Housing Bubble 2020 Sacramento (Fair Oaks, Nice: houses, buyer, inspections)

[mixxalot]

@2sleepy and I think summer is the WORST time of year to actually buy a home with so much competition. I am going to wait until after the November election and for my ankle to finish healing. Worst case- permanent telework, then I buy same home for 200k in the midwest or south with no debt and have dirt cheap living and bank the rest of the cash toward retirement.

[2sleepy]

Originally Posted by mixxalot

@2sleepy and I think summer is the WORST time of year to actually buy a home with so much competition. I am going to wait until after the November election and for my ankle to finish healing. Worst case- permanent telework, then I buy same home for 200k in the midwest or south with no debt and have dirt cheap living and bank the rest of the cash toward retirement.

You will never do as well in 3 or 4 months than you will on that Fair Oaks house right now. You could make money buying it and renting it out. I have a friend who rented a very similar house not too far from there and she's paying $2200 a month + utilities. But if you want to wait that's entirely your call, I just feel bad because I've watched one house after another fall out of reach of my son because he's afraid he's buying at the 'top of the market' and every time he passes a house up the market just continues to go up.

[mixxalot]

I want a place to live for the next 10 years not to rent a home out. I am patient and prices cannot go up forever. They crashed before with bubbles.

[Electrician4you]

Originally Posted by mixxalot

Well at least my stock investments are doing well. Stocks are liquid assets. Real estate is not. I am thankful that I invest.

And I’m thankful I have real estate. That cash flows with money I can use to buy stocks. it’s just another way of doing the same thing. It all makes money one way or another.
I bet a lot of people had strokes a few months back when a Dow hit 18,000 from 28,000.

[mixxalot]

Well fortunately at least i invested in stocks rather than new car so at least I had some growth for the future.

[aslowdodge]

Originally Posted by 2sleepy

I would fire an agent who tried to do that, what if you only get one offer? That makes no sense at all.

Actually I’ve seen it done many times and it has worked. Often it triggers bidding wars.

[aslowdodge]

Originally Posted by mixxalot

@2sleepy and I think summer is the WORST time of year to actually buy a home with so much competition. I am going to wait until after the November election and for my ankle to finish healing. Worst case- permanent telework, then I buy same home for 200k in the midwest or south with no debt and have dirt cheap living and bank the rest of the cash toward retirement.

It’s a mixed bag. Summer has the most inventory while winter may have less competition, but a lot less to select from.
If your worse case is permanent telework why even look locally now?

[mixxalot]

I am watching on the sidelines and if a nice home comes up in a good price, why not?

[aslowdodge]

Originally Posted by mixxalot

I am watching on the sidelines and if a nice home comes up in a good price, why not?

Fair enough.

[mixxalot]

What gets me is when an agent who is supposed to have buyer fiduciary interest at heart tries to pressure you to buy a certain house that you are not interested in. This is why I have ditched a lot of agents in Sacramento.