Posted on 05/23/2021 6:39:59 AM PDT by deport
Figueroa recently sold her house here, and the experience was incredible: "We had over 150 people walk through in two days, which is pretty mind-blowing. We had nine offers, half of those for cash. And I'm still here, because the buyer is allowing me to live here for five months rent-free"!
"Are you willing to share how much more than the listing price it finally went for?" asked Pogue.
"It was around $65,000 more than asking price," Figueroa said,
(Excerpt) Read more at cbsnews.com ...
In the words of David Clayton Thomas, “what goes up, must come down”
Our neighborhood is so hot right now houses sell in one day at full price or get into a bidding war. Up to 30 back up contracts. Its crazy but we are taking advantage and selling our house and Mom’s. Taking the profit and moving to the mountains.
Buying real assets is never a bad strategy.
The Dollar can go up or down. There is always some value in holding tangible assets.
Panic? Yes, it is the #ComDem’s stock and trade. They build nothing, only create chaos and destroy things.
Too much fiat currency buying fixed supply of goods.
If what happened in Ca in the mid 70s happens across America now, house prices double in 4-5 years, driving up real estate taxes. Where there is no limit set on how much the appraised value can rise, the taxes drive individuals on fixed income out of their homes as they cannot pay the taxes.
The Federal Reserve should stop buying 30-year mortgages.
If five-year term adjustable rate mortgages were used instead, as is very common in Britain, there would be no point in overpaying for a house to lock in a low interest rate.
Changing the length of new mortgages is better than raising interest rates.
Buying real assets was a pretty bad strategy in 2006.
“Buying real assets is never a bad strategy.”
Paying over $1 million for a California house that sold for $47,500 in 1972 is dangerous.
Paying over $2 million for a Florida house that sold for $42,500 in 1956 is dangerous.
They’re thinking about “tapering” purchases of all bonds. They won’t stop first with mortgages, they’ll do them in parallel.
People should not rely on working remotely.
They can either be required to show up in the office regularly or they can be replaced by workers in Vietnam or India.
Sounds like hordes of Californians are selling their grossly overpriced houses, moving to Idaho with the proceeds in hand, and overpaying in that market. How long until the Californian immigrants vote for socialism in Idaho, and destroy it too?
While “They’re thinking”, people are overpaying massively for houses.
“Top 5” listed hotspots:
Austin, Phoenix, Nashville, Tampa, Denver
There is not a house for sale in my neighborhood, so I have no idea if the market is still hot here.
Too late in Idaho. Where I live onld houses were 50k ;not too long ago. The only employer of note is a Salad dressing factory. Californians invaded and bought everything and that same house now commands 300k and the locals are priced out. There is nowhere left to go.
“If five-year term adjustable rate mortgages were used instead, as is very common in Britain, there would be no point in overpaying for a house to lock in a low interest rate.”
Their typical mortgage is 25 years with even 40 years available.
Yes. I agree with you. They should let the markets decide the levels of interest rates. There’s no case to be made right now that we need special extraordinary policies to prop up the red-hot economy.
I see little point in this environment in exchanging real assets for the Fed’s hyperinflating paper. Even if there is a housing “crash” in terms of real assets, it isn’t likely that the price in dollars is going to go down very much - if at all.
When inflation looms real estate and gold are the two best things to own.
“ In the words of David Clayton Thomas, “what goes up, must come down”
Financial matters, such as real estate values and stocks, are impressively impervious to gravity.
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