Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Let me be frank...I don't know what planet you're on!
I've been living in Western Union County now for over six months, a job transferee from Ohio and have been excited about buying a home here in the Waxhaw/Weddington Area. After searching countless hours of MLS queries, driving around, and reading numerous housing boards, including this one, I can't, for the life of me figure out what makes you think your home is worth as much as you're asking for it. Recent sales? Truely, is seems like this city is keeping up with the Joneses on a whole new level. And, despite all of the nice, new stuff around here, everyone looks depressed, either that or medicated. Anyone else think so?
What is your asking price based upon? What you paid for it 7 years ago with a return of +20%. Perhaps it's all of the 'one-of-a-kind' custom upgrades (that you and your hundred other neighbors have), or is it based on something that I'm just missing?
Please, sell me your house! I'm a willing, able, and ready buyer. But, don't insult me by listing your home for 50-100K more than it's worth (as established by the market, not Zillow, Trulia, or your pva). Wake up! If your home hasn't sold yet, there's probably a good reason. Most likely, it's way overpriced and I'm not even looking in that range.
Hey, I understand, I took a hit on my house in Ohio when I moved here, but come on people, this city, and more specifically, this area is way overvalued/overpriced for what people are asking.
Signed,
Bewildered
Haven't seem this person respond to our comments, so the rant may be off, but I have seen many deals and your generalization is kind of silly. I see great homes in Huntersville for great deals, I see some in South Charlotte. I don't look everywhere, but as someone else said, looks like you just aren't finding the "bargin" you had hoped too when moving down here.
So after a couple of years...here we are. Although the original poster didn't follow up to share their experience, quite a number of proud folk blasted him/her pretty well; take that.
Fact of the matter is, values are pretty high in Charlotte South. Could be because it's become favored for relocation. Could be because the banks didn't hit it as hard as they could with foreclosures because it's home to the big banks (including Wells now that Wachovia was taken over). Would be like tossing your family out during hard times.
Every metro area in the country experienced a decline in employment and a commensurate drop in housing ownership/solvency. Did Charlotte escape that? Big banking metropolis during the financial meltdown? I dunno. Most realtors in the area will tell you that Charlotte didn't experience an increase in values during the early 2000s. I'm just an analyst and I don't drink Kool-Aid.
There's a 2.8 million shadow inventory in the country. Another 2 million in "phantom inventory." I won't bore you with how company valuations are supported by book value of assets. Suffice to say that the less banks foreclose-the higher prices rise on existing sales-the higher the value of bank book value. Keeping supply tight in these markets keeps prices high - hence what appears to be overvalued homes. Question is, what happens when those inventories are released? Slowly over 10-12 years would be fine. Sudden would mean disaster.
I looked. Looking elsewhere now. Just decided I don't want to make the same mistake that millions made from 2004 - 2008 when they were absolutely sure that values were appropriate for the times.
C'mon. Beat me up too. Everybody's got an opinion. Don't let facts get in the way of your opinion.
... and the stats support that people are paying in the Charlotte metro these days. You can argue that it may not last - but it sure has since this thread was started - in fact, if you bought the day the OP posted you probably got a bargain compared to what you'd have to pay today. So it's hard not to think it's just sour grapes more than anything if you can't find what you want for the price you're willing to pay.
no matter what the prices are in Charlotte or anywhere else the sad fact of the matter is that the poster is from one of the most seriously depressed states in the country.....Ohio. Everything to the poster will look overpriced.
I am looking now in the area I left a few years ago and the prices definitely went up. But I can see why, the affordable housing has schools rated 8 or below. The higher priced area has the 10 rated schools. To a lot of families wanting a good school and not pay for private school, it's worth it to them to pay more. Simple as that. Now of course it isn't all about schools, just that's what my search criteria is about right now in this stage of my life.
The housing prices here are WAY better than up North and you are getting a much newer updated home! I have no idea where you are looking! I bought a 5 bedroom brand new home here, and would have got a rundown 2 bedroom townhouse that was built in the 1970's for the same price up North?
So after a couple of years...here we are. Although the original poster didn't follow up to share their experience, quite a number of proud folk blasted him/her pretty well; take that.
Fact of the matter is, values are pretty high in Charlotte South. Could be because it's become favored for relocation. Could be because the banks didn't hit it as hard as they could with foreclosures because it's home to the big banks (including Wells now that Wachovia was taken over). Would be like tossing your family out during hard times.
Every metro area in the country experienced a decline in employment and a commensurate drop in housing ownership/solvency. Did Charlotte escape that? Big banking metropolis during the financial meltdown? I dunno. Most realtors in the area will tell you that Charlotte didn't experience an increase in values during the early 2000s. I'm just an analyst and I don't drink Kool-Aid.
There's a 2.8 million shadow inventory in the country. Another 2 million in "phantom inventory." I won't bore you with how company valuations are supported by book value of assets. Suffice to say that the less banks foreclose-the higher prices rise on existing sales-the higher the value of bank book value. Keeping supply tight in these markets keeps prices high - hence what appears to be overvalued homes. Question is, what happens when those inventories are released? Slowly over 10-12 years would be fine. Sudden would mean disaster.
I looked. Looking elsewhere now. Just decided I don't want to make the same mistake that millions made from 2004 - 2008 when they were absolutely sure that values were appropriate for the times.
C'mon. Beat me up too. Everybody's got an opinion. Don't let facts get in the way of your opinion.
Every market is unique. This is not Florida, and even within Florida, Miami is not Gainesville.
You see what I mean?
Your stats may all be on target as far as nationwide stats. But this isn't Greenwich, or Bakersfield, or Dallas, or Des Moines.
"Value" is set (to a large degree) by location, yes . . . but even then, location is only a real estate "marker" for the individual buyer. If you are a seller, Value, as such, ends up being what any given buyer is willing to pay for a particular property at any given time. An offer enumerates what they, as buyers, consider the value of the home. What the seller may decide is the asking price may reflect many other factors than the actual VALUE of the property (if all elements were individually evaluated).
But in the end, whatever tipping point closes the deal, that is the market value at that particular time.
No one is twisting anyone's arm to live in South Charlotte. Or Lake Norman, for that matter.
So if you don't find what you feel is valued properly, then perhaps the markers you have set for yourself are either not a good match up for the area in which you are searching or they are not high enough on your priority list to make it work.
Finding a bargain property is not the same thing as finding a property that is within your budget. Nor is it the same thing as finding a distressed property in a great area. Nor is it the same thing as finding a foreclosed property. In those cases, the actual "value" of the property may much higher than the listing price, but if you aren't willing to go the extra mile to purchase the property (renovate or wait a long time dealing with a bank on a short sale, for ex). . . then it isn't going to meet your criteria. And if the location doesn't work for you, then you aren't going to be interested.
If a property is priced, per square foot, equal or close to what it would cost to construct today, and the location bumps the price higher, putting it out of your pre-established price range, then that is your issue, not the seller's.
That doesn't mean the properties are overpriced or "over valued."
It just means you don't want those properties at that price.
Last edited by brokensky; 03-08-2013 at 10:01 AM..
Reason: typo
The housing prices here are WAY better than up North...
Housing affordability ROT is a 2:1 -3:1 ratio of median income to median price.
Fort Mill SC has a comfortably affordable income to home price ratio of 2.59:1 ($68:$176) LINK
SC as a whole is a bit higher (at 3.11:1)
CLT ($53:$174) is at 3.28:1 NC as a whole ($46:$152) is at 3.3
Many other areas of the country are completely out of whack.
The northeast in general, the CA coast, DC, Chicago, etc.
It's really not reasonable or fair (to them or to this area) to compare against that sort of market.
When people from an area like that come south and see much lower prices
than they are used to they will perceive that to represent a bargain.
And on the face it is... until they investigate the other side of the equation.
(CT:$69:$293 or 4.26)
Last edited by MrRational; 03-08-2013 at 10:30 AM..
coming from the suburbs of Chicago, I don't think the prices are that bad,
and you can also check out the Fort Mill area for deals.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Time Will Tell
sad..
