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Old 04-10-2021, 07:22 AM
 
Location: Indiana Uplands
26,422 posts, read 46,591,155 times
Reputation: 19573

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Quote:
Originally Posted by MortonR View Post
I bought a new house in Indiana in November. Decided last month I didn't want it. Sold it the second day it was listed to the first buyer for $10k more than I paid. I've already closed on it.

When has the market been so crazy that you could flip a house in under six months and make a profit? 2008?

RM
I agree the market is crazy right now, but it really has little in common with 2008 as that entire run-up in real estate prices was primarily due to lax lending standards and speculation, especially in many Sunbelt markets. The price increases now are mostly due to the pent-up demand, low supply (far fewer houses being built relative to population growth in many areas), and better economic situations (higher credit scores, higher median household incomes, and greater savings rates/less debt- compared to prior housing bubble era.
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Old 04-11-2021, 07:40 PM
 
Location: Milwaukee, WI
3,368 posts, read 2,892,582 times
Reputation: 2972
Quote:
Originally Posted by GraniteStater View Post
I agree the market is crazy right now, but it really has little in common with 2008 as that entire run-up in real estate prices was primarily due to lax lending standards and speculation, especially in many Sunbelt markets. The price increases now are mostly due to the pent-up demand, low supply (far fewer houses being built relative to population growth in many areas), and better economic situations (higher credit scores, higher median household incomes, and greater savings rates/less debt- compared to prior housing bubble era.

I don't think there's higher oversight now than it was before 2008... The easiest mortgage I had was made in 2020. 3% down, 400K house, and my score is in 640 range. No questions asked, conventional loan, easy-peasy.
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Old 04-12-2021, 06:10 AM
 
Location: Florida & Arizona
5,978 posts, read 7,382,129 times
Reputation: 7604
Quote:
Originally Posted by brrabbit View Post
I don't think there's higher oversight now than it was before 2008... The easiest mortgage I had was made in 2020. 3% down, 400K house, and my score is in 640 range. No questions asked, conventional loan, easy-peasy.
There's definitely more scrutiny, but if you've got all your ducks in a row when you apply the process is far simpler and streamlined courtesy of technology. I've bought two houses in the last year and in both instances I was able to do my application within an hour or so and had a verbal commitment within a day.

RM
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