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Location: Huntersville/Charlotte, NC and Washington, DC
26,701 posts, read 41,786,605 times
Reputation: 41386
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I personally don't think that Charlotte and vicinity is overvalued. It's an area where everyone wants to live so that brings a lot of demand. The educational system is decent (better than other areas in the South at least.) Very family-oriented. I live in Louisville (thinking about moving to Charlotte) and there is a reason why Louisville is much cheaper than Charlotte. Kentucky has dismal public schools, good jobs outside of healthcare are hard to find, and most of Louisville is blue-collar focused. I think Louisville is one of the best values in the country with all its issues but there is a reason why everyone is trying to get to Charlotte rather than Louisville or Cincinnati and that shows in the prices.
To the OP. I understand your view on the housing stock. Many homes that are listed are WAYYYYY overpriced. Also, I would not pay $300K for a house with vinyl house.
Good ole Mexican standoff... I have my opinions regarding who's side time is on. But, the reality is that this is what drives the market.
There's a fairly steady stream of threads from both sides really. The sellers and buyers are likely equally frustrated at this point.
As crazy as 300k for vinyl seems, people are paying twice as much for it in certain markets across the country. At a certain number location trumps all. The big difference here (besides the lower CoL, etc) is that you have very competitive new construction sharing the same schools and offering the finish that many homes don't have. I think it's playing havoc in the price points below 500k - it's really crunching the 400s and below because they float just above the FHA limits for the area. Currently 303k for the MSA and scheduled to go down later this year to 272k. Those easier, low down payment govt backed loans are going to correct things even lower unless they extend it. It would be good news if they extend it, but one wonders how long that current theme in Washington will last. 600k+? Don't even know what to say there.
In the end, it's like buying anything else... Yo, you want it? No? ok
But newcomers were willing to pay MORE than 300K for brick facade, 3 sides vinyl on houses in UC before the bust of 2008. And since the areas OP is looking in have a very high saturation of folks who moved here from elsewhere, the standards are based on the types of new housing that were built (and in some cases, continue to be built) in that particular part of the country.
Prices will stay higher in that area as long as newcomers are willing to buy them at those prices. It all comes down to DEMAND.
There are plenty of subdivisions and/or areas of the metro where the OP can find the house he wants at the price he wants. But since he has decided on one particular area . . . the old adage . . . "location, location, location" comes into play.
That's your opinion, some people prefer slab (i.e. see the multitude of posts of this site with the discussion), as for vinal, so people prefer the look, but even if not, I have seen ver nice houses with brick, vinal, stone, wood faux shingles for over $300K. All depends on the house and what the buyer is looking for.
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