RJ1
Ten Pointer
As it has happen before housing market will a crash and people will find out that they have a house worth $100,00.00 but owe 300,000.00 to the Bank/ Mortgage company.
As it has happen before housing market will a crash and people will find out that they have a house worth $100,00.00 but owe 300,000.00 to the Bank/ Mortgage company.
Nothing to indicate a housing market crash - this isn’t 2008
A lot of folks did - they knew they were making bad loans & that it would collapse.You are right, this isn't 2008 but in 2006 they didn't think it was going happen in 2008.
As it has happen before housing market will a crash and people will find out that they have a house worth $100,00.00 but owe 300,000.00 to the Bank/ Mortgage company.
So is this another “new normal” thing or will it slowly dissolve back to “normal”?A lot of folks did - they knew they were making bad loans & that it would collapse.
Keep in mind a huge number of today’s buyers are buying cash too.
So is this another “new normal” thing or will it slowly dissolve back to “normal”?
It’s insane right now even where I live, folks from out of state are buying land and houses to live in the country because they can work remotely
Then they are finding out it’s alot more “country” here than they thought ...
We are getting hammered with people coming from Florida... not native Floridians but the “half backs”
What circumstance are we currently in that would lead to a housing market crash - how do you see that happening?So when this crashes, whom do you think will suffer (this time), the Banks, or the loanies?
The precedent has been set. Not going to kick people out of homes because they made poor choices to get a risky/illconceived loan to live there. Not going to punish banks either for loaning them that $. Only one target/bully/group left to take $ from.
A lot of folks did - they knew they were making bad loans & that it would collapse.
Keep in mind a huge number of today’s buyers are buying cash too.
how many of today’s buyers have $500,000 cash to spend on a house? I know some are selling at an inflated price and buying again. Essentially a swap, but you made this statement like the majority are paying cash. I just don’t see the possibility of that.
how many of today’s buyers have $500,000 cash to spend on a house? I know some are selling at an inflated price and buying again. Essentially a swap, but you made this statement like the majority are paying cash. I just don’t see the possibility of that.
What circumstance are we currently in that would lead to a housing market crash - how do you see that happening?
how many of today’s buyers have $500,000 cash to spend on a house? I know some are selling at an inflated price and buying again. Essentially a swap, but you made this statement like the majority are paying cash. I just don’t see the possibility of that.
Awesome for y’all. Hope to see y’all round these parts eventuallyMy grandmother died a few weeks ago and I inherited her house.
It was built in 1963 for $12,100 according to all of the receipts she had kept.
I hit the market on Thursday morning 7/22 at 8 a.m. for $190k, by 12 noon I had 6 offers, all were at least $10k above asking price, and all averaged over $2k in good faith and earnest monies. None asked for help with closing cost. All buyers already had their loans lined up, were just waiting to find a house and were ready to close quickly.
Got it under contract today at 1 o'clock.
Never seen anything like this...this market is insane right now !!
It’s worth what someone will pay. There is a risk in any investment - so yeah, they may lose money down the road. Hard to say as it depends on lot of factors.The thing I don’t understand is how the market will sustain all these people paying $300,000 for a house that is worth $150,000. It has to come toppling down at some point.
Case in point. Down the road from my Dad there’s a house that had been on the market since 2018. Originally priced at $139,900 IIRC. It had gradually reduced in price to $104,900 by the end of 2020. It was taken off the market in early 2021 only to be relisted in May of this year at $299,000. It sold in early June for $325,000. The house isn’t worth near that. The buyer surely can’t expect to make money on that should they sell after a few years.
Don't underestimate the amount of people leaving NY, NJ, and California and coming to the Carolinas right now and they are paying cash. I am seeing it with our landscape business here in Sanford. Picked up 3 new customers from NY, 2 from California and 1 from NJ this year . My sons girlfriend is in real estate and her dad is a home inspector in the Raleigh area. She said people are paying between 500k and a million in cash for homes up there. She said people are researching the best places to live in the Carolinas and buying.People are fed up with those states. They obviously have the money to pay cash.how many of today’s buyers have $500,000 cash to spend on a house? I know some are selling at an inflated price and buying again. Essentially a swap, but you made this statement like the majority are paying cash. I just don’t see the possibility of that.
^ Gives this man the gold MEDAL cause he is RIGHT....Northerners moving here because our real estate is cheaper isn't new...I was with Deere from 1977-1990, I had 10 dealers here in the Piedmont that I called on...Back then we were seeing it...They would sell their home up North, move down here buy some land and the next thing you know we were selling them a planter, tractor, mower conditioner, baler, etc...Paying cash because they had plenty from working up there, saving their money, selling their home and moving down here...
Then, in 1990 I started my own recruiting agency and recruited medical device sales reps...Hardly a week went by that I didn't get a call or resume from someone up north, wanting to move down here to Raleigh or Charlotte...
And of course now, I sell real estate and dang if the same thing isn't happening...Just this weekend, I had a home on 16 acres with a pond that I listed between Troy and Biscoe...Yep, we got our price and the person is from Brooklyn...
For those that think this is like 2008, nope, not at all...These buyers have cash...In many cases the money coming into real estate is money they pulled out of the market when Biden went in because they knew he was going to do what he is doing...Throwing our tax money away, trying to buy votes for the next election...
IMO the down side to all of this is that eventually NC or at least many places here will become over priced for the average working class folk. You’ll need a hefty bank account or job with a hefty salary to afford any decent quality of life here.
Northerners moving here because our real estate is cheaper isn't new...I was with Deere from 1977-1990, I had 10 dealers here in the Piedmont that I called on...Back then we were seeing it...They would sell their home up North, move down here buy some land and the next thing you know we were selling them a planter, tractor, mower conditioner, baler, etc...Paying cash because they had plenty from working up there, saving their money, selling their home and moving down here...
Then, in 1990 I started my own recruiting agency and recruited medical device sales reps...Hardly a week went by that I didn't get a call or resume from someone up north, wanting to move down here to Raleigh or Charlotte...
And of course now, I sell real estate and dang if the same thing isn't happening...Just this weekend, I had a home on 16 acres with a pond that I listed between Troy and Biscoe...Yep, we got our price and the person is from Brooklyn...
For those that think this is like 2008, nope, not at all...These buyers have cash...In many cases the money coming into real estate is money they pulled out of the market when Biden went in because they knew he was going to do what he is doing...Throwing our tax money away, trying to buy votes for the next election...