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Moving/house-buying in this market
Posted on 6/13/22 at 12:02 pm
Posted on 6/13/22 at 12:02 pm
Currently own a house and should clear $80-100k on sale. Have about an additional $150 liquid. I just got a substantial pay bump and household income will be closer to $300k when it’s all said and done.
I’m kinda nervous to move in the current economy, but moving would drastically improve our quality of life and would also put my family on a solid new path. Wife wants a house in the $800K range and we both have near perfect credit.
We’ll probably rent an Airbnb for a few months and look for a house. Hopefully the housing market cools a bit, but at the same time, rates are likely to rise.
Any broad scale advice?
I am fairly conservative as far as money goes, so all of this makes me nervous.
TIA
I’m kinda nervous to move in the current economy, but moving would drastically improve our quality of life and would also put my family on a solid new path. Wife wants a house in the $800K range and we both have near perfect credit.
We’ll probably rent an Airbnb for a few months and look for a house. Hopefully the housing market cools a bit, but at the same time, rates are likely to rise.
Any broad scale advice?
I am fairly conservative as far as money goes, so all of this makes me nervous.
TIA
8
Posted on 6/13/22 at 12:12 pm to ItzMe1972
Charlotte
Posted on 6/13/22 at 12:23 pm to FenrirTheBeard
My advice is to rent something for a year. Your future self will thank you.
Posted on 6/13/22 at 12:24 pm to FenrirTheBeard
I had a friend that just sold his house in Charlotte for $45K above asking less than 30 days ago.
Posted on 6/13/22 at 12:29 pm to LasVegasTiger
Charlotte is more insulated to pricing fluctuations than other speculative markets. You have more and more industry moving there, the amount of apartments coming online is insane with rents rapidly rising, everything that is a new build is a townhome with may being triplexs. I wouldn't count on getting something at a huge discount unless it's something that needs work. Houses with curb appeal are off the market very fast while houses that need work sit idle.
Posted on 6/13/22 at 1:28 pm to I Love Bama
quote:
My advice is to rent something for a year. Your future self will thank you.
I would say this too if Blackrock and other companies weren't taking houses off the market indefinitely. There might be a crash in the market in terms of activity, but I don't think price dips a whole lot if at all.
Posted on 6/13/22 at 2:52 pm to I Love Bama
quote:
My advice is to rent something for a year. Your future self will thank you.
Not a gamble I would make. Rates may be significantly higher and prices might not be commiserate with that increase. Especially is a super hot market like charlotte.
Posted on 6/13/22 at 9:18 pm to FenrirTheBeard
quote:
Charlotte
Charlotte Proper is a whole different animal. Where are you coming from?
What you get for 800K in Charlotte shocked me. Hell, I’m shocked at what’s happened in Greenville, SC. And it’s not nearly as bad as CLT.
Congrats on the bump and best of luck to you and your fam
ETA: get the F out of LA. Best decision you’ll ever make.
This post was edited on 6/13/22 at 9:20 pm
Posted on 6/14/22 at 2:06 am to FenrirTheBeard
As a Realtor I can say with confidence if you’re looking to buy, don’t wait. I’ve been telling every client I have the same thing, not because I’m a greedy bastich, I don’t need the money, but because interest rates NEED to go up.
The FED should have raised rates significantly already, should have done it last year. The economy is overheated in the wrong ways and needs some brakes applied, and sooner or later even the morons currently in power will figure it out.
I lived through the Carter years and they fisking sucked. We’re headed in the same direction fast, and if OPEC decides not to increase production but to decrease it….
The FED should have raised rates significantly already, should have done it last year. The economy is overheated in the wrong ways and needs some brakes applied, and sooner or later even the morons currently in power will figure it out.
I lived through the Carter years and they fisking sucked. We’re headed in the same direction fast, and if OPEC decides not to increase production but to decrease it….
Posted on 6/14/22 at 6:16 am to FenrirTheBeard
You can always refinance later when the interest rates come down.
This post was edited on 6/14/22 at 6:31 am
Posted on 6/14/22 at 7:07 am to PerceivedReality
quote:you live in the area? i'm looking to move there near family and to get out of this shithole that is BR
Hell, I’m shocked at what’s happened in Greenville, SC.
Mind if we chat offline (wileyjones.td@gmail)?
I'd like to find 15+ acres or so within easy driving of the airport or downtown, but also have 3 kids <1st grade, so will settle for just somewhere with elbow room. Budget is 850k or so
Posted on 6/14/22 at 7:50 am to FenrirTheBeard
We met a couple this weekend who sold their home in Nashville in May 2021. They are living in a Marriot still trying to find a home in the Greenville/Asheville market.
Posted on 6/15/22 at 6:47 am to wileyjones
quote:
wileyjones
email sent
Posted on 6/15/22 at 7:17 am to FenrirTheBeard
quote:
I’m kinda nervous to move in the current economy
quote:
clear $80-100k on sale. Have about an additional $150 liquid. I just got a substantial pay bump and household income will be closer to $300k when it’s all said and done
You'll be fine
Posted on 6/15/22 at 10:12 am to FenrirTheBeard
Similar situation for our family- moving back to Houston from Nola. Looking at median rate housing (~400k) as a 1st-time purchase and realistically have about 5% for a down payment. I went through the pre-approval process last night with Ally and the monthly payment exceeds $3k with the standard quoted 6.13% rate (before buying points).
Even trying to cross-shop with leases in that ballpark (maybe a little less, to be able to scrounge funds for a downpayment down the road) is like finding a needle in a haystack.
We're lucky enough to have both our parents in the area, and probably will live with them and pay their grocery bills while trying to save up for a larger downpayment.
Does anyone think we've crossed the threshold where we can technically offer below asking prices?
Even trying to cross-shop with leases in that ballpark (maybe a little less, to be able to scrounge funds for a downpayment down the road) is like finding a needle in a haystack.
We're lucky enough to have both our parents in the area, and probably will live with them and pay their grocery bills while trying to save up for a larger downpayment.
Does anyone think we've crossed the threshold where we can technically offer below asking prices?
Posted on 6/15/22 at 10:18 am to PerceivedReality
Greenville Sc is crazy right now. Still reasonably priced in the suburbs, however
Posted on 6/15/22 at 10:20 am to Leonard
No--give it a year or so.
Sure rates will be higher, but homes will be cheaper. Buyer demand is down to a 20yr low. new Construction builders will have to drop prices or sit on inventory because no one is buying.
Sure rates will be higher, but homes will be cheaper. Buyer demand is down to a 20yr low. new Construction builders will have to drop prices or sit on inventory because no one is buying.
Posted on 6/15/22 at 10:27 am to The_Duke
We need 7 million new houses built in the US as of last month and that’s before you calculate the illegal immigrants pouring into the US. Housing prices aren’t going down anytime soon
Posted on 6/15/22 at 11:25 am to MrLSU
I don't see housing prices going down, they may stop rising, but interest rates will be a lot higher in 12 months.
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