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It's probably a little more complicated than it sounds, but there is a firm in Toronto who has bought up 30,000 single family homes (That's not a typo - 30,000) in the south and are renting them out.
That's where the homes went.
They raise the rent because and when they can. https://god.dailydot.com/toronto-lan...nnials-houses/
That has been happening in Sacramento County too, investors snatched up SFH's until they owned thousands of them, they own so many that in some areas and set the rent for all SFH rentals
Location: Was Midvalley Oregon; Now Eastside Seattle area
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Quote:
Originally Posted by BigCityDreamer
My suggestion to people is that it's better to be in the game than out of the game. If you can't afford to buy a single family house right now, then buy a townhouse or a condo. Buy in a middle class area. You will build equity over time and it is likely to turn out to be a good investment over the long term.
I own my primary residence and 2 investment properties. That is the way I started (really small).
DS bought a townhouse in Seattle in 2014 (2007 build) and is now renting it at $1000 above his PITI.
He's using the rent to help cover his new home that he is splitting the cost with his GF of 3 years. And his share is less than his payment of his previous home PITI where he didn't allow GF to pay but he did allow GF to pay recurring costs as gas, electric, internet, food, etc.
His current home, they paid 25%+ over stated listing. They beat out 15 other full price and above offers.
YMMV
High prices makes people feel like they need to get in now before prices spiral even higher.
Insanity! If everyone would stop paying these prices for three months, it would help. Your property is only worth what a buyer will close on it for, so stop over-paying.
High prices makes people feel like they need to get in now before prices spiral even higher.
Reminds me of internet-stocks in 1999.
Given expectations that prices tomorrow will be even higher than today, potential sellers are holding off. They get $1.2M now, when you can get $1.4M next fall? Thus the constrained supply. But what if buyers finally decide, one glorious and mild spring afternoon, that prices are just a tad too high? Then sellers will rush to sell before, it's too late... whereupon we fairly ask, what happens to prices?
Prices rise and rise and rise, until one day, they don't.
Location: Was Midvalley Oregon; Now Eastside Seattle area
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^Sharpydove
Not possible in wealthy Seattle area.
Tech is still hiring aggressively. RSUs are being cashed out after a long bull run.Amazon forced to give raises to large swarths of their tech people just to stay competive and stop employees from jumping.
Land constraints. Highways and parking issues.
Given expectations that prices tomorrow will be even higher than today, potential sellers are holding off. They get $1.2M now, when you can get $1.4M next fall? Thus the constrained supply. But what if buyers finally decide, one glorious and mild spring afternoon, that prices are just a tad too high? Then sellers will rush to sell before, it's too late... whereupon we fairly ask, what happens to prices?
Prices rise and rise and rise, until one day, they don't.
There’s been a run up in prices since basically the summer of 2020. If anyone hasn’t sold by now I find it hard to believe they will be willing to sell if/when prices drop. They’ve had plenty of time to decide. Using myself as an example, I have a multi-family rental property that I’m itching to sell but my wife doesn’t think it’s worth it for the price we think we would get for it today. So we will hold it and see how high prices go over the next year or two. If they stall or drop we’ll just hold it long term and continue to build equity. It’s really a win/win the way I see it.
My secret is out. Might as well confess that I slide them under the window gasket on the driver's door rather than the wiper and that tourist motels get more bang for the effort than Walmart. Publix parking lot is another target-rich environment.
Speaking of Target...luxury homeowners. I usually avoid the 1 K-Mart in my market that's still open though.
We get a report every month on housing in our town. To date we have had the exact same amount of house sales as the same period last year. The trend here for the last 6 months is the asking prices are still going up but the actual selling prices have been declining. The active listings are about half as many now as last year.
We are looking to move to the Oregon coast and have been watching prices there for a few years. The prices are a lot higher but mirror the results here otherwise.
... The active listings are about half as many now as last year.
This is the part that baffles me the most. With springtime afoot, and the Pandemic in most cases abated, why are would-be sellers so reluctant to list their houses? In other words, with for-sale inventory being so low, the market gets further distorted... buyers are chasing a dwinding supply of houses, prices rise (supply/demand), the market gets more frothy, buyers get more desperate, and so on. Dutch tulips?
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