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Bloomberg Business has an interest issue last month covering the housing market - Flips, No-look bids, 300 percent returns, What could possibly go wrong?
Another BS article...EXISTING home values in the Tampa, Florida area have barely moved up since 2003.
Our neighbor just sold her home for $70,000 more than I paid for mine. We bought in December of 2010. All the homes on our street are similar in size, lot size is all the same, hers is a 3 bedroom 3 bath, ours is a 4 bedroom 3 bath. She had 17 people make offers on the home all of them for her asking price or higher. Of the 17 only 2 people wanted to do a non conventional deal by having her hold a note on the home. Her home appraised for $58,000 below what it sold. What I am seeing is people that can buy are buying homes and many have the money to make it happen.
No, this is definitely happening in certain areas of the country. It just isn't in Tampa.
Austin, Seattle, Colorado Front Range ... Prices have gone up 35% around me in the last year, and homes are lucky to sit on the market a week.
Well, that's not normal. I'm in a 'hot' zip code in Seattle and prices have gone up in the low-mid single digits over the past year and a half, 10% tops. The median price has increased quite a bit, but that's only because there are fewer bank sales, and a lot of the ones from a year ago were renovated and flipped in a much higher price range than before. That does not mean the price of every house has increased by leaps and bounds.
Real Estate is local and most statements that quote nationwide average are often as wrong as they are right.
The property I owned in a 'hot' area dropped only 13% in the crash but it gaining back 6% recently is good but not the same good news as it would have been before the drop.
The property I live in where the market stumbled badly dropped in value 25% and has not come back at all.
Nationwide statistics mean little in my case and if you look carefully at some of the great gains you will find they have a backdrop of big loses in recent years. Some people will time RE just right but the majority may not.
Well, that's not normal. I'm in a 'hot' zip code in Seattle and prices have gone up in the low-mid single digits over the past year and a half, 10% tops. The median price has increased quite a bit, but that's only because there are fewer bank sales, and a lot of the ones from a year ago were renovated and flipped in a much higher price range than before. That does not mean the price of every house has increased by leaps and bounds.
Quote:
Originally Posted by theoldnorthstate
Concur, I will believe this so called rebound when I see it in Orlando area
What we are seeing is the leading edge of a new bubble. It may or may not hit all markets but the longer it keeps going the more likely it is to come to a property near you.
It never fails. A market (take any market for anything) goes up and corrects or crashes. Then people complain about the price drops. Same people then complain when others come in to buy. Same people then sit around waiting for a recovery. Same people then complain that people are buying all the while they sit around waiting for a recover. The these same people talk about another crash because prices are rising.
Here is how it works. You can sit around complaining and speculating about housing prices or you can buy low and if you want, sell high. One thing is certain, if you wait long enough, every possibility will happen. In the meanwhile, opportunities pass you by as you contemplate bubbles and so on. Later, when every possibility happens you can sit there rubbing hands together with the satisfaction that what you thought would eventually happen did happen. That you also missed out on the way markets work, in that they go up and down , will completely escape you.
Not everyone is in foreclosure. Not everyone got hurt by the housing bubble. Lots of people bought when prices fell. The people who say that in order for prices to be realistic they have to fall to before bubble numbers? That is realistic? Isn't this 2013? Do you also sit around waiting for bread to go back to 25 cents a loaf? It isn't going to happen.
So sit out opportunity. No one is forcing anyone to buy anything, you can always rent and pay someone else who bought and simply move your money from your account to theirs. Landlords love people who sit around saying there is a housing market bubble. In 5 years in lost of markets you will spend far more than $100,000 in rent. Now run that out say 15 years. Talk about living in a bubble.
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