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In SoCal, there just isn't a lot of places to build. We've expanded east to Riverside/IE and even those are getting pricey.
I was looking when the pandemic started. I came to a dead screeching halt when it happened. Then, maybe three weeks in, I started asking for 20% off *snickers*. Got a few willing to dip 3%. Because of my pride, I passed. Waited two months and ended up paying full price in 2020. OF course, in the time span of 20 months, it's appreciated close to 40%
Yeah, Oahu's market was like that (still is I'm sure, I'm not there). Even our area, lots of land, sparsely populated, has home popping up everywhere, all the new are sold within days, older homes are around 7 available, on one end you have a beat up modular for 300K and a 7M at the other (WHY did they build that here?????).
Our area is a circle with a few side streets, and the amount of houses have doubled since Dec 2019.
I figured being in the middle of nowhere, I wouldn't see any value increase in our house, it's gone up around 30%.
The list of things I do not understand about economics just gets bigger and bigger...
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It's more of the issue that I did not foresee a bunch of people wanting to move out here. When we moved there were quite a few houses on the market AND they were list for 6 mos to a year.
Two years later they are snapped up before anyone has a chance to scroll down the page.
It's a 30 mile drive to a supermarket, and there are few jobs inside a 50 mile radius.
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It's more of the issue that I did not foresee a bunch of people wanting to move out here. When we moved there were quite a few houses on the market AND they were list for 6 mos to a year.
Two years later they are snapped up before anyone has a chance to scroll down the page.
It's a 30 mile drive to a supermarket, and there are few jobs inside a 50 mile radius.
Nothing moves in one direction forever. Affordability is a real-life problem at some point. Also when monthly mortgage and tax payments get too high for some buyers, there will be mortgage defaults. A pinch in lending never helps.
No. lol We moved FROM Hawaii to the middle of nowhere Nevada.
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Still trying to figure out where all this money is coming from.
My guess is that it's mostly a lack of available housing. The people that CAN afford to buy, happen to have enough money to buy well over asking price. Those that can't, or would struggle in a buyer friendly market....they'll continue to wait.
We hear stories about how most Americans barely have any savings, the high credit card and student loan debt etc., yet everyone is buying houses. I do think some of the entities like Blackrock plus Chinese investors buying homes is a legit "thing." Not to mention all the people from high COL states moving to the Sunbelt is also a "thing." They use the equity on their expensive CA/NJ/IL/NY/MA house and buy a bigger house in TX or NC while saving money in the process.
Wealth transfers probably contribute as well since many Millenials and older Gen Z members may have lucrative careers but receive cash infusions from parents and grandparents to make the big purchase. This doesn't get talked about much but there's no way you can go on nice vacations, drive nice cars, make decent but not great money AND THEN comfortably buy a home in this climate without something going on behind the scenes. Some will say "investments"........more like Granny's investments 20 years ago paid off for you!
Still trying to figure out where all this money is coming from.
My guess is that it's mostly a lack of available housing. The people that CAN afford to buy, happen to have enough money to buy well over asking price. Those that can't, or would struggle in a buyer friendly market....they'll continue to wait.
We hear stories about how most Americans barely have any savings, the high credit card and student loan debt etc., yet everyone is buying houses. I do think some of the entities like Blackrock plus Chinese investors buying homes is a legit "thing." Not to mention all the people from high COL states moving to the Sunbelt is also a "thing." They use the equity on their expensive CA/NJ/IL/NY/MA house and buy a bigger house in TX or NC while saving money in the process.
Wealth transfers probably contribute as well since many Millenials and older Gen Z members may have lucrative careers but receive cash infusions from parents and grandparents to make the big purchase. This doesn't get talked about much but there's no way you can go on nice vacations, drive nice cars, make decent but not great money AND THEN comfortably buy a home in this climate without something going on behind the scenes. Some will say "investments"........more like Granny's investments 20 years ago paid off for you!
Yes, there are boomer/Gen X parents stepping in to help their kids get into homes.
Yes, investors are buying up homes with high down payments or cash squeezing out first-timers.
Not all investors are big corporations. Lots and lots of small-time investors are in the market as well.
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Solly says — Be nice!
