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Old 04-25-2021, 07:41 AM
 
Location: St Paul
7,713 posts, read 4,113,143 times
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Quote:
Originally Posted by Moby Hick View Post
It's either buy now to avoid being priced out forever or it's if you buy now you'll lose it all in a soon-to-come crash.


Good luck figuring that one out young people. I haven't the slightest idea.

It really is a paradox. A person I respect with ties to the financial world said prices will never come back down. He says that houses have become an asset class, like gold, silver or bitcoin. Especially affordable homes (under 300k). That institutional investors like Blackrock have purchased large swaths of single family homes as long holds, with no intention of unloading them. Basically they can control the rental market in areas they target.

On the other hand, according to BLS stats gas prices rose more than 9% last month alone, food prices usually mirror gas prices so food is probably up a similar %, small businesses have/are going out of business like crazy due to Govt Covid responses, the stock market is taking a beating, were raising taxes, and returning to the 'service driven economy', which hurts middle & working class Americans. At this rate middle class Americans likely won't be able to afford these homes within a couple years. When the buyers dry up, prices fall.


I think we're in for a big housing crash before the end of Biden's presidency.
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Old 04-25-2021, 08:14 AM
 
16,888 posts, read 7,181,126 times
Reputation: 20920
Quote:
Originally Posted by otterhere View Post
Buyers don't necessarily HAVE to move in order to buy. They could rent out their new properties, although I pity any landlord who can't evict bad tenants due to the COVID moratorium and thank God I am *not* one at the moment...

Well they "could" but do you really think the imbalance is because there are that many people looking to get into investment property? From what I've heard, more are looking to get out and this would add to the supply not the demand.
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Old 04-25-2021, 08:29 AM
 
Location: Middle of the valley
40,248 posts, read 25,654,021 times
Reputation: 57606
I'll never pretend to understand the markets. We moved a rural area a year and a half ago. In my mind I felt that our house would not really appreciate much over time (not like HI, and San fran).

We did somewhat buy unseen, except I came out to do the inspection and such before it closed. We started looking at homes about 6 months before our move, and there was lots of inventory in the areas we were looking.

Now? NO inventory, so they are building. Lots have sat here for years, now 7 are being built on, and prices jumped way up, even for just the land.

So once again, I've been shown by events that I do not understand this stuff.

Buy when you want to move, I don't think you can time it, just gotta do it.
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Old 04-25-2021, 09:43 AM
 
Location: North Idaho
26,950 posts, read 36,227,223 times
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Quote:
Originally Posted by oceangaia View Post
....... From what I've heard, more are looking to get out and this would add to the supply not the demand.

Just a casual observation, word of mouth sort of things. I know quite a few experienced landlords who are selling out and the buyers are either newcomers with no experience who apparently don't understand what they are buying into, or else they are large investment firms with huge public offerings and a pool of numerous small investors, REITs and that sort.


Many of the single family houses are being sold to owner occupants. Approximately 38% of the population are tenants, so there is a huge pool of first time buyers taking advantage of the very cheap money and government help to buy.
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Old 04-25-2021, 02:30 PM
 
Location: Pittsburgh
6,218 posts, read 8,023,146 times
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Quote:
Originally Posted by Mason3000 View Post
the stock market is taking a beating

Which ones? My accounts are way, way up.
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Old 04-25-2021, 03:25 PM
 
Location: Middle of the valley
40,248 posts, read 25,654,021 times
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Quote:
Originally Posted by Moby Hick View Post
Which ones? My accounts are way, way up.
The markets have been at record highs, how could you lose money?
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Old 04-25-2021, 03:38 PM
 
183 posts, read 154,097 times
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Just hold on for a few more weeks, let us sell and maybe we can go shopping in a couple of years
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Old 04-25-2021, 03:46 PM
 
Location: Pittsburgh
6,218 posts, read 8,023,146 times
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Quote:
Originally Posted by Mikala43 View Post
The markets have been at record highs, how could you lose money?



I thought I was a financial genius, but maybe no.
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Old 04-25-2021, 03:48 PM
 
Location: NC
7,895 posts, read 10,476,268 times
Reputation: 16768
I would say that this time there is one big difference. People earning big salaries in expensive cities are moving far from where they worked because it is cheaper and that inflated salary goes further in the suburbs. What remains to be seen is if those high salaries continue when the boss sees they are working from home in cheaper areas.
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Old 04-25-2021, 03:48 PM
 
681 posts, read 183,780 times
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Another reason. A lot of home buyers made decent money. Just did not have the down payment. All the free stimulus money solved that problem.
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