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OP: Is there some policy prescription you're pushing for? Or is this just general whining about market forces and hand-wringing about being a buyer in a strong seller's market?
OP: Is there some policy prescription you're pushing for? Or is this just general whining about market forces and hand-wringing about being a buyer in a strong seller's market?
There is a lot of whining about not being able to buy a house where people grew up. Boo hoo. I want a Ferrari.
NO, this is the NEW NORMAL........prices will stay high, keep rising and then an occasional
minor-correction, repeat!
A HUGE new reality....tons of foreign-money/investors, techies with boatloads of money to spend/overspend on a house, a whole array of investment-vehicles tied to housing worth trillions of dollars, flippers, institutional corporations that buy, own, rent, flip, sell huge swaths of homes. The lineup of people and corporations that desire and buy housing for investment purposes, long term and short, is a game-changer.
The value of housing to many financial institutions and others, is above and beyond the current home-values.....THAT is one of the biggest things that will keep the prices of homes going up and up and up...interspersed with minor corrections along the way.
I see houses in places like "undesirable" Bakersfield, that have more than doubled in
selling-price, in just the last 4-5 years.
I see lower priced homes selling, average priced homes sitting and then the really upscale ( not your average mcmansion but actual estates and working farms selling in no time flat.
I'm seeing a strangely familiar phenomena where I live. There's no housing shortage, but prices are rising at an unsustainable rate. Builders are building again, so I'm hoping for some equilibrium in the market, but I'm worried about another bubble. Lots of us got creamed when the crash came last time and a lot of these homes are being bought by investors as rental units.
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 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.
*Makes a topic about America going stupid*
*topic is about OP buying a house at an undisclosed location*
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