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I honestly believe part of the reason for the demand right now is just simple human nature. There's blood in the water, people want what other people want. There is also FOMO that kicks in like uneducated people buying into a pump and dump stock thinking they're missing the run.
From 2015 to 2020 I can really only think of maybe 1 or 2 couples who bought a house. In 2020 I literally know 7 couples who decided now was the time to go out and purchase a house. A few were first time home buyers, others were all looking for a big step up.
I think a lot of what we're seeing now is just panic buying. People thinking housing prices are just going to keep going up and up and up. And part of it is just "well it's what everyone else is doing".
the growth rate in unit sales since 2011 in my solid market is not even as high as it was 2000-2006.
the growth rate has increased since May 2020 though, but still not as fast as pre-2006.
as to your personal experience, I suppose it depends how old you are. You might be in the right spot generationally to see a large increase in your sphere that buys.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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I don't think demand is any greater than usual, it's the lack of supply:
-Many seniors are staying in their home, instead of moving to a condo in Florida
-The high cost of new development with far more zoning/environmental/permitting adding to the costs
-The current inflation of building materials slowing construction
-Couples with kids leaving big cities for better schools
-Couples with kids (or without) leaving big cities to avoid marches, riots, homeless and crime
-Desirable areas with great schools and low crime have little/no rentals so people have to buy to live there
I honestly believe part of the reason for the demand right now is just simple human nature. There's blood in the water, people want what other people want. There is also FOMO that kicks in like uneducated people buying into a pump and dump stock thinking they're missing the run.
From 2015 to 2020 I can really only think of maybe 1 or 2 couples who bought a house. In 2020 I literally know 7 couples who decided now was the time to go out and purchase a house. A few were first time home buyers, others were all looking for a big step up.
I think a lot of what we're seeing now is just panic buying. People thinking housing prices are just going to keep going up and up and up. And part of it is just "well it's what everyone else is doing".
Absolutely. Not only is it driving up prices in the short term as they’re able to outbid, and/or offer a quicker sale with all cash, but these houses won’t return to the market in the future only driving up prices more. It’s also been driving up rent prices too.
I was aware Wall St was buying up foreclosed houses after the Great Recession (just ponder that one for a minute) but didn’t give a lot of credence to them competing with buyers now on homes already occupied until it happened in my neighborhood, twice.
BUY when everyone's selling; SELL when everyone's buying.
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