Homes in Dallas/Fort Worth are selling for $300k over the asking price

[Mike Nasty]

Question. If you pay over the asking price does that mean your monthly mortgage goes up too

Yes, but they probably sitting on a ton of cash from already selling a house.

 

[Tom Foolery]

Meanwhile.. we can't own anything in China. Make it make sense.

American government is retard.

unless you are LGBT or a non-citizen, It no longer serves a purpose,

 

[seraphx]

Honestly I feel like the government is gonna have to step in at some point. We legit have foreign countries buying out entire housing markets and paying cash to do it. Jacking up the prices everywhere.

 

[MajesticLion]

Same mistake as the with the Japanese in the 80s.

Don't want them to buy? Don't sell it.

 

[Spence]

Hope my $170k home sells for $300k here in Houston if we decide to sell and not rent

 

[Tom Foolery]

Question. If you pay over the asking price does that mean your monthly mortgage goes up too

Depends on the sale. Under normal circumstances yes,

But foreigners use Shell Companies disguised as private lenders and basically pay cash.

 

[Steel]

Crazy thing is, it's the Chinese making moves on us

The Chinese Are Coming - D Magazine.

Since then, Texas has become the third-leading state behind Florida and California for Chinese investment in homes. And that investment is significant. Chinese nationals spent $28 billion buying homes in the United States last year, according to the National Association of Realtors.

Although the average price paid by a Chinese buyer for a U.S. home is $831,900, Hung says her buyers are drawn to Dallas over cities like San Francisco, New York, or Chicago because they want homes that are much more affordable—preferably between $200,000 and $300,000. Affordability matters: Chinese laws restrict individual citizens there from making more than $50,000 in annual investments overseas. Families—aunts, uncles, cousins—often pool their money to buy a home in the United States.

Most of those purchases are made in cash. Only one bank that Hung works with, Cathay Bank, offers loans to foreign nationals for U.S. home purchases. But buyers who bring cash have a big market advantage. “They can close much faster than someone with a loan, which helps them in this kind of market where we’re seeing multiple offers,” Hung says.

Yep China playing the long game with us and because of greed they wont be stopped. The US and Canadian middle class cant compete with rich Chinese trying to park money out of China buy buying multiple properties. It was so bad in Canada the govt stepped in. We need to do the same

 

[Cynic]

Honestly I feel like the government is gonna have to step in at some point. We legit have foreign countries buying out entire housing markets and paying cash to do it. Jacking up the prices everywhere.

The is the U.S. not Europe. As long as builders, realtors and title companies are eating nothing will change.

 

[Tom Foolery]

It was so bad in Canada the govt stepped in.

They did? Prices have never been higher.

 

[therewillbeboogienights]

Crazy thing is, it's the Chinese making moves on us

The Chinese Are Coming - D Magazine.

Since then, Texas has become the third-leading state behind Florida and California for Chinese investment in homes. And that investment is significant. Chinese nationals spent $28 billion buying homes in the United States last year, according to the National Association of Realtors.

Although the average price paid by a Chinese buyer for a U.S. home is $831,900, Hung says her buyers are drawn to Dallas over cities like San Francisco, New York, or Chicago because they want homes that are much more affordable—preferably between $200,000 and $300,000. Affordability matters: Chinese laws restrict individual citizens there from making more than $50,000 in annual investments overseas. Families—aunts, uncles, cousins—often pool their money to buy a home in the United States.

Most of those purchases are made in cash. Only one bank that Hung works with, Cathay Bank, offers loans to foreign nationals for U.S. home purchases. But buyers who bring cash have a big market advantage. “They can close much faster than someone with a loan, which helps them in this kind of market where we’re seeing multiple offers,” Hung says.

The Chinese has destroyed the canadian housing market. Good luck

 

[DaddyFresh]

Isn’t that worse that Latinos crossing the border? Isn’t that more of a slight on the middle class than Mexicans working in strawberry fields, picking strawberries?

Very much so. Making the American dream unattainable to the average American.

 

[Orange cream shake]

Honestly I feel like the government is gonna have to step in at some point. We legit have foreign countries buying out entire housing markets and paying cash to do it. Jacking up the prices everywhere.

True, I’m in the industry and I can see the owners of the llc information on their llc documents and the majority of them are Asian.

 

[Standing on business]

Crazy thing is, it's the Chinese making moves on us

The Chinese Are Coming - D Magazine.

Since then, Texas has become the third-leading state behind Florida and California for Chinese investment in homes. And that investment is significant. Chinese nationals spent $28 billion buying homes in the United States last year, according to the National Association of Realtors.

Although the average price paid by a Chinese buyer for a U.S. home is $831,900, Hung says her buyers are drawn to Dallas over cities like San Francisco, New York, or Chicago because they want homes that are much more affordable—preferably between $200,000 and $300,000. Affordability matters: Chinese laws restrict individual citizens there from making more than $50,000 in annual investments overseas. Families—aunts, uncles, cousins—often pool their money to buy a home in the United States.

Most of those purchases are made in cash. Only one bank that Hung works with, Cathay Bank, offers loans to foreign nationals for U.S. home purchases. But buyers who bring cash have a big market advantage. “They can close much faster than someone with a loan, which helps them in this kind of market where we’re seeing multiple offers,” Hung says.

I new the Chinese were buying up property here but I thought that was a San Francisco and New York thing, not dallas

 

[seraphx]

True, I’m in the industry and I can see the owners of the llc information on their llc documents and the majority of them are Asian.

There are 3 houses on my block that I legit know are empty and have foreign owners. They don't rent them out and nobody lives in them. They have people come check on them sporadically and have gardeners etc but no one lives there. These aren't cheap houses either. They raised the average sale price around me from 350-400k up to 600k.

 

[Spence]

There are 3 houses on my block that I legit know are empty and have foreign owners. They don't rent them out and nobody lives in them. They have people come check on them sporadically and have gardeners etc but no one lives there. These aren't cheap houses either. They raised the average sale price around me from 350-400k up to 600k.

I have 2 on my block doing the same. 6 months out of the year the property is sitting with no renters.