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Old 08-22-2020, 06:06 PM
 
1,687 posts, read 1,068,455 times
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This is all speculation. The more important question is, what jobs are next on the chopping board? People buying up suburban houses may not have their jobs in a year. There is a domino effect.
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Old 08-22-2020, 09:53 PM
 
131 posts, read 36,928 times
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Quote:
Originally Posted by M3Guy View Post
This is all speculation. The more important question is, what jobs are next on the chopping board? People buying up suburban houses may not have their jobs in a year. There is a domino effect.
As a liberal myself, let me tell you what we are seeing — a wealth redistribution. Those moving from high tax democrat controlled places (like me) often like their money and know how to protect it. They can get out of the big cities and make it somewhat comfortably in the burbs for a while.

#1 priority is maintaining wealth
#2 priority is politics

That’s cut throat but I’m gangsta.
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Old 08-22-2020, 10:32 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
31,582 posts, read 52,034,546 times
Reputation: 40321
Quote:
Originally Posted by OregontoGeorgia View Post
As a liberal myself, let me tell you what we are seeing — a wealth redistribution. Those moving from high tax democrat controlled places (like me) often like their money and know how to protect it. They can get out of the big cities and make it somewhat comfortably in the burbs for a while.

#1 priority is maintaining wealth
#2 priority is politics

That’s cut throat but I’m gangsta.
But.... It's all gonna burn.

I gave my wealth to my family foundation at age 39.

The rest has worked itself out.
Eating fine
Healthy (good thing if living in USA during a pandemic with no affordable healthcare... For last 12 yrs)
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Old 08-23-2020, 09:36 AM
 
Location: East TN
10,054 posts, read 8,216,555 times
Reputation: 35949
Real estate in my area is on a climb with no sign of a downturn in sight. New homes are being built and homes on the lower end of the price scale for the area sell with multiple offers in days. C-virus has had ZERO impact here. Lots of retirees in my area, and lots of new people moving to the state.
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Old 08-23-2020, 01:37 PM
 
Location: Dude...., I'm right here
1,668 posts, read 1,292,850 times
Reputation: 1710
No crash/dip in the horizon

DoubleLine's Shinoda explains what housing has now that it didn't during the last crisis
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Old 08-24-2020, 11:16 AM
 
Location: DFW - Coppell / Las Colinas
40,141 posts, read 45,827,505 times
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Are you talking NY City where people are leaving or Dallas TX where people are going?
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Old 08-24-2020, 02:56 PM
 
4,814 posts, read 3,999,239 times
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Originally Posted by MidModUSA View Post
From what I am reading, the downturn is going to be location specific. There appears to be a mass exodus from cities into the burbs and outlying areas fueled by need for safety, reduced cost of living and the ability to work remote. I am seeing it here in our mid-sized city in the Midwest. Our area is typically a stable market and weathers downturns well but we aren't 'hot' and have never seen dramatic price increases. But things are starting to heat up here. I have been shocked at what homes in my neighborhood are selling for now. Our job market is not too robust but when you factor in remote work... well, that is a game changer. So, think about the homes those people are leaving... where are they? Are buyers swooping in to buy in them? There was a reason someone left that area and if inventory starts to increase in those areas but inventory becomes tighter in areas like mine, then that will be very localized and the 'dip' is not on a national scale as the 2008 crisis was.
This is what happened in Northwest Arkansas when Wal-Mart doubled down on e-commerce to combat Amazon surging in popularity. Wal-Mart wanted its vendors in their backyard and home prices have skyrocketed ever since. I have coworker that lives in Fayetteville and to build his house 5 years ago was $91/sq ft. Similar sized house is now going for $135/sq ft. That's nearly 50% increase in costs in roughly 5 years.

Inventory can't get to market quick enough before it's under contract. Seeing a lot of houses hit the market in the $300-500k range. The average sale price for homes in Northwest Arkansas right now is $256k. In 2015, it was right around $200k.
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Old 08-24-2020, 04:18 PM
 
Location: Boston
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Talked to a RE broker I've known told me hasn't seen the housing market like this in 25 years. Houses in bidding wars. Sales are great.
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Old 08-25-2020, 08:23 AM
 
Location: Northern Maine
10,342 posts, read 17,507,069 times
Reputation: 11213
I was born before WWII. I have seen three real estate booms and three busts. Many areas are in the early stages of a boom. Building supply companies are out of stock in many items. Sawmills are working three shifts. Many home buyers are hoping to get the shell of their home up and weather tight before winter and it's still summer. I see the highest unsatisfied demand in rural and very rural areas.Many families have been into soft preparedness.Rather than go to a deli or pizza shop every day, they actually cook. Now these soft preppers want to go long on prepping and grow their own food and hunt in safe places. The FBI says that Maine is the safest state.

Hurricanes are always followed by shortages in building supplies.Keep an eye on the Gulf Coast this week.
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Old 08-25-2020, 12:14 PM
 
Location: DFW - Coppell / Las Colinas
40,141 posts, read 45,827,505 times
Reputation: 52578
Quote:
Originally Posted by Northern Maine Land Man View Post

Hurricanes are always followed by shortages in building supplies.Keep an eye on the Gulf Coast this week.
A fairly large Regional Builder told me a few days ago the cost of lumber to frame a house has gone up $12,000 since May.
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