Posted on 05/23/2021 6:39:59 AM PDT by deport
And I’m still here, because the buyer is allowing me to live here for five months rent-free”!
agent is on site 24/7
“overpaying for a house to lock in a low interest rate.”
No one overpays for a house to lock in a lower interest rate.
You’re a millennial, aren’t you? Someone who knows nothing but read it on the Internet so it must be true.
“ Buying real assets was a pretty bad strategy in 2006.”
True, though that (and other) years are more of an exception than a rule. There are many years in the past where buying real assets was an excellent strategy. Doing so prior to a time of increased inflation and locking in loans prior to increasing interest rates can be a very successful strategy.
The question for today is whether or not you’ve missed the boat.
Meanwhile, are there any glowing reports by happy home sellers in the Democrat run hell-holes where 150 people stand in line to view a newly listed house or where the buyer pays a 25% premium above the asking price???
It seems the trend is people are moving to small towns if they can.
The people who were confined to their small apartment in a major city during covid are probably saying: “never again”!!!!!!
If you miss a boat my experience it it’s best to wait for the next boat, not jump into the water and try to swim to catch up to it.
Add Dallas to that list. Californians moving here and buying crappy houses unseen, way above the asking price. At least this is the talk of the town. Making it impossible for young Texans to buy a starter home and pissing everyone off.
“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.”
Prop 13 was one of the few, really good things California has done. Democrats own homes too, which is why it has been so hard for Democrats to attack it.
Biden is trying to raise capital gains taxes to capture some of the money when people are forced to sell their properties.
The left hates the idea of Middle Class intergenerational wealth transfer. In their mind, everyone should be poor, except for the super rich and those connected to Government.
Many are up for sale in my neighborhood. They pay over asking and then bulldoze perfectly decent houses and build mcmansions. Then everyone else’s property taxes go up.
Free rent! People are whining over getting $3000/mo. (for real). People are whining because they have no jobs but they’re forking over millions for new homes.
“Buying real assets is never a bad strategy.”
Houses outside the major cities in Arizona have doubled in price in the last 2 years. No job base or wages to support those prices. Many of them will soon drop in value. Then the owners will walk away. Just like 2006/2007.
“Sounds like hordes of Californians are selling their grossly overpriced houses, moving to Idaho with the proceeds in hand, and overpaying in that market.”
Except homes in CA are rising in price too! Think this is a combo of the feds flooding the USA with $$$$ while keeping interest rates artificially low.
I thought Prop 87 fixed that. I know it did for my parents house in Sunnyvale which my Dad still owns. Assessed values were capped in how much they could go up to protect people. Part of the tax revolt back then.
Then again, I probably would have paid $100k more for the home I have today so I guess it all evens out.
I am betting that people are misreading the tea leaves about Loaf From Home. The claim that, “I’m more efficient at home so I don’t have to work as many hours.” is the first justification for loafing from home.
Most people need a supervisor to prioritize, direct and check their quality and quantity of output. Sad but true. Some day not long from now that will be learned again unless they just keep trying to beat themselves inseatd of looking around at performance metrics.
These fools bidding up the price of houses are nobody’s real friend. They are making the cost of living go up for all of us taxes and insurance are the first two to go up.
Paying over $2 million for a Florida house that sold for $42,500 in 1956 is dangerous. Probably not. It would have been quite a home for that price in the 50’s. Most likely waterfront. In fact, in many Michigan markets a $40,000+ home from that era is well over a million, too.
That's why the real estate bubble will pop. But if you live in a well-run city in a red state, like Dallas, TX, your house is more likely to hold on to its value.
They forget the first rule of real estate and it isn’t location. It is, “the real estate agent is not your friend, they don’t work for you, they have a conflict of interest built in, they work for commission, they work for the seller and them both to make as much money as they can.” Not all are unscrupulous but a lot will tell you anything you need to hear to make the sale. “It may seem like a lot above market now but at the rate things are going you will quickly make it up in appreciation.” I hope these kids plan on staying a long time or taking a bath when they sell.
I have seen it before in more than one boom town and now it is boom nation. People get caught up in the price of poker and are afraid they will miss the boat. One other thing in real estate, you snooze you lose if you really want to buy.
I do wish people came with good sense. Do you know why old men are cynical? Experience.
Maybe.
I see what you mean.
Where I live we have had very low property values, because local wages do not support higher.
Right now we are experiencing an influx from out of state. I think most of them have just had enough and are afraid of the chaos which may come. I think that is a good strategy.
What will happen to high priced homes in large costal cities if the ComDems tank the economy. (likely if not stopped)
And I forgot to mention, real assets include more than homes.
Financial Equities, Businesses and manufacturing companies are also real assets.
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