Archived

This topic is now archived and is closed to further replies.

atlrvr

Will you buy a home this year?

UPer's home purchase plans.   59 members have voted

  1. 1. Will you buy a home this year? (includes going to contract on new construction)

    • Yes - Definitely
      19
    • Maybe, but only if prices fall
      7
    • No
      32
    • Other - Explain please
      1
  2. 2. If you buy a home, where will it be?

    • Uptown/Southend
      14
    • Inner Ring Neighborhoods
      11
    • Suburban, but inside Mecklenburg
      9
    • Outside Mecklenburg (but in the Charlotte metro)
      2
    • Definitely not buying
      23
  3. 3. What type of home will you buy?

    • Single-family house
      21
    • Condo/Townhouse lowrise/midrise
      9
    • Condo Tower
      5
    • Other (live/work, duplex)
      1
    • Definitely not buying
      23
  4. 4. What year are you most likely to buy a home?

    • Just bought in 2007
      11
    • 2008
      23
    • 2009
      4
    • 2010 or later (but thoughts of moving on the mind)
      8
    • Don't plan to ever buy...a happy renter.
      2
    • Own a home, with no plans to move in the forseeable future.
      12

Please sign in or register to vote in this poll.

20 posts in this topic

Looking at permit trends lately, it seems that single-family homes have greatly dropped off, while condos have slowed only slightly. The question in my mind is, will the reduction in supply be quickly absorbed due to continued demand, or are people taking the year off from buying, and will inventories build up to the point where it depresses prices?

Using my not-quite-scientific methodology, the generally accepted perception is that people move every 7 years, though for this excercise I'm going to assume every 4-5 years due to 1) the likely age-range of UPers makes them more likely to move, 2) current tax-law has increased the benefits to moving, 3) many UPers are drawn to the site due to their interest in real estate purchases.

My hypthothesis is then, if greater than 25% of responders to this survery say they are moving, then I expect the local real estate market to fair well. If 20%-25% respond that they are moving, then we will have a neutral year, in which prices will rise slightly, and inventory will decrease slightly (due to the slowdown in building already occurring). If less than 20% say they will move in 2008, then I suspect we will see prices flatten or slightly decrease, with inventory remaining neutral or slightly increasing.

I also added some follow on questions, just to give an idea if there will be certain areas or product types that fair better than others...obviously, due to the make-up of UP, I suspect this will be biased toward intown and condos, so I'm not going to put as much weight on it. Finally, the last question should help determine how 2008 will compare to 2007.

Please feel free to add commentary as to why you have decided to buy or not buy.

Share this post


Link to post
Share on other sites


If money was readily available, this will be the YEAR that I would buy all that I can. The problem is, for 99% of the population, it's not, and because of it, people can't buy homes. The subprime meltdown has not only affected the low income, but now just about everyone. The rich don't want to tie up all their money into properties. It's called leveraging. Me being an investor, that's what it's all about. And when lenders tighten up or increase the rates, it makes it much tougher. But you can bet that if you ask just about everyone, they'll tell you that they'd LIKE to buy in this market, but many don't want to take the chance especially knowing that they will either get hit with more closing cost fees, higher rates (investment), or just outright can't get the mortgages.

This is nothing different than buying stocks or anything that has appreciation. You always buy low and sell high, and right now, you'd want to be buying low, and the market is giving people that opportunity. The only problem is where to get the cash to do so.

Share this post


Link to post
Share on other sites

I would really like to move out of my townhouse in suburban Charlotte and move closer to downtown, preferably along the LRT line. I just have to bite the bullet and put my house on the market. It's a big step making that decision to move on to something different.

Share this post


Link to post
Share on other sites
the generally accepted perception is that people move every 7 years, though for this excercise I'm going to assume every 4-5 years

Share this post


Link to post
Share on other sites

I guess I am the only one who chose "never plan to buy ,happy renter". I can't say never ever but my current lifestyle which I enjoy definitely does not provide beyond renting. Renting gets a bad rap but in tight economic times like this it's very liberating not having homeowner worries even though money is thrown away each month instead of building into something like equity or credit. Anyway I plan on buying here in Dilworth when I find a boyfriend to buy a house for me :lol:

Share this post


Link to post
Share on other sites
.....

Using my not-quite-scientific methodology, the generally accepted perception is that people move every 7 years, though for this excercise I'm going to assume every 4-5 years due to 1) the likely age-range of UPers makes them more likely to move, 2) current tax-law has increased the benefits to moving, 3) many UPers are drawn to the site due to their interest in real estate purchases........

Share this post


Link to post
Share on other sites

I plan on selling my house this year. This is my first house, I've been here 3 years and the yard and house upkeep are just not for me. And 1k sqft is just too much for my needs, something under 800sq ft would be more ideal. There is alot of unused space in this house. Also, I've decided to go carless and although I can get by and have for the past 7-8 months, it would be much easier next to the rail line or uptown.

I have my heart set on Catalyst right now, it would fit me well location and price wise. But if that doesn't work out, I'll choose something else uptown, Southend, or in the newly branded district of "Queen Park" :) . The other intown neighborhoods are nice but just dont fit me. But then again who knows, alot can happen in a year...

Share this post


Link to post
Share on other sites
In order for your poll to be conclusive, you probably should have added an option to indicate that one owns a home and has no plans to sell for move for the foreseeable future.

Share this post


Link to post
Share on other sites


As some of you know, I just purchased my first home like 2 weeks ago. It is a townhouse in a pedestrian friendly enviornment with mixed use within the half mile radius of the future Harris Blvd Commuter Station. It is Suburban at the moment, but at this point and for the price this is what I could get and am very happy. I am able to walk to a grocery store and restraunts, and can still commute to UNCC in just 4 miles, as well Wachovia CIC (Work) in 3, as well as Northlake Mall in 1 mile and easy on/off access to both 77 (1 mile) and 85 (3 miles). Yes- if I had the opportunity and more money I would probally move into south end along the LRT, or once it got closer to construction, near the NE Line LRT, and of course in uptown. The market didn't have much of an impact on my decisions. I was able to get a good mortgage rate through the state and I was sick of renting an apt and having nothing to show, let alone me enjoying "home projects" that could be an investment into something that I will sooner or later sell. Right now Univ City is where I have more going on then in uptown, so it's a logical choice for me to be here right now, but in a year or two- this may change.

Share this post


Link to post
Share on other sites

I just committed to The Trademark. This will be my first highrise and urban living. I've tried it all so far except urban: suburban, country and even lake living. It's very convenient to my work, and my better-half teaches at UNCC so she's looking forward to the possible NE line. We find ourselves downtown often anyway. The biggest regret I have already is the fact that I enjoy Ham Radio and antennae are no-no's in highrises. I'll just keep my van ready for that hobby :-)

Share this post


Link to post
Share on other sites
I guess I am the only one who chose "never plan to buy ,happy renter". I can't say never ever but my current lifestyle which I enjoy definitely does not provide beyond renting. Renting gets a bad rap but in tight economic times like this it's very liberating not having homeowner worries even though money is thrown away each month instead of building into something like equity or credit. Anyway I plan on buying here in Dilworth when I find a boyfriend to buy a house for me :lol:

Share this post


Link to post
Share on other sites
I am not so sure about this particular aspect of your theory. I have known a number of people in Charlotte that bought their first residence in Charlotte/Mecklenburg in their 20s that are still living in those homes 2 decades later. I do agree there are a lot of people that like to "keep up with the Jones'" and will constantly move to get as much home as they can purchase, but thankfully there are those who are more pragmatic about these things.

I am thinking that people who make the mistake of moving into one of Charlotte's endless starter home communities might want to move after a few years, but as most of them have discovered, this is a losing proposition. But if there is a community that one moves into that is growing, meeting the needs of the family and is increasing in value then there is really no reason to sell out and move. Instead, peeps might just add on to the house they have or better, are happy with what they have. Not everyone believes that living in a huge or expensive place is a measure of self.

There may be some tax advantages to selling and purchasing a new home, but generally the costs of doing so will quickly overwhelm these advantages for a long time. In addition, very cheap credit has made it possible for people to live beyond their means. This is now ending.

In order for your poll to be conclusive, you probably should have added an option to indicate that one owns a home and has no plans to sell for move for the foreseeable future.

Share this post


Link to post
Share on other sites
The average home mortgage is paid-off within 8-10 years. The only way that's possible is if people are moving or refinancing a lot. ...

Share this post


Link to post
Share on other sites

2008 is a great year for buyers. We have recently purchased a new house in Myers park, just down the road from the one we live in now, and plan on renting out the old one once we move in. The house is in a much larger lot, and the house is both newer and bigger. And I'm paying less than what I paid for this one now. So if you plan on buying a new house and keeping your old preperty now is the time before we see prices rise again.

Share this post


Link to post
Share on other sites
I think you just answered your own question. I know almost no one who has owned a home more than 5 years who hasn't re-financed.

Share this post


Link to post
Share on other sites


I have been in my house since 1987 and have no mortgage. Do not plan to move.

Share this post


Link to post
Share on other sites

I might buy something if the market becomes more favorable and I can get a decent price on a place. I'm ok with renting at this point. Problem is that to get a decent sized place I will probably have to move out of Uptown and significantly increase my commute. Its a tough decision. Inside Route 4 on a transit route is mandatory though.

Share this post


Link to post
Share on other sites

I love renting, it gives more options to change your mind about your living situation waaay more often. And coming from a kid who has moved nine times in the last five years, that means a lot. But, I realize it is now time to start thinking about and investing in the future.

As soon as my lease nears its end, I'll be actively looking for housing between NoDa, Uni, and "New" Concord/Harrisburg. Something that keeps me around the university for the next decade or so. I'd love to find a development being built in the prospects of the NE line, but that's unfortunately too far off to consider on the short-term at this point. I'll most likely land in a house do to the insane amount of foreclosures around the university area at this time, but I'd rather have a townhouse because I know I'm too lazy to keep up with the yard unless I strike it rich with a roommate that loves that.

Share this post


Link to post
Share on other sites

I bought a house in Charlotte in 2007 that I have lived in for 6 months. I had been looking and found another house a month ago that I liked better (in Noda- the arts district). I should be closing on the house in Noda in a few weeks and I have already found a renter for the house I live in now.

Craigslist is an amazing place to find renters by the way...I put an add on Craigslist and had people from Chicago, Greenville SC, California, etc who are moving here and wanted to rent.

Back to subject, if you want to buy you can find some great deals right now and probably through 2008...just don't plan on selling for 3-5 years.

Share this post


Link to post
Share on other sites

Well, with 55 responses, 33% of people stated that they will purchase or put under contract a house this year. With that sample size, there is a margin of error of about 13%, so worst case scenario, based on my assumptions, Charlotte should have a level year, though it seems likely that this year will do fairly well, due to the reductions in new home starts. Demand doesn't appear to be declining. I will speculate that this is due to the perception that this will be the year the market "bottoms out", and is the last chance to get on board before things heat up again. Of course perception often creates reality.

I will go ahead an predict that this year will be very comparable to 2007, with almost an identical number of houses sold, and a slightly lower rate of increase....perhaps 2%-3%. I project that 2009 will also see a similar number of transactions, but more traditional price appreciations of about 5%....this all being local to Charlotte.

More specifically, I think this year, location will reign supreme, as opposed to people venturint into gentrifing areas. Downtown will probably stall a bit in price appreciation this year, but should ramp back up in 2009 as there should be significantly less inventory on the market. High foreclosure neighborhoods will get worse, though the fringe suburbs will continue to boom with transplants.

I see it as a slow year for home remodelling, as everyone waits to see if the investment will translate into greater equity.

I see new construction condos slowing slightly, but those in desirable neighborhoods with strong or unique designs doing very well. The slight reduction in demand should be easily accounted for my a larger reduction in supply, as some developers will delay projects, scale them back, or break them up into phases. Overall, this will be a good thing, as it will result in only the higher-quality projects moving forward.

Share this post


Link to post
Share on other sites

  • Recently Browsing   0 members

    No registered users viewing this page.