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Old 07-20-2017, 12:01 PM
 
Location: In The Thin Air
12,566 posts, read 10,547,890 times
Reputation: 9247

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Quote:
Originally Posted by spillerNburr View Post
I am looking at buying a home and can tell you people are getting stupid again. Prices are going up and its become a sellers market. People never learn.
Make sure to get an interest only loan.
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Old 07-20-2017, 12:09 PM
 
Location: Barrington
63,919 posts, read 46,456,708 times
Reputation: 20674
Quote:
Originally Posted by jm1982 View Post
It's been like this for a while in my area. I actually put my home up for sale recently and went under contract quick with multiple offers.

Some people are paying $100,000 over asking price for some homes..not mine unfortunately.

The thing with real estate is it's all local. I've heard people on the real estate forum in rural areas say things take months or something over a year to sell in their area..because demand is so low..not enough buyers.

Personally I feel something will happen relatively soon and there will be a cooling off. There always has been , but like last time people though that prices would go up forever.

I bought in 2010 when real estate wasn't cool...it was something to avoid and 'unsafe' ,'risky' , 'toxic mortgages!"
Real estate is too cool now in a lot of the major markets and everyone seems to want to buy.
I am a refugee from the CD Real Estate forum, during the melt down.

For every community experiencing rapid appreciation, there's another that's stuck. All markets operate on principals of supply and demand.
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Old 07-20-2017, 12:14 PM
 
Location: Barrington
63,919 posts, read 46,456,708 times
Reputation: 20674
Quote:
Originally Posted by ottomobeale View Post
OP: What metro area?
OP's posting DNA suggests the Fayetteville area. I do not know that market. Internet sources put the median home value at $186K, an increase of 5% over a year ago and project a smaller increase this year.

There is never a shortage of buyers who want what they cannot afford just as there's no shortage of sellers who believe what they paid, invested, owed or want, matters.
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Old 07-20-2017, 12:14 PM
 
Location: Los Angeles (Native)
25,303 posts, read 21,295,020 times
Reputation: 12312
Quote:
Originally Posted by middle-aged mom View Post
I am a refugee from the CD Real Estate forum, during the melt down.

For every community experiencing rapid appreciation, there's another that's stuck. All markets operate on principals of supply and demand.
Yes but the problem is the big media is focused on the big cities of the coasts mostly . NYC ,L.A etc
So called educated people are totally ignorant about what's going on in the rest of the country .
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Old 07-20-2017, 12:17 PM
 
Location: Barrington
63,919 posts, read 46,456,708 times
Reputation: 20674
Quote:
Originally Posted by Cape Cod Todd View Post
Prices and demand are up and it is a sellers market.
I work in real estate and we just had a house go under agreement in a week. I have heard of others that are more affordable for the average family go in days with multiple offers.
We have buyers with 6 figures plus that are looking to buy but there is such a lack of inventory.

There is nothing stupid about the ups and downs of the real estate market. It is very natural but it still comes down to the property being priced right, standing tall (looking good) and of course Location.


What is stupid is when the banks start to get clever with their lending and they over appraise a property and they give a loan to someone who cannot afford it.
So far the banks have been getting creative but they are also being careful and the appraisals are very tight. At least in my area.

Hopefully we will see several more years of the boom because it is so good for the trickle down economy and beneficial to many. There will be a bust because there always is but lets hold that off by natural means and keeping the banks from getting out of control greedy.
You are speaking for your local ( Cape Cod?) market.
It and the greater Boston area has experienced local real estate bubbles since forever.

For every rapidly appreciating market, there's one that is stuck.
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Old 07-20-2017, 12:24 PM
 
Location: Barrington
63,919 posts, read 46,456,708 times
Reputation: 20674
Quote:
Originally Posted by spillerNburr View Post
I am also a seller, Sold my condo and have a home for sale in SWF. So its not one sided, I was also saying the same thing in 2003. It takes a while but there are many things that Americans and doing stupid again. Autos, paying 50k on a 70 month for some car or truck. Debt is back and it will head in the same direction. Just because some real estate agent says things are good mean crap all. They were saying that to me when I called down in SWF in 2007. I can remember the call, When I said prices are getting bat crap crazy, I was told it will be 10 percent higher next year and the year after that. Things go up until they don't. People are so easily conned into the greater fool theory every time. I am not saying we are at the threshold of 08 this second but we are walking down that road again.
Cannot imagine anyone relying on a real estate agent for financial planning/investment advice.

I say this as some one with a broker's license.

The stock market consistently out performs real estate, over time. It is near impossible to time. Unfortunately, it's tough to live in one's portfolio.
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Old 07-20-2017, 12:27 PM
 
19,378 posts, read 12,026,743 times
Reputation: 26100
Quote:
Originally Posted by jm1982 View Post
Yes but the problem is the big media is focused on the big cities of the coasts mostly . NYC ,L.A etc
So called educated people are totally ignorant about what's going on in the rest of the country .
Thank you. And they don't realize the depressed or stagnant areas are not all rural, "flyover" areas, some of them are not far from their precious hot cities, even within the outer boundaries of a city metro and not low income neighborhoods. Some of them are in areas with a great economy and low unemployment. They are suburban and exurban with good schools, and a stagnant real estate market.
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Old 07-20-2017, 12:28 PM
 
Location: Barrington
63,919 posts, read 46,456,708 times
Reputation: 20674
Quote:
Originally Posted by spillerNburr View Post
Not everyone fits in this category. What I am saying is that bad lending and people going into debt they should not is headed back the same way it did back in the late 90s and early 2000s. It will end badly.
Flip side:
Pre Great Depression a home purchased typically required 50% down and matured in 5 years. At that time, the borrower could refinance at current rates or pay the note off. Despite these conservative lending practices, about 50% of housing went into foreclosure during the Great Depression. Banks that survived declined to lend new money.
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Old 07-20-2017, 12:37 PM
 
Location: Barrington
63,919 posts, read 46,456,708 times
Reputation: 20674
Quote:
Originally Posted by evilcart View Post
you are years behind the curve here, the bubbles are back long ago, must likely your location is just catching up. Remember RE goes in a bunch of bubbles.

there are hot spots across the globe, anywhere jobs are doing well RE is very high.
The last go around was a global housing bubble. South Africa and New Zealand experienced the greatest appreciation in those time past. Ireland and Iceland were not too far behind.

Our friends to the north have had a sustained housing bubble in greater metro areas that ebbs and flows, but does not implode.

Conversely, took Japan nearly 20 years to recover from the asset bubble of the mid-80's- early 90's.
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Old 07-20-2017, 12:40 PM
 
Location: Barrington
63,919 posts, read 46,456,708 times
Reputation: 20674
Quote:
Originally Posted by Crosstimbers Okie View Post
Bu, bu, bu, but... Doesn't real estate always go up?
Nope.

Taling the long view, real estate has been a never ending cycle of bubbles and busts, since forever and is certainly not limited to the US.
.
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