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I am looking at buying a home and can tell you people are getting stupid again. Prices are going up and its become a sellers market. People never learn.
Come on. Need more details. Where? What do you mean "people" don't learn? There are sellers and there are buyers. It's a market. Are you saying we need government interference to come in and suppress or cap the price at which individuals are able to sell their houses in any given market? Are you saying too many people are being able to borrow money and get into mortgages so we need to clamp down on their ability to do so? If I go to sell my house and list it at X dollars, because research says that's what the market will bear, is there something I've failed to learn?
I am looking at buying a home and can tell you people are getting stupid again. Prices are going up and its become a sellers market. People never learn.
You do realize you're part of the problem, right? If no one was buying prices would go down. Buy in Detroit if you want something cheap. Prices are going up here every day because there are thousands of people moving here every week and the housing market isn't keeping up. There's nothing stupid about it, except that some people can't understand basic supply and demand.
I have been looking at homes for sale in 3 or 4 states, and they are selling well (since Trump was elected) and when homes sell well, the price goes up. That is the way it works.
Don't they teach Economics in high school anymore?
Location: Born & Raised DC > Carolinas > Seattle > Denver
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Quote:
Originally Posted by spillerNburr
I am looking at buying a home and can tell you people are getting stupid again. Prices are going up and its become a sellers market. People never learn.
Home prices are going up as wages stay where they were 15 years ago. So again things set to create a bubble. We may not be there yet but we are on our way. The Tranch and sub prime are back. My financial friends are saying its all back but the NINJA loans. They can not be that far behind. I am seeing prices go up and wages not moving. Not buying we are in some return to the good old days.
I think the implication is that we are repeating the mistakes of the housing insanity of the mid-2000's just before the recession that started in 2008.
I'm not sure what we're seeing today is exactly comparable. Especially in hot metros, which seem to be driven more by hot job markets (i.e. people that can actually (mostly) afford those houses), a lack of new supply in hot markets (job growth is far outpacing new home building in many hot markets), low interest rates, and investment speculation (especially of the foreign variety, investors looking for "safe" places to park their money outside of their country).
The causal factors behind the crash of the housing market in 2008 were more about bad loans being given to people that couldn't afford their houses. I don't see that happening today. Or maybe it is...but I haven't really heard about it.
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