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Old 04-23-2021, 08:26 PM
 
Location: Berkeley Neighborhood, Denver, CO USA
16,069 posts, read 24,359,644 times
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Quote:
Originally Posted by otterhere View Post
I didn't want to buy sight-unseen before I retired and could travel; now I'm afraid I may be priced out! This is extremely depressing. I wish I had bought any ONE of the probably one hundred houses I considered in recent years. Even if I didn't want it now, I could have resold it for a tidy profit!
Hindsight and analysis paralysis are no way to go thru life.
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Old 04-23-2021, 08:28 PM
 
Location: Pittsburgh
6,218 posts, read 8,023,146 times
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Quote:
Originally Posted by davebarnes View Post
Hindsight and analysis paralysis are no way to go thru life.

Now I see that.
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Old 04-23-2021, 10:04 PM
 
Location: Henderson, NV
7,018 posts, read 7,294,400 times
Reputation: 9742
I know some people hope and believe “it’s a bubble” but it really isn’t. House prices increased slowly in most places after the Great Recession, it may have been fast for a few years but many areas like Vegas didn’t reach 2006 levels until literally last year. I also think more and more, there’s going to be a realignment of real estate values with whether the place is actually good to live. In the past, and even now, there are godawful cities that no reasonable person would ever consider that great, but they have super expensive houses because of a strong job market. Yet in my neighborhood here in Henderson, virtually nobody makes a dime off the Nevada economy at all. None of us care what’s going on with Strip casinos or whatever else, because if you had a local job you couldn’t afford to live in a neighborhood of $1M houses or across the street $1.5-2.5M houses. These are company owners who work remotely like me and my two neighbors, or others who have a satellite office here and their company is based elsewhere, or any variety of other jobs that don’t require them to be right next to the action.

Heck even my middle class friend works for a healthcare company based in CA, but he works as an IT and lives here in Vegas. I actually don’t know anyone who has a local job so far, my circle of people is either retired (my relatives) or work remotely / run a company. That’ll be more and more common so people will want to live in desirable cities with great weather and lots to do, versus some snow-covered, high traffic nightmare city they only inhabit because of the great jobs there.
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Old 04-24-2021, 02:25 AM
 
567 posts, read 299,205 times
Reputation: 1596
Quote:
Originally Posted by otterhere View Post
WHY have real estate prices -- seemingly everywhere at once -- suddenly gone sky high? They're fully double the price I was looking at just two or three years ago, and I'm kicking myself for not buying then! How long can we expect these inflated prices to continue?
I'm really surprised that people generally ignore what giving out trillions of newly-created money must do for the real estate market. What else are you going to put your money into? The big billionaire wealth funds have been buying up American real estate for a decade.



The media focuses on illegal immigrants from south of the border, but there are a huge number of not-impoverished Asians also coming to the US and buying real estate.


As the US dollar collapses, our real estate prices will look even more attractive.


There are 7 billion people on this planet. Fortunately, most do not want to come to the US, but with open borders, expect a huge increase in the demand for housing in the foreseeable future.
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Old 04-24-2021, 02:55 AM
 
Location: NJ
16,935 posts, read 25,423,531 times
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Quote:
Originally Posted by otterhere View Post
I didn't want to buy sight-unseen before I retired and could travel; now I'm afraid I may be priced out! This is extremely depressing. I wish I had bought any ONE of the probably one hundred houses I considered in recent years. Even if I didn't want it now, I could have resold it for a tidy profit!

Prices will be going down after this virus is under control.

As was said, not many people were selling this year because who wanted to move with the virus? I sure didn't.

There are a lot of people that stopped working due to it, their mortgage got put on hold. At some point, they're going to have to pay what they did not or get out of the house. I think a lot will leave, some will short sale their homes if they're smart, others will just let it foreclose. Waiting may end up being the smarter option Otter.
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Old 04-24-2021, 05:06 AM
 
7,179 posts, read 3,501,881 times
Reputation: 13694
Quote:
Originally Posted by bizcuit View Post
Sorry, but, housing inventory in New England is minimal and real estate pricing is through the roof these days. Maine is particularly crazy right now. Not everyone is clambering for a "sunbelt" home.
Same. I am in Chicagoland and I think prices here are up quite a bit.
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Old 04-24-2021, 05:18 AM
 
Location: Not the end of the Earth, but I can see it from here
4,718 posts, read 5,001,248 times
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Quote:
Originally Posted by RamenAddict View Post
Same. I am in Chicagoland and I think prices here are up quite a bit.
Agreed. I have connections in Indianapolis and Milwaukee, neither of which are sunbelt locations or particularly desirable (except maybe Milwaukee if you ignore the winter) and they're experiencing similar increases in value and lack of inventory.


RM
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Old 04-24-2021, 08:15 AM
 
Location: Formerly Pleasanton Ca, now in Marietta Ga
8,191 posts, read 5,770,841 times
Reputation: 11787
Quote:
Originally Posted by Roselvr View Post
Prices will be going down after this virus is under control.

As was said, not many people were selling this year because who wanted to move with the virus? I sure didn't.

There are a lot of people that stopped working due to it, their mortgage got put on hold. At some point, they're going to have to pay what they did not or get out of the house. I think a lot will leave, some will short sale their homes if they're smart, others will just let it foreclose. Waiting may end up being the smarter option Otter.
But it could go the other way. If the virus gets under control, pent up demand could actually explode.
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Old 04-24-2021, 09:14 AM
 
Location: San Diego, CA
2,483 posts, read 1,232,410 times
Reputation: 4176
Quote:
Originally Posted by Roselvr View Post
Prices will be going down after this virus is under control.

As was said, not many people were selling this year because who wanted to move with the virus? I sure didn't.

There are a lot of people that stopped working due to it, their mortgage got put on hold. At some point, they're going to have to pay what they did not or get out of the house. I think a lot will leave, some will short sale their homes if they're smart, others will just let it foreclose. Waiting may end up being the smarter option Otter.
Seeing the percent of mortgages in forbearance is in the single digits (low single digits and declining every month) I wouldn’t hold my breath too long waiting for the market to get flooded with houses.

I also wouldn’t hold my breath waiting for a repeat of the housing crash of the Great Recession. Anyone that tried/got a mortgage then and now will tell you it’s not even remotely the same. You can’t get a mortgage these days with stated income. I knew a lot of derelicts who were able to get mortgages back then that would get laughed at if they tried now. Also people saw the market recover (and then some) so walking away when you’re upside down on your mortgage won’t be as prevalent for those who can make the payments.

The market will cool and even come down some, but to what level? People have been saying this for years now, and they’ll be right at some point, but unfortunately for them it probably won’t come down to the level when first started saying it.
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Old 04-24-2021, 09:50 AM
 
6,170 posts, read 8,772,929 times
Reputation: 3656
Quote:
Originally Posted by JonathanLB View Post
I know some people hope and believe “it’s a bubble” but it really isn’t. House prices increased slowly in most places after the Great Recession, it may have been fast for a few years but many areas like Vegas didn’t reach 2006 levels until literally last year.
I think this was probably true until the pandemic hit. Certainly seems like in the past year prices have risen faster than the prior 8 or so.

Maybe there’s not a full on crash, but I would tend to think prices will at least level off and maybe come down here shortly. But who knows, it’s all just a guess really.
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