Charlotte, NC area: hate on OP, houses, boats & hoes

I didn't watch the whole video. But I do agree we will see a correction. There are a lot of properties in forbearance and when that ends we will see inventory go up. Also a ton of renters that are not paying rent that are being protected, when that runs out, you will see evictions and landlords listing houses. Thus, more inventory.

 

what part of town are you in?

 

I also don't agree that the market is going to crash in spring. Maybe for some locations that are overpriced and saturated like NYC, SFO, etc. but places like RDU and CLT are a magnet for people leaving larger cities. Mix this with the fact that housing market pricing is more heavily impacted by supply rather than demand, and supply is still pretty low inside the highway loops where people want to live.

 

Fed does not have control over rates at tightly as they would have you believe

Edit: copied from a top post on r/RealEstate on this topic last week:

Quick reminder.

1) The fed does not set mortgage rates. There is a tenuous and indirect correlation, but not a 1:1 relationship. The fed rate is for short term interbank debt, mortgages are long term consumer debt... no law says they have to go up and down hand-in-hand, and we have seen many counter-examples disproving that narrative/claim/assumption as being a sure thing.

2) If this is all over the news and creates a demand surge for refinances, it could actually cause rates to go UP in the short term. No different than Uber pricing on new years eve at 12:30 AM, "surge pricing" has certainly become a "thing" for mortgages during this pandemic/recession.

 

Right, but I wouldn't think rates would go north of 4% at least until 2022...dependent on election results, as IMO that will be the biggest factor of what happens to the market next year.

 

See above.

 

I think inventory is a bigger factor that rates, but rates play a part for sure.

 

Hmm, but there HAS been a surge of refinances yet rates remain the lowest they’ve ever been...

 

Agree, honestly there are way to many factors to consider. Even people who do this for a living (and smarter than me anyway) are only guessing about what's going to happen down the road.

 

Lower south end.

 

https://www.tacomaworld.com/threads/benford-brewing-presents-3rd-annual-meet.684844/

local meet in a few weeks

 

I mentioned it to him before but apparently he has negative conations with lincoln and Gaston counties.

 

Whoop whoop

 

Since the lockdowns started the market has done some crazy things thankfully some of what I thought was going to turn norm has not. Even though some agents are still pushing certain things I'm not a fan of. If it's such a good time to sell why aren't the buyers looking at this and like maybe we should hold off and buy once the market slows. I've never understood that

 

We bought because rent is stupid expensive and everybody wants a year lease minimum. @SearArtist have you looked into rentals right now? Even if your house value goes down $10-20k next year when you can sell that’s still better than throwing away $20k on a rental and moving all your stuff.

 

I think @SearArtist is more concerned the value may go down $25-50k.....

 

Yes, about the same cost as our current mortgage. We would move closer to town, probably Highland Creek area, and we wouldn't be spending $700 a month on fuel, it would be cut down by 3/4.

I dont see how it would be throwing money away when it would actually save us money. I'd also have the cash in hand to pay off $25k in unsecured debt that seemingly never gets paid down despite paying $1k a month on it. Sure I could take out a HELOC to pay it off now, but would rather have it paid in full, not roll it into the equity of my house.

Everyones financial situation is different, so selling and sitting on the cash would actually benefit us. I also only have 2 months of job history for this whole year, so getting another mortgage is likely not going to happen until next year anyway.

 

For what it's worth I think your plan to sell now and rent for awhile and let the market cool is great. (if you can convince the other half).

 

Correct. Market is hot, people want to move away from the city. Doesn't matter, she doesn't want to sell now, so we are stuck. I'll just bitch and complain about it

 

Don't mean to sound misogynistic but women do tend to be more emotionally attached to homes than us guys. I would keep working on her, but, proceed with caution.