Housing market

Wildlifer

Twelve Pointer
Welll our house just went under contract. 25k over asking price with 2 months free rent after closing for us to find a place in CO. It went live Friday and we made the deal Sunday night. We also had an all cash offer for 30k over but no rent back. I was shocked what this place went for. Now the depressing part is that we have to jump in the market on the other side.
 

timber

Twelve Pointer
I was considering building a house back in January that would have been priced at $829,000. Today the builder is building the same house for $1,049,000. I should have built one and resold it.






The prices of new construction should be coming back down some. Had a builder stop by the table at a resturant over the weekend and told some others we were with that lumber prices had dropped some. He had given them a price a month or so ago that was thru the roof. Told them he would refigure it should see big difference. Haven’t bought any lumber lately myself to know one way or the other
 

30/06

Twelve Pointer
Building prices are coming down, we are building a driveway and boathouse first and waiting on the house til prices come down a little and we get out plans drawn up. One of the builders sent us a note this weekend that the cost to build the boathouse came down about $3500 from a week ago based on material costs. Hopefully the trend will continue.

The issue is it isn’t just lumber. OSB is still sky high, appliances are expensive, copper, pipe, everything is expensive.
 

Homebrewale

Old Mossy Horns
The prices of new construction should be coming back down some. Had a builder stop by the table at a resturant over the weekend and told some others we were with that lumber prices had dropped some. He had given them a price a month or so ago that was thru the roof. Told them he would refigure it should see big difference. Haven’t bought any lumber lately myself to know one way or the other

Maybe with a custom builder on your own lot. This was a Toll Brothers neighborhood. If they can still sell them at the inflated price, I don't think they have an incentive to lower the price as their costs decrease.
 

jug

Old Mossy Horns
Contributor
dang,,, can't quite reconcile that in my mind,,,,,, two states,,, awesomeness in both,,, and they pick Raleigh???
My son loves it up there. I dont get it but yes Raleigh is very popular with ALOT of people.
Downtown is very popular now.....
 
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NCST8GUY

Frozen H20 Guy
dang,,, can't quite reconcile that in my mind,,,,,, two states,,, awesomeness in both,,, and they pick Raleigh???

Don't knock it. Think of where they are coming from. For them, the traffic of Raleigh at 4 pm is a BREEZE compared to parts of NY or CA. Even in rush hour, lanes are actually moving.

Aside from Raleigh or Charlotte, which airports in NC pretty much guarantee you anywhere in lower USA with only 1 layover?

Even in the most concrete NC jungle of downtown Raleigh or Charlotte, know what we can easily walk a block or 2 and see? Grass, trees, all usually without tripping over a bum who's recently urinated himself.

Our intersection beggars don't try to wipe our windshields, our drive by shootings USUALLY involve deer, not people, and our weekends offer lots for people looking for something to do involving large gatherings.

All that and it's still quiet at night comparatively. No constant traffic jam horn honking all night long, no constant sirens all night long.

For those from NY, our winters are like their Springs (until they meet NC's hurricane season!).
 

MJ74

Old Mossy Horns
Don't knock it. Think of where they are coming from. For them, the traffic of Raleigh at 4 pm is a BREEZE compared to parts of NY or CA. Even in rush hour, lanes are actually moving.

Aside from Raleigh or Charlotte, which airports in NC pretty much guarantee you anywhere in lower USA with only 1 layover?

Even in the most concrete NC jungle of downtown Raleigh or Charlotte, know what we can easily walk a block or 2 and see? Grass, trees, all usually without tripping over a bum who's recently urinated himself.

Our intersection beggars don't try to wipe our windshields, our drive by shootings USUALLY involve deer, not people, and our weekends offer lots for people looking for something to do involving large gatherings.

All that and it's still quiet at night comparatively. No constant traffic jam horn honking all night long, no constant sirens all night long.

For those from NY, our winters are like their Springs (until they meet NC's hurricane season!).

While I agree with what your saying I wouldn't want to live in Raleigh. Outskirts would be okay though.

Again, to each his own.
 

nchawkeye

Old Mossy Horns
Heck, Asheboro traffic is bad enough for me!!!

I have a daughter in Raleigh, one in Charlotte and one in Fort Mill, SC...I feel like I'm going around a racetrack when I go to see them!!!
 

stormm4

Big Ole Nanny Doe
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.
Exactly what a realtor told me lately. People moving down south with cash paying.
 

shaggy

Old Mossy Horns
Guess the insanity continues. A house in my area that sold a couple years ago for 136k just got listed with a selling price of 280k. We will see what they get for it.
 

ibgreen

Ten Pointer
Contributor
I know a guy that paid 800k for a mountain log home only to sell it 1 year later for 1.5m. He didn’t even list it. The realtor just called him up to see if he wanted to sell it for that much.
 

nchawkeye

Old Mossy Horns
I listed a duplex Friday, had open showings Tuesday afternoon, had 17 offers...Most cash, most above list price...Put it under contract last night...Listed 121 acres 3 weeks ago, went under contract in 2 weeks, over list price...Listed 32 acres last week, put it under contract on Sunday, full price...If you are buying, don't fart around, better get on it and give your highest and best offer from the beginning...I am glad that I am more of a listing agent than a buyers agent, showing homes, the success ratio is too low for the payoff.....
 

Ol Copper

Ten Pointer
A few weeks back while selling my deceased Grandmothers house, my brother started tinkering around with the idea of selling his house to finance a build on a 1 acre lakefront lot he bought several years ago.

The house he was living in was built on a 1.5 acre tract in 2016 and cost him $200k to build. It was paid off by 2020.

He listed it last Monday and sold it in 1 day for $620k

This is the craziest thing Ive ever seen !!!
 

MJ74

Old Mossy Horns
I listed a duplex Friday, had open showings Tuesday afternoon, had 17 offers...Most cash, most above list price...Put it under contract last night...Listed 121 acres 3 weeks ago, went under contract in 2 weeks, over list price...Listed 32 acres last week, put it under contract on Sunday, full price...If you are buying, don't fart around, better get on it and give your highest and best offer from the beginning...I am glad that I am more of a listing agent than a buyers agent, showing homes, the success ratio is too low for the payoff.....
I realize it depends on several different factors but where do you see the cheapest land?
I know cutover land is cheaper but what area I mean.
Whats the going price pr acre for cutover land?
 

ddavenport

Six Pointer
Contributor
I realize it depends on several different factors but where do you see the cheapest land?
I know cutover land is cheaper but what area I mean.
Whats the going price pr acre for cutover land?
Not an expert but keep an eye on the market. Cutover land in the eastern part of the state can be found for $1,000 per acre or less in some cases. If Mossy Oak/Whitetail Properties gets involved, it will be listed closer to $2,000 per acre. In my opinion, the best way to purchase land now for a reasonable price would be to look at a GIS map and identify several tracts that fit your criteria and approach the landowner directly.
 

timber

Twelve Pointer
Not an expert but keep an eye on the market. Cutover land in the eastern part of the state can be found for $1,000 per acre or less in some cases. If Mossy Oak/Whitetail Properties gets involved, it will be listed closer to $2,000 per acre. In my opinion, the best way to purchase land now for a reasonable price would be to look at a GIS map and identify several tracts that fit your criteria and approach the landowner directly.


Agree you can find some good deals on hunting land but you probably want do it going through a realtor. Beat the bushes a little and talk to the land owners before a third party gets involved and inflates the prices.
 

Wildlifer

Twelve Pointer
It’s the same if not worse in Colorado. It took us 12 offers all of them over asking to find a house. We have been getting updates on the ones we looked at when they closed. Most were 10% over with the highest being 200k over asking.
 

GAWolf

Eight Pointer
If you're going to see a reduction in HH income, a bigger mortgage probably isn't ideal unless you were living well below your means previously. With that said, I think the market is likely to continue climbing although likely at a less aggressive rate. With housing prices growing so much faster than incomes, there is sure to be a rebalancing at some point. With that said, the growth seems to largely be driven by supply/demand and fortunately a lot of appraisals are still coming back with a realistic figure (less than the sales price in a lot of competitive situations). I don't really fear a housing market collapse/recession in our near future or at least not for the same reasons as the 07/08 collapse but who knows....
And as such the purchaser fails to get adequate financing offers and must bring cash to the table to make up the difference. That in turn substantially reduces the number of potential buyers. Is that a correct conclusion to draw from the appraisals not hitting the alleged market price?
 

GAWolf

Eight Pointer
It’s the same if not worse in Colorado. It took us 12 offers all of them over asking to find a house. We have been getting updates on the ones we looked at when they closed. Most were 10% over with the highest being 200k over asking.
Where in Colorado are you looking? My wife fantasizes about moving there once a year but we have never gotten serious enough to run the numbers or look at inventory.
 

BiggestSpikeYouEverSeen

Ten Pointer
Contributor
And as such the purchaser fails to get adequate financing offers and must bring cash to the table to make up the difference. That in turn substantially reduces the number of potential buyers. Is that a correct conclusion to draw from the appraisals not hitting the alleged market price?
In theory, one might think so but the demand is still very high. Perhaps not as high as it was at the peak over the last 12-18 months but still significantly more competitive than pre-covid. This is my opinion based on being married to realtor in the Cary/Raleigh area and reading a little here/there about market dynamics. Crazy times.
 

timekiller13

Twelve Pointer
We are about to put our house on the market. My in-laws have offered to sell us their old house for a very fair price. I wasn't going to move, even though my house is currently worth double what I paid for it, it didn't make any sense to move because I would have to overpay for something else. But, when my in-laws told us what they would sell us their house for, we realized that we were stupid to turn it down. Got a little work to do on my house to get it market ready, nothing major, just a couple of things that need to get done just to up the curb appeal a little.
 

jcannon

Twelve Pointer
Me and my wife had thrown around the idea of moving down to the swansboro area. We decided against it for several reasons but one was the market right now. Houses are rarely staying on the market for more that a day and offers coming in right away. One house hit the market Thursday that needed all rooms painted. It was estimated at 181k and sold at 219k in just 4 hours. We had a realtor assess our house and he never listed it but already had an offer for 25k above estimated price.

We are still thinking of moving but is it worth it to buy in such a crazy sellers market? I could easily see us overpaying for a house that loses value if the housing market crashes.

Any suggestions/advice.

The biggest factor in not making the move is me being able to find an equally high paying job. Looking for available jobs down there and I wasnt able to get $4 of what I make now. Cant move and take on a higher mortgage if I am taking a pay cut......that's just not a smart move.
I heard California and New York are great places. Why don't you move there?
 

GAWolf

Eight Pointer
In theory, one might think so but the demand is still very high. Perhaps not as high as it was at the peak over the last 12-18 months but still significantly more competitive than pre-covid. This is my opinion based on being married to realtor in the Cary/Raleigh area and reading a little here/there about market dynamics. Crazy times.
Not demand as in numbers of people interested, but rather the number of those who actually can bring enough vash to the table to make up the difference between the purchase price and the appraisal price as the banks won’t finance a purchase price that is over the appraisal as I understand it.
 

FITZH2O

Twelve Pointer
I started looking for a place in southern Indiana just in time to watch prices skyrocket. Here in the last month or so they are starting to come down. Not to reasonable yet, but I am seeing a bunch on Zillow that have come down up to 10-15%. These are mostly rural homes I am looking at.

Watched several videos about Zillow, black rock, and other investment groups buying homes for cash and turning them into rentals or jacking the price of homes in the neighborhoods. I’m sure that doesn’t apply everywhere, but I doubt it helps.
 
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