but I don't want to be the guy who bought at the peak. I had to live 9 years in a house I hated because I didn't unload it when I should have--that was no fun.
With corona ending probably mid-late next year, the new fed chief is going to have her hands full with interest rates and keeping an economy on the crest of a big wave.
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Hall of Famer [24477]
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Something has to give somewhere, sometime.
Dec 1, 2020, 10:30 AM
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I have a meeting this afternoon with my financial guy to talk about the next few months. Right now, almost the entire amount of the $44.37 in my 401K is in cash, has been for a while. Yeah, I watched the market rise in the last 6 months, but at my stage a heavy move to stocks didn't make sense, and a measured move wouldn't have netted the profit worth the risk, so I'm happy as of today. We're all basically back to where we were.
But dollars can't remain stable forever, with the flood of new ones being printed. I really have no clue what to do. If you have any ideas between now and 2:00 EST this afternoon, I am all ears.
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Oculus Spirit [81078]
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As far as houses, I'm waiting.
Dec 1, 2020, 10:35 AM
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I'm moving somewhere that my next house will be a cash sale, or >= 80% of it, so I don;t want to be buying at the high spot. I think we'll know by June what the market will do the rest of the year. Its NEXT year that worries me. If its still like this in say, September, I may sit out the market for another 6 months.
As for 401k, I have no idea. The best thing I ever did was start paying fidelity to manage it for me. Seemingly, I was doing the same they do, I just wasn't making any money on it like they are.
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All-In [49058]
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Booming here, except for my house...
Dec 1, 2020, 10:23 AM
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we put it on the market during the brief period COVID was jamming the higher end stuff and it sat along with several other houses on our street for a couple of months with just a couple of showings. Then one by one the street sold out. Still sat despite a price drop. Charleston style, huge lot, tons of really great features that you can't see (steel construction heavy guage wiring, etc.) But also just not what people are looking for nowadays. Isolated kitchen where people seem to be nuts for open concepts.
Eventually sold but we're taking less equity than we wanted on the way out. Thank goodness we had a lot of equity to play with.
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Oculus Spirit [78876]
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Maybe when people toured the home, they could smell
Dec 1, 2020, 10:30 AM
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of the equity play you guys had been doing.
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Oculus Spirit [81078]
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Mine sat for a while as well.
Dec 1, 2020, 10:30 AM
[ in reply to Booming here, except for my house... ] |
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Which was puzzling to me. It was the exact same floor plan as the neighbors house but had a postage stamp sized yard; we ended up selling for almost 50K less than theirs. They had 4 years of VRBO history, and I guess that means something, which makes zero sense to me. Whatever. I got out.
It was weird--people would look at it and say they wanted a small yard, then complain about the size of the yard. But then again one guy complained about the ceiling fan color and that the house was two stories.
Another dude had an itemized list of stuff that he wanted to knock off $$ for. He started with the color of the house (-$20K) because his wife didn't like it. He knocked off another $10K for "not having tile bathrooms", when in fact, it had tile bathrooms. Time he got done with that he was -$70K and made us an offer. His realtor showed me the list and I laughed.."did he look at the right house?" I didn't even counter offer.
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All-In [49058]
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It was bizarre...
Dec 1, 2020, 10:40 AM
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I think the biggest factor is the lot is too private. It's over an acre but has very little road frontage on a cul-de-sac. It's really hard to meet your neighbors. Also, leaf blowing here is a daily job from the first day of fall to the last day. Tons of trees.
But we got some weird stuff as well. Our realtor had a real time 3D map of the property accessible online where you can look at every inch of the floor plan and even measure distances inside the house. And people with access to that would still find something about "the layout" they didn't like.
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Oculus Spirit [79429]
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The lot is too private?
Dec 1, 2020, 11:07 AM
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I guess that makes sense in a world where everybody wants to live on top of each other.....But I just cannot understand it. Seems like humans as a species are becoming more like ants.
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Hall of Famer [24477]
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I have had bad experiences selling also. We all have.
Dec 1, 2020, 10:42 AM
[ in reply to Mine sat for a while as well. ] |
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The last one was a good one, however, and it started exactly like your idiot did. He gave a ridiculous offer, and I told the realtor to reply that I did not consider his number to be an offer. He eventually bought for considerably more than I was willing to sell. Basically I wrote him off as a jerk, and negotiated as if that was the case, and he surprisingly bought at close to the list.
I later discovered that it was his wife who wanted the house. He was an older guy, she the trophy wife, his third or fourth. He was playing big dog; 'watch how it's done, honey'. When she read the realtor's reply from me, she apparently hit the ceiling, told sugar daddy she wanted the house or else. She got the house.
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All-In [47799]
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if you believe zillow, my house has doubled in value
Dec 1, 2020, 11:06 AM
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since December 2017.
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Oculus Spirit [85339]
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Are you from Ireland?
Dec 1, 2020, 11:18 AM
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Because my penor is Dublin.
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All-In [34598]
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Do you prefer I'On? Crash can do I'On for ya***
Dec 1, 2020, 11:11 AM
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Oculus Spirit [81078]
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I've never understood that place
Dec 1, 2020, 11:14 AM
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Location isn't that great, houses are a million plus.
If I was spending that much in Mt P it'd be in Old village.
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All-In [30195]
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Real estate is crazy hot for sales in Hoboken
Dec 1, 2020, 11:25 AM
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Rentals are super lagging. Our rental went for rent in September and luckily was rented within a week, so we were lucky.
But sales are going well here. Folks leaving NYC as well as people leaving Hoboken for the 'burbs makes for a nice middle group for home sales.
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Hall of Famer [24477]
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Don't know if this applies to you, or the general real
Dec 1, 2020, 12:50 PM
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estate discussion, but a condo in downtown Greenville, basically right on Main Street (30 steps off), in a very well respected building, listed for $325K and just sold for $285K. That sort of drop off the list price hasn't been the norm downtown. And this was a very nice corner unit. Nice condo.
Was this due to the building boom downtown, supply catching up with demand, or a canary-in-the-mine of a larger bubble, or a little of both? No idea. Is just an interesting thing.
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