NC House Market...

Discussion in 'General' started by HoyaXC07, Mar 1, 2021.

  1. HoyaXC07

    HoyaXC07 Well-Known Member

    Looking in the Southern Pines area...

    Put in an offer $11k over asking. Not good enough.

    Put in an offer on another house $25k over asking. Also no high enough.

    Realtor believes the second home just went under contract at $50k over asking. What in the world is going on?! The wife and I are about to give up and rent at this rate. I don't see how this is sustainable for the next few years.
     
  2. D-Zum

    D-Zum Alex’s Ohvale Maintenance & Transport Service

    You REALLY don't know what's going on????????

    Migrations from large urban cities due to high taxes sparked by the Covid-19 outbreak.

    It was waiting to happen...Covid and the now endorced "work from home" opened the flood gates on this.
     
  3. Phl218

    Phl218 Lemme ask my wife

    buy a piece of land and put a double-wide on it.
     
  4. auminer

    auminer Renaissance Redneck

    And a 60x80 workshop
     
    5axis, 969, Pride & Joy and 2 others like this.
  5. henry_carlson

    henry_carlson BREAD_RACING

    Have you asked your agent if they have any pocket listings? When I told my agent that I was running out of time and may have to shelve purchasing a house for a year they conveniently found lots of places for me to look at that weren't on the market yet or are going on soon that I had the chance to bid on first.
     
    TX Joose, ducnut and BigBird like this.
  6. noles19

    noles19 Well-Known Member

    Why the hell do you want to live there anyway?
     
    mastermind likes this.
  7. Phl218

    Phl218 Lemme ask my wife

    because he's not into Bluff, Whisper or Hurst?

    or he just likes Pines?

    or Golf. that seems to be a thing there.
     
  8. Phl218

    Phl218 Lemme ask my wife

    in that case, a single-wide should suffice.
     
  9. R Acree

    R Acree WTF

    ...with a 20 ' eave and a 2000 SF live in mezzanine. Done.
     
    ducnut, beac83 and R1M370 like this.
  10. HoyaXC07

    HoyaXC07 Well-Known Member

    Relocating to Bragg. Not interested in Fayetteville... Or Joe and his shenanigans.

    I heard knew estate was a little nutty with everyone moving out of the city and the rona... but I never expected anything like this. Gotta come over the top $50k plus closing costs if you want to be taken seriously.
     
  11. RossK6

    RossK6 Grid Filler

    It's pretty crazy in the Charlotte market as well - homes sell in a week or less. It sounds like you are getting in late to bidding war situations
     
  12. BigBird

    BigBird blah

    Not sure if it's because of the high taxes, because most people in urban areas rent. Property taxes are going to be more than any city payroll tax.

    The migration is for more space when at home, and not having close proximity to others.
     
  13. D-Zum

    D-Zum Alex’s Ohvale Maintenance & Transport Service

    And property taxes aren't factored into what's charged for rent? It's not just property taxes, either...it's the "You have a hangnail tax" they like to enact to nickle and dime
    the HELL out of everyone. The NY City sales taxes double the effective sales taxes.

    The large urban cities once had a captive tax base by virtue of their cornered market on jobs in their jurisdictions.
    And I'm sure corporations also had some attraction to having a New York/San Fran/LA office in order to be closer to partners, the prestige of having an
    office in one of those zip codes and all that comes with it.

    But, work from home means much less desire/need to pay for that overpriced office space, less commuting costs, and employee freedoms to locate wherever they want
    and work from where they want to work/live. I mean, if I can choose a view of my back yard in NC for a $2000 month mortgage with trees and grass vs the cement/granite gray of Manhattan renting for $3500/month....is there REALLY any question?

    I'm wondering when employers will start adjusting salaries due to work from home. No longer live/work in the NY/LA/SF area? Then you no longer need NY/LA/SF money to make a living, either.

    Right now, those migrating workers are still getting paid their large expensive urban salaries. That's why right now they can come in and offer over list prices for homes.

    As remote working takes over, the salary market will be adjusted I'm sure.
     
    evakat likes this.
  14. Clay

    Clay Well-Known Member

    I live out in the middle of nowhere. The farm land out here has been being sold like crazy, and new homes going up. Kinda pisses me off as I moved out here to be away from lots of people! Still, the prices for these homes are crazy to me. I have a feeling my own home value has jumped 100k in one year.
     
    BigBird likes this.
  15. BigBird

    BigBird blah

    A lot of businesses are already adjusting salaries downwards. And not everyone likes the trees, some people like to step outside their door and be able to visit stores, museums, beautiful buildings and much more selection of beautiful people than you would find at say a Walmart in suburbia.

    We are not all the same ;)
     
    ducnut, beac83 and Yzasserina like this.
  16. DBConz

    DBConz Registered Idiot

    living in the boston area with housing listing for $400/sq ft for homes, i've been thinking of relocating also. since covid, we can WFH and i've thought of going somewhere cheaper.
     
  17. notbostrom

    notbostrom DaveK broke the interwebs

    Rising home prices are the phantom tax no ones talking about....... let that sink in
     
    ducnut likes this.
  18. ChemGuy

    ChemGuy Harden The F%@# Up!

    Congrats...???

    [​IMG]

    Cant you live on base for a while and see if the market cools or goes south?

    What about Sanford or Lillington....they all way up? Waaay back in the day Southern Pines was the "nicer" place off base and maybe a little more money than the "sticks".
     
  19. 2blueYam

    2blueYam Track Day Addict

    Crazy both in the city, close in suburbs, suburbs, and out into rural here in the DC area. Applies to anything up to about 180% of average home price for the zip code. Beyond that stuff is still selling OK, just not the crazy bidding wars. For below that just put your home on the market on Friday, review your stack of offers on Monday. Covid, Amazon HQ2, and a new administration has created a perfect storm. Yes, that new administration. If you live here long enough you see the housing bump that hits every 4 or 8 years.

    Someone of Nextdoor was griping that their assessment went up by 7%. Some of the comments came back along the lines of "So you are complaining that your house went up in value?" to "your actual home value probably went up 10-12%, so be thankful it wasn't more." Our assessment went up too, but not as much as the value. City's proposed budget looks like we will get a small break on the rate leaving us a slightly higher bill. Commercial property assessments went down, or the rate probably would have been lower still and we would have probably come out even.​
     
  20. R Acree

    R Acree WTF

    Southern Pines has never been a cheap market. Aberdeen maybe. Sanford, Lillington are probably more reasonably priced.
     
    Montoya likes this.

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