The real estate market in the South is Red Hot

[i am herdman]

Damn, things selling quickly and for high dollar. Influx of Yankees coming down getting out those lockdown high dollar big govt shit holes. Been looking for some investment property but the prices are too high right now and it goes quickly. Almost on the spot sometimes.

Let's hope the Yankees don't change it too much but they tend to do that although this new crop seems to be pissed off about their home states.

 

[wvkeeper(HN)]

I think we talked about it before but it is crazy around me

 

[herdfan06]

I think the housing market is doing pretty well outside of the south, the unit next door to me sold twice in two months.

 

[i am herdman]

I think we talked about it before but it is crazy around me

It is, I am looking to get something else. Just too high $$$ right now and they go quickly

 

[i am herdman]

I think the housing market is doing pretty well outside of the south, the unit next door to me sold twice in two months.

Good to hear. I don't go up North very often. The underlying economy is ready to explode. SC and even lockdown NC have decent unemployment rates at around 6.5% each.

 

[big_country90]

One of my best friends moved to Iowa about ten years ago. He decided to move near Charlotte (Mooresville) so he has been looking online at houses and talking to a realtor. He ended up having to buy a house, sight unseen, having only looked at the pictures online, in order to see secure its purchase. Just crazy.

 

[marshallisqbu]

Just sold my house before ever officially listing it.

 

[Dallasherdguy]

A friend of mine sold his house last week for 17% over listing price, and had 10 offers over listing price here in the Dallas area.

 

[herdfan06]

Is it time to start looking into shorting the housing market?

 

[riflearm2]

Been looking for some investment property but the prices are too high right now and it goes quickly. Almost on the spot sometimes.

Just think if you had taken my advice by using the federal government forebearance program. You didn't have to prove any hardship. All you had to do was state that you were being impacted financially from Covid, and you were given six months of forbearance with absolutely no penalty. I was late to it on the property I tried doing it on, so I was only given the first five months. But the program was for 12 months, so right before the five months finished, my lender called to ask if I needed it extended another six months, which of course, I accepted.

Again, absolutely no penalty. It isn't reported as being late/default/behind to credit agencies, no balloon payment, no interest change, etc. You simply get a silent loan put on the property. Better? You don't have to pay it back until you sell the property ("due on sale" clause). Since last November, this property has already jumped up about $25K based on a handful of recent comps and with Utah listed as the second best economy in the country by two major publications, the appreciation should continue. My "due on sale" amount will be around $30K, and I plan on keeping this property forever (due to the price I got it for, the location, and the ability to rent it out easily), so I will never be impacted on it.

You should have taken my advice and earned some nice additional cash flow. One of my other two properties has a loan on it, but it didn't qualify for the program.

 

[i am herdman]

Just think if you had taken my advice by using the federal government forebearance program. You didn't have to prove any hardship. All you had to do was state that you were being impacted financially from Covid, and you were given six months of forbearance with absolutely no penalty. I was late to it on the property I tried doing it on, so I was only given the first five months. But the program was for 12 months, so right before the five months finished, my lender called to ask if I needed it extended another six months, which of course, I accepted.

Again, absolutely no penalty. It isn't reported as being late/default/behind to credit agencies, no balloon payment, no interest change, etc. You simply get a silent loan put on the property. Better? You don't have to pay it back until you sell the property ("due on sale" clause). Since last November, this property has already jumped up about $25K based on a handful of recent comps and with Utah listed as the second best economy in the country by two major publications, the appreciation should continue. My "due on sale" amount will be around $30K, and I plan on keeping this property forever (due to the price I got it for, the location, and the ability to rent it out easily), so I will never be impacted on it.

You should have taken my advice and earned some nice additional cash flow. One of my other two properties has a loan on it, but it didn't qualify for the program.

That few months of a program would have no bearing at all whether I would make that kind of financial decision. I am very well leveraged. I have made my payment early every month on my current home without missing a beat. I reduced the extra amount I had been paying. I did send in a bunch extra in Jan, Feb prior to China Virus. Stopped after that But, I have a ton of equity in my main home and have another place that is paid for!

 

[riflearm2]

That few months of a program would have no bearing at all whether I would make that kind of financial decision. I am very well leveraged. I have made my payment early every month on my current home without missing a beat. I reduced the extra amount I had been paying. I did send in a bunch extra in Jan, Feb prior to China Virus. Stopped after that But, I have a ton of equity in my main home and have another place that is paid for!

And that's simply horrendous financial practices. You wouldn't get a "few months" You'd get a year. If your monthly payment is $2500, that means you'd get a "free" $30,000 with no penalty in that program. You don't have have to pay it back UNLESS you sell the house, and even then, your house is almost assured to appreciate and cover that amount. If you pass the house down to your slvt of a daughter or your respectable son, they don't have to pay it back . . . unless they sell it. Even then, the property is almost assured to appreciate at that point to cover the $30K and more.

That $30K now is worth far more than having to potentially pay it back without interest 10, 20, or 40 years from now. It's simply absurd to have not taken advantage of it, just as I said five months ago.

 

[i am herdman]

And that's simply horrendous financial practices. You wouldn't get a "few months" You'd get a year. If your monthly payment is $2500, that means you'd get a "free" $30,000 with no penalty in that program. You don't have have to pay it back UNLESS you sell the house, and even then, your house is almost assured to appreciate and cover that amount. If you pass the house down to your slvt of a daughter or your respectable son, they don't have to pay it back . . . unless they sell it. Even then, the property is almost assured to appreciate at that point to cover the $30K and more.

That $30K now is worth far more than having to potentially pay it back without interest 10, 20, or 40 years from now. It's simply absurd to have not taken advantage of it, just as I said five months ago.

How so? Disagree, #1 I had the means to pay it. #2 It kept my credit clean. I had no reason not to. That way I have paid down my house with another year of payments. It was the right thing to do. I had no legitimate reason not to. I could sell my house and make some bank right now. With my equity. that opens up a lot of doors for personal loans, etc. If needed!

 

[riflearm2]

How so? Disagree, #1 I had the means to pay it.

That’s irrelevant to this discussion. You’re on record saying that Covid slowed down your business for a bit. That means you were negatively impacted, financially, by Covid. You qualify.

#2 It kept my credit clean.

The program has absolutely no impact on your credit. You don’t get a derogatory comment, don’t get any late or default report, etc. Hell, my credit score has jumped from the 790s to 819 during the past five months I’ve had that property in forebearance.

That way I have paid down my house with another year of payments.

You could do the same exact thing but have $30K (or whatever your annual payments would have been) to invest all year, earn money from, and then make the entire payment to pay off your house with no additional interest. Your excuses for not doing it simply don’t add up logically.

With my equity. that opens up a lot of doors for personal loans, etc. If needed!

If you have less than a year left of payments on the mortgage, you have practically the same amount of equity for personal loans. Again, your excuses are simply not making sense.

 

[i am herdman]

That’s irrelevant to this discussion. You’re on record saying that Covid slowed down your business for a bit. That means you were negatively impacted, financially, by Covid. You qualify.




The program has absolutely no impact on your credit. You don’t get a derogatory comment, don’t get any late or default report, etc. Hell, my credit score has jumped from the 790s to 819 during the past five months I’ve had that property in forebearance.



You could do the same exact thing but have $30K (or whatever your annual payments would have been) to invest all year, earn money from, and then make the entire payment to pay off your house with no additional interest. Your excuses for not doing it simply don’t add up logically.




If you have less than a year left of payments on the mortgage, you have practically the same amount of equity for personal loans. Again, your excuses are simply not making sense.

yehh i paid down my principal, pay it now or pay it later

 

[riflearm2]

yehh i paid down my principal, pay it now or pay it later

You could have paid it down 12 months later with no penalty and used that year’s worth of saved mortgage for one of those properties that you’re eyeing.

 

[johns1124]

You didn't have to prove any hardship.

That's the problem. It was taken advantage of to the top degree. All the wrong people benefiting from it.

 

[extragreen]

That's the problem. It was taken advantage of to the top degree. All the wrong people benefiting from it.

You're defining the liar in chief tax cuts.

 

[i am herdman]

You could have paid it down 12 months later with no penalty and used that year’s worth of saved mortgage for one of those properties that you’re eyeing.

could have, but I am not in a rush, I have 3 times what I owe in equity in primary residence. Other place is paid for. I am all about debt reduction. The market might just be too hot right now to buy, when/if it crashes I would lose value. Unless the right deal comes along, I might just hold on. Either way, I invested the money because now I owe less on primary residence while the market value of it goes up.

 

[TwolfHerdfan]

One of my best friends moved to Iowa about ten years ago. He decided to move near Charlotte (Mooresville) so he has been looking online at houses and talking to a realtor. He ended up having to buy a house, sight unseen, having only looked at the pictures online, in order to see secure its purchase. Just crazy.

My best friend is the City Manager of Mooresville (Huntington native and MU Grad). He told me last week that they have 10K housing permits on file. 10K! They can't keep up. The roads are clogged with the influx of people and business's.

 

[i am herdman]

There is a mass exodus from the North. One of the biggest I have seen in some time.

 

[MarshallManiac]

Just sold my house in Shalimar, Florida for 25% more than what I paid almost exactly a year ago. Did very little to the house to increase the value.

Moved to Cary, NC where houses are probably 15% cheaper on average but still expensive. Definitely a sellers market. Kinda hoping that it slows down a bit before we buy in this area.

 

[herdfan06]

Just sold my house in Shalimar, Florida for 25% more than what I paid almost exactly a year ago. Did very little to the house to increase the value.

Moved to Cary, NC where houses are probably 15% cheaper on average but still expensive. Definitely a sellers market. Kinda hoping that it slows down a bit before we buy in this area.

Working your way back up to the Huntington area?

 

[i am herdman]

Just sold my house in Shalimar, Florida for 25% more than what I paid almost exactly a year ago. Did very little to the house to increase the value.

Moved to Cary, NC where houses are probably 15% cheaper on average but still expensive. Definitely a sellers market. Kinda hoping that it slows down a bit before we buy in this area.

You just moved to the Berkley California of the east. No wait, they called it Containment Area for Relocated Yankees(CARY).

 

[MarshallManiac]

Working your way back up to the Huntington area?

No. I enjoy visiting Huntington but I am enjoying being out. I hate that I had to leave Florida but I just got a job here that I couldn't turn down. Also, my wife has a lot more opportunities here. One of these days I hope to go back to the Florida panhandle.

 

[MarshallManiac]

You just moved to the Berkley California of the east. No wait, they called it Containment Area for Relocated Yankees(CARY).

Yeah...we're renting until we get to know the area a little better. We won't be buying in Cary and that is one of the reasons along with the ridiculous price of housing compared to surrounding areas. We'll probably land down around Holly Springs, Fuquay or up around Wake Forest. Since accepting the job it looks like it may become a 100% remote position. If that happens I may just move to a beach town somewhere.

 

[i am herdman]

Yeah...we're renting until we get to know the area a little better. We won't be buying in Cary and that is one of the reasons along with the ridiculous price of housing compared to surrounding areas. We'll probably land down around Holly Springs, Fuquay or up around Wake Forest. Since accepting the job it looks like it may become a 100% remote position. If that happens I may just move to a beach town somewhere.

Prices are pretty high everywhere right now. Those are all good areas. Wake Forest is pretty far from the southern end of wake county. Good hour or more or so with traffic, if not more. Different weather even. I would check traffic patterns. Cary is nice, I was just joking. But, it is a little more diverse and liberal. But lots of conveniences.

 

[herdfan06]

No. I enjoy visiting Huntington but I am enjoying being out. I hate that I had to leave Florida but I just got a job here that I couldn't turn down. Also, my wife has a lot more opportunities here. One of these days I hope to go back to the Florida panhandle.

Hopefully you like Matt Gaetz.
I spent a long weekend in the Destin/Fort Walton Beach area last September... no thank you on ever living there in that heat.

 

[MarshallManiac]

Prices are pretty high everywhere right now. Those are all good areas. Wake Forest is pretty far from the southern end of wake county. Good hour or more or so with traffic, if not more. Different weather even. I would check traffic patterns. Cary is nice, I was just joking. But, it is a little more diverse and liberal. But lots of conveniences.

Seems like Wake Forest is setting up to be the next "Cary" though. I have just noticed you can get a lot more house for the price outside of Cary/Apex/Morrisville. That seems to be the most expensive place to live in the area but a wide margin. I'd also like to have some sort of a yard. I do like all of the "stuff" in this area. Heck, I'm just happy to live close to Wegmans & Trader Joes. I'll take any suggestions for good stuff in the area though.

 

[MarshallManiac]

Hopefully you like Matt Gaetz.
I spent a long weekend in the Destin/Fort Walton Beach area last September... no thank you on ever living there in that heat.

Eh, Gaetz is sorta like Trump to me. I don't mind his policies or what he has done in office. I just wish he'd be quiet. Now I've said that I'm sure this thread will go to trash.

Oh, and the heat wasn't that bad. The worst of it wasn't too much worse than you'd have anywhere else in the South. The difference is it starts earlier in the year and lasts until November.

 

[i am herdman]

Seems like Wake Forest is setting up to be the next "Cary" though. I have just noticed you can get a lot more house for the price outside of Cary/Apex/Morrisville. That seems to be the most expensive place to live in the area but a wide margin. I'd also like to have some sort of a yard. I do like all of the "stuff" in this area. Heck, I'm just happy to live close to Wegmans & Trader Joes. I'll take any suggestions for good stuff in the area though.

Most of the area is setting up to be the next Cary. Holly Springs is insane with growth over the last decade. So is Fuquay. They are all basically connected now. I don't know a lot about Wake Forest, don't get up that way much. But, it used to be bigger than say Holly Springs, but now that has caught up. Anywhere near the airport is going to be expensive and crowded. Wake Forest is good, Apex, Holly Springs, Fuquay good. You will get a little more country feel in Fuquay. Go out of Wake Forest to Youngsville and it gets more remote and smaller, but you have to come back down Capital Blvd or 540 to get to anything. Garner and Clayton are going to be more east and have lower cost housing.

Cary more expensive-one of the highest growing Indian populations in the country. Just saying, go to the Costco in Apex on a Saturday. Don't mean anything bad buy it , but it is what it is. High rent district in parts, lots of rules, etc.

Morrisville-close to airport, lots of traffic, close to RTP, airport, high Indian Population. Busy roads, more business parks because of ET, my office is there. Wouldn't live there personally. But, it is ok if that is what you want.

Apex, I like Apex, convenient to most anything in Cary or Raleigh , had more of the small town feel for awhile, their downtown area is really cool. close to 540, hwy 1, beltline, can hit 64 west easy to Jordan Lake, Pittsboro, going west to get to Charlotte or Greensboro easy. Grew before Holly Springs did.

Holly Springs, was small at one point, growing rapidly, traffic can be a bitch, lots of Karens now, becoming more liberal(just being honest, the whole area is) and when I say liberal like northeast type liberal. Been there 17 years raised a kid there. Changed a lot. was a small town, now a growing extension of Apex , Cary, When I moved there is was maybe 10k or 11k , now it is 36K and growing.


Fuquay Varina, was small, more the old type of Carolina for a long time, they still get the redneck jokes, etc, but really it is connected to H Springs and Apex, have some good breweries, Aviator, Mason Jar, etc, Can be in the country pretty quick, Willlow Springs, Harnette County(Angier). Has everything you need like Home Depot, Walmart, or you can go into H springs, farther away to get back to Cary, Raleigh, because of traffic. They are about 30k in population

You really can't go wrong with any of them. They all have some plus and minus. My biggest issue and I will tell you straight up. this is turning into NY or California in terms of mindset. You may like that but, I am having trouble adjusting to it. Lots to decide and depends on what you have in mind, kinds, schools, urban life, etc.

 

[herdfan06]

Eh, Gaetz is sorta like Trump to me. I don't mind his policies or what he has done in office. I just wish he'd be quiet. Now I've said that I'm sure this thread will go to trash.

You never know what will trigger a thread to go to trash on here.... In 2008, I posted a story about Obama, it somehow turned into a discussion about which poster held the masturbation record, TEKE proudly proclaimed he set it while in college.

Oh, and the heat wasn't that bad. The worst of it wasn't too much worse than you'd have anywhere else in the South. The difference is it starts earlier in the year and lasts until November.

Thus the reason why I avoid the south.

 

[MarshallManiac]

Most of the area is setting up to be the next Cary. Holly Springs is insane with growth over the last decade. So is Fuquay. They are all basically connected now. I don't know a lot about Wake Forest, don't get up that way much. But, it used to be bigger than say Holly Springs, but now that has caught up. Anywhere near the airport is going to be expensive and crowded. Wake Forest is good, Apex, Holly Springs, Fuquay good. You will get a little more country feel in Fuquay. Go out of Wake Forest to Youngsville and it gets more remote and smaller, but you have to come back down Capital Blvd or 540 to get to anything. Garner and Clayton are going to be more east and have lower cost housing.

Lots of good info. We've only been here a few weeks but we've definitely noticed a lot of what you said. Cary may be the only town in the south where Biden signs outnumber Trump signs by a wide margin. I enjoy the diversity in population but just our desire to have a bit of a yard and the fact I'll be working remotely will probably lead to us living a little further out.

 

[i am herdman]

Lots of good info. We've only been here a few weeks but we've definitely noticed a lot of what you said. Cary may be the only town in the south where Biden signs outnumber Trump signs by a wide margin. I enjoy the diversity in population but just our desire to have a bit of a yard and the fact I'll be working remotely will probably lead to us living a little further out.

I would agree with you. When I first came to the area we wanted Cary, Apes, Holly Springs. If I were coming here now and know what I know, I would go further out as well. Maybe outside of Wake County.

 

[riflearm2]

I just looked at home prices in Cary. You all need to stop crying. Those are good deals, especially if you're now surrounded by highly intellectual Northeasterners.

 

[i am herdman]

I just looked at home prices in Cary. You all need to stop crying. Those are good deals, especially if you're now surrounded by highly intellectual Northeasterners.

How about Indians and Pakistanis

 

[riflearm2]

How about Indians and Pakistanis

Your buddy said that he likes the diversity. Of course, we know that isn't true, but he's always wanted to be something he isn't, so he will try to play that role.

And if you have Pakistanis around, you'll end up having a far shorter wait for your Uber driver to get to you.

 

[MarshallManiac]

I just looked at home prices in Cary. You all need to stop crying. Those are good deals, especially if you're now surrounded by highly intellectual Northeasterners.

Context....I said that Cary was ridiculously expensive compared to the rest of the area. I just left an area that was much more expensive. Our house in Florida would probably be 20% cheaper here.

 

[raleighherdfan]

The next “boom” area in the triangle will likely be Pittsboro, Chatham County.

It reminds me of Apex about 15-20 years ago.

The infrastructure and private investment going into that area now is preparing for substantial growth.

 

[MarshallManiac]

The next “boom” area in the triangle will likely be Pittsboro, Chatham County.

It reminds me of Apex about 15-20 years ago.

The infrastructure and private investment going into that area now is preparing for substantial growth.

That's interesting. I'd love to live over close to the lake. We've seen a few houses we like over in that area. My office, if I ever have to go back, will be in RTP, not far from RDU. That would be pretty hefty commute but it's looking like I won't ever have to make that drive more than once or twice per week. Several people have suggested that any area along 540 will be growing as that loop is completed. I think that's a fair assessment from what I've seen in my short time here. Pittsboro is a good suggestion too. I'll definitely have a look.