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I tell you what, they're flipping houses like crazy in my neighborhood. It's full-on afterburners hot around here. House goes up for sale, you're gonna see "under contract" in 2 days or less - whether it's a dated piece of junk or an over-priced reno.
Now, if I can just figure out when the top's gonna be...
Housing usually tracks the economy. Our economy is doing well, so of course housing is raising. It will drop when the economy sours, whenever that will be.
What we need to remember is that the demand for housing is always there, even after the housing bubble popped. Our economy tanked, people lost jobs, and it took down housing; but people still needed places to live. Many people moved back with their parents, or to rentals; but now they have jobs and they need places of their own - hence the housing demand, which was suspended, is now back in full swing.
The easy credit caused an overvaluation of housing, yes. But this time around there is no easy credit, this housing boom is fueled entirely by demand - in other words, good solid fundamental.
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Housing usually tracks the economy. Our economy is doing well, so of course housing is raising. It will drop when the economy sours, whenever that will be.
What we need to remember is that the demand for housing is always there, even after the housing bubble popped. Our economy tanked, people lost jobs, and it took down housing; but people still needed places to live. Many people moved back with their parents, or to rentals; but now they have jobs and they need places of their own - hence the housing demand, which was suspended, is now back in full swing.
The easy credit caused an overvaluation of housing, yes. But this time around there is no easy credit, this housing boom is fueled entirely by demand - in other words, good solid fundamental.
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Along with the typical post-holiday boom, a very low housing inventory in many markets, and the fact that many buyers are worried about interest rates going back up.
This low-inventory and interest-crazed-panic buyer situation is what's causing the high prices.
I don't feel there is a bubble, but we're at a peak in the natural peaks and valleys cycle. Prices will come down again.
Good I hope there is a huge bubble crash and prices come down and the flippers and investors get stuck, they are the vermin sharks that come in to stop others from buying at a reasonable price.
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