Housing market

ncscrubmaster

ncscrubmaster

Twelve Pointer
Contributor
Bringing this back up. We have been looking at houses in a different part of the state. We are planning to keep the house we have for right now. What do you guys think the market is doing right now and where do you think we are headed. The houses we have looked at some go up for sale and sale. Most we see have been on the market some have been reduced. Trying to figure out if we buy now one of the houses that seem high is it going to be worth less in a year or two. We may could find a option to rent something which is high but may give time to see what the market is going to do. Just trying to get a feel of the market right now. Looking in the Greenville, Winterville Ayden or near by areas.
 

agsnchunt

Old Mossy Horns
ncscrubmaster said:
Bringing this back up. We have been looking at houses in a different part of the state. We are planning to keep the house we have for right now. What do you guys think the market is doing right now and where do you think we are headed. The houses we have looked at some go up for sale and sale. Most we see have been on the market some have been reduced. Trying to figure out if we buy now one of the houses that seem high is it going to be worth less in a year or two. We may could find a option to rent something which is high but may give time to see what the market is going to do. Just trying to get a feel of the market right now. Looking in the Greenville, Winterville Ayden or near by areas.
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I would assume the slowdown is going to continue, until the economic forecast improves.
 
BarSinister

BarSinister

Old Mossy Horns
IMO the rise in interest rates and inflation is going to reduce the amount of house a buyer can afford, slowing the amount of sales, in turn forcing those that have to sell, to reduce prices. which is basically what has already happened. How far it will go remains to be seen.
 

30/06

Twelve Pointer
In areas of the country that are have solid job markets (Raleigh, Charlotte) I don’t think prices are going to come down, they will stop going up like it has been though. Just not a lot of inventory and people still fleeing liberal cesspools up north with cash in hand. More rural areas you may see a drop as interest rates keep climbing. Land I think will do the same as hot housing markets, stop climbing like crazy but probably won’t lose value.

If trying to buy in an area that has good growth and track record I’d buy now, probably not getting any cheaper.
 
ncscrubmaster

ncscrubmaster

Twelve Pointer
Contributor
ScottyB said:
Renting something throws away money that could be invested with a return…..eventually
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I thought that also but didn’t want to buy something now and it be worth 50,000 less next year. If that’s the case the rent for a year would be less money lost.
 
Firedog

Firedog

Old Mossy Horns
Contributor
ncscrubmaster said:
Bringing this back up. We have been looking at houses in a different part of the state. We are planning to keep the house we have for right now. What do you guys think the market is doing right now and where do you think we are headed. The houses we have looked at some go up for sale and sale. Most we see have been on the market some have been reduced. Trying to figure out if we buy now one of the houses that seem high is it going to be worth less in a year or two. We may could find a option to rent something which is high but may give time to see what the market is going to do. Just trying to get a feel of the market right now. Looking in the Greenville, Winterville Ayden or near by areas.
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Unless you are trying to FLIP the house what it is worth in a year or two should not be the concern. Historically, real estate only goes up over time. If your time frame is a year or two, renting is the better play, with far less risk.

As to where the market is going, that is driven by the economy and interest rates. Until inflation is under control the market will continue to cool and prices will drop SOME, but how much depends on location and size of house. We bought an investment property a couple months back. We paid more than it is worth I know, but since it is a rental unit in an area that is short on rentals and in high demand, over the long term we make money if we sell it for what we have in it, and if the market goes down dramatically I will consider cost averaging another purchase.
 
Buxndiverdux

Buxndiverdux

Old Mossy Horns
ncscrubmaster said:
Looking in the Greenville, Winterville Ayden or near by areas.
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School District will be key. Hope Middle and DH Conley districts are holding value and in demand for parents wanting to send kids to public schools. Interest rates are up, and will continue to do so until something smart happens in Washington. Might be a while before that happens.

The general area is growing rapidly, and looks like it will continue to do so based on upcoming housing/subdivision projects in planning or already underway. I think the Greenville, Winterville areas (HM, DHC) are definitely going to increase in value for the long term. They may take a dip here over the next couple years, but it won't be nearly as bad as nationwide trends.

New home starts that are happening in the area right now are mostly "presale" deals with track builders that were booked as far back as last year. Inventory in the area is still relatively low, and prices for materials and interest rates will keep inventory low for the foreseeable future in that area IMO. That will prop up home values for the foreseeable future.

Ayden is probably the worst area you mentioned, but it is still a growing area, but not as desirable from a school district perspective.

In short, if you find something you want, at the right price, and plan to stay there for a while, go ahead and buy it. You can always refinance when the lower interest rates come around.
 
ncscrubmaster

ncscrubmaster

Twelve Pointer
Contributor
Buxndiverdux said:
School District will be key. Hope Middle and DH Conley districts are holding value and in demand for parents wanting to send kids to public schools. Interest rates are up, and will continue to do so until something smart happens in Washington. Might be a while before that happens.

The general area is growing rapidly, and looks like it will continue to do so based on upcoming housing/subdivision projects in planning or already underway. I think the Greenville, Winterville areas (HM, DHC) are definitely going to increase in value for the long term. They may take a dip here over the next couple years, but it won't be nearly as bad as nationwide trends.

New home starts that are happening in the area right now are mostly "presale" deals with track builders that were booked as far back as last year. Inventory in the area is still relatively low, and prices for materials and interest rates will keep inventory low for the foreseeable future in that area IMO. That will prop up home values for the foreseeable future.

Ayden is probably the worst area you mentioned, but it is still a growing area, but not as desirable from a school district perspective.

In short, if you find something you want, at the right price, and plan to stay there for a while, go ahead and buy it. You can always refinance when the lower interest rates come around.
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Thank you this is good information.
 
BigBow

BigBow

Ten Pointer
Contributor
I feel that the switch has been flipped for sellers & it is currently becoming a buyer's market or home sales are slowing. A few months ago, homes in my subd. were selling as fast as hotcakes @ prices way above asking price. Not so much now.
 
DC-DXT

DC-DXT

Twelve Pointer
Bux gave you solid advice for GV. Not sure if you have school age kids, but if so, Chicod, Hope & DHC are highly desirable and should be for a while. I live about a mile from DHC. I would definitely look south of Greenville. Home prices are still jacked up though. At least some of the prices I’ve seen. If you have any GV/Pitt Co questions just ask. There’s a handful of us on here from GV.
 
NCST8GUY

NCST8GUY

Frozen H20 Guy
IMHO, interest rates aren't very high...........yet.

While they are already high enough to change the price some folks are willing to spend, I don't feel they have peaked yet. And like taxes, they rapidly rise but take a long time to come down.

Buying sooner, rather than later, may, MAY possibly be the difference in $hundreds per month on a mortgage. Especially if the current trend continues.
 
ABBD

ABBD

Ten Pointer
Contributor
I don’t see new construction prices coming down anytime soon from current levels. Shortages and delays are still prevalent. Just finding product is a challenge on some material…. No matter the cost imposed.
 

HotSoup

Old Mossy Horns
NCST8GUY said:
IMHO, interest rates aren't very high...........yet.

While they are already high enough to change the price some folks are willing to spend, I don't feel they have peaked yet. And like taxes, they rapidly rise but take a long time to come down.

Buying sooner, rather than later, may, MAY possibly be the difference in $hundreds per month on a mortgage. Especially if the current trend continues.
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I'd rather pay higher interest for a $200k house than paying $400k for the same house with lower interest
 
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