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An undocumented symptom of covid is greed. People don't want to live where they think the virus is likely to be, so they head to where they think the virus won't be. Current homeowners wish to take advantage of where they think the exodus will arrive toting bags full of money so they jack their purchase price up without any regard as to where they will live once it sells.
The last housing bubble burst and thousands were left "underwater" owing more than their home was worth.
When this current bubble bursts its gonna be a whole 'nother story.
Virus cases are dropping as more and more folks get fully vaccinated. The bubbles going to burst.
The supply hasn't kept up with demand over the decades. The newer variable is a poop ton more investors, flippers etc buying up lower priced properties which shorts supply and raises prices even higher.
The supply hasn't kept up with demand over the decades. The newer variable is a poop ton more investors, flippers etc buying up lower priced properties which shorts supply and raises prices even higher.
They’ve been flipping for what seems like a decade now. I think even the investors are running out of homes to flip in some areas. Around here anyone that owns a home will get 2 or 3 calls/robotext per week from investors looking for something to buy.
This was happening before Covid. But Covid and the government's response fed into it. The Fed has been dumping cash into the system non-stop since the 2008 crash. A lot of that cash has been going into assets, pumping up prices. Housing is a big part of it, as is the stock market, gold, cryptocurrencies, art, etc.
Quote:
Originally Posted by Driver 47
An undocumented symptom of covid is greed. People don't want to live where they think the virus is likely to be, so they head to where they think the virus won't be. Current homeowners wish to take advantage of where they think the exodus will arrive toting bags full of money so they jack their purchase price up without any regard as to where they will live once it sells.
The last housing bubble burst and thousands were left "underwater" owing more than their home was worth.
When this current bubble bursts its gonna be a whole 'nother story.
Virus cases are dropping as more and more folks get fully vaccinated. The bubbles going to burst.
An undocumented symptom of covid is greed. People don't want to live where they think the virus is likely to be, so they head to where they think the virus won't be. Current homeowners wish to take advantage of where they think the exodus will arrive toting bags full of money so they jack their purchase price up without any regard as to where they will live once it sells.
The last housing bubble burst and thousands were left "underwater" owing more than their home was worth.
When this current bubble bursts its gonna be a whole 'nother story.
Virus cases are dropping as more and more folks get fully vaccinated. The bubbles going to burst.
Nothing to do with covid..Bought my house in 96 for 200K, sold in 2018 for 639K.
C19 is preferentially escorting older ( wealth holding) peeps off this moral coil. Suddenly estates are at play. Money in the hands of those unaccustomed. Early inheritances without the long term end of life care expenses. Go figger.
They’ve been flipping for what seems like a decade now. I think even the investors are running out of homes to flip in some areas. Around here anyone that owns a home will get 2 or 3 calls/robotext per week from investors looking for something to buy.
Sold a house over the last year but between realtors and cash buyers I guess our information was sold because I still get 2-3 calls or texts per week. Pre virus only junk mail.
Most calls are cash buyers/flippers. They had their chance pre virus because we didn't want to do a formal sale. Funny thing is we still were able to sell the house as-is for 100K more than the cash buyers/flippers were offering minus less than 2 K in repairs treatments etc. Neighbors said new owners have started renovations less than 3 months in.
Any area in the state less than an hour from a big city now seeing similar inflation.
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