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I have no clue how Hartford came up on this list. Quite surprising, honestly.
Also, can anyone explain how California manages to still host several "hot" housing markets? At some point the literally insane housing prices would have to have an effect on demand, and yet the coastal cities (and now Sacramento) keep growing. How is this happening?
To be honest, there needs to be a list for areas NOT on fire, as that is pretty hard to find right now to some degree.
Actually, the places that were not on fire before the pandemic are now especially not on fire. So certain parts of the Northeast and most of the Midwest, in other words.
Actually, the places that were not on fire before the pandemic are now especially not on fire. So certain parts of the Northeast and most of the Midwest, in other words.
examples? I cannot find a single market that is not on fire.
^Exactly, even in the Syracuse area, there are homes with under 1000 sq. ft. listed for 135k selling for tens of thousands over that, with 30 offers and going to a person with a cash offer and this isn't the other part of Upstate NY like this. Hence, the reason why I mentioned that it may be harder to find areas that aren't on fire to some degree.
^Exactly, even in the Syracuse area, there are homes with under 1000 sq. ft. listed for 135k selling for tens of thousands over that, with 30 offers and going to a person with a cash offer and this isn't the other part of Upstate NY like this. Hence, the reason why I mentioned that it may be harder to find areas that aren't on fire to some degree.
Yeah its crazy on fire. Oswego, which has low.. very low.. verrry low demand (Pre COVID) is absolutely insane. Closing sales in two days with multple offers. I know someone who bought a home for $155k there..the house sold (according to Zillow) for 60k in 2008, 54k in 2011, 89k in 2015.
Everywhere is suffering from an extreme lack of supply as Boomers and Millenials go to move into smaller/starter homes creating a huge imbalance as demand stays through the roof.
Government prints a ton of money and distributes it. Benchmark interest rate drops to historic lows. Banks see historically high mortgage demand, print historically large amounts of money. US money supply sees a huge increase, while the amount of actual value represented by that money drops (Covid production issues). This is inflation.
EDIT: And some people are likely looking for relatively safe places to store their cash to avoid it devaluing.
Yeah its crazy on fire. Oswego, which has low.. very low.. verrry low demand (Pre COVID) is absolutely insane. Closing sales in two days with multple offers. I know someone who bought a home for $155k there..the house sold (according to Zillow) for 60k in 2008, 54k in 2011, 89k in 2015.
Everywhere is suffering from an extreme lack of supply as Boomers and Millenials go to move into smaller/starter homes creating a huge imbalance as demand stays through the roof.
There is also the aspect of big city people that can work remote and don't have to go into town but for only limited amounts of days, if at all, that are moving to smaller cities/towns as well. They bring that big city salary with them and can pay for homes in these areas with cash in hand.
Also, can anyone explain how California manages to still host several "hot" housing markets? At some point the literally insane housing prices would have to have an effect on demand, and yet the coastal cities (and now Sacramento) keep growing. How is this happening?
A lot of people with a lot of money want to live in CA, especially the coastal regions, relative to supply of available land/dwelling units in those regions.
I live in central Wisconsin, and prices have risen here, fairly substantially, and homes are getting multiple offers, far above asking. It's not just a phenomenon in large cities in, let's say, California. A house in our neighborhood went on the market, and within a day, had over 20 offers. This is not a highly populated area. Like I said, not unusual right now, in most places, I'm guessing.
Yeah, it's probably a lot more instructive to focus on areas where there ISN'T an insane supply-demand imbalance right now. Maybe rural areas with high poverty?
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