House is swarmed after being listed in Raleigh for under $300k

[satam55]

According to @Rell Lauren:

 

[King Poetic]

I have to wait a couple years or so to buy a house.. so much shyt going on right now to overpay on a house in a market where salaries are low

 

[young3000]

According to @Rell Lauren:

It's not old. That story ran on the news in Raleigh yesterday.

 

[Field Marshall Bradley]

You don't need make $100k for a $300K

Predatory bank math right here

 

[Tom Foolery]

Predatory bank math right here

Dude you're done here. Take your L.

L doesn't stand for Lost, it stands for Learn.

Learn from this.

 

[Ugo Ogugwa]

that’s why people say that a house isn’t really an investment. I mean you can pull equity out, but If you sell it, you still gotta pay for another place to live.

nikka what?

 

[Pete Wrigley]

Horrible advice, This bubble gonna burst

I just meant if you find a good deal, jump on it, especially during these crazy times

 

[Responsible Allen Iverson]

I know

But I didn’t think Raleigh in particular would ever get to the point where a 300k house would have a block full of people swarming it like this with cars lining around the corner.

There is no way the south should ever have gotten this bad.

I get NYC, LA, and San Fran because these places are super dense and have limited space next to bodies of water.

When cities in the south that clearly have land to build/expand get like this it shows you how out of wack the demand is.

It's not just high demand, it's low supply because of all the large investors buying up houses and cities resistant to let more dense housing be built

 

[murksiderock]

I know

But I didn’t think Raleigh in particular would ever get to the point where a 300k house would have a block full of people swarming it like this with cars lining around the corner.

There is no way the south should ever have gotten this bad.

I get NYC, LA, and San Fran because these places are super dense and have limited space next to bodies of water.

When cities in the south that clearly have land to build/expand get like this it shows you how out of wack the demand is.

I don't even get why the owners have such a low asking price in the first place.

This is in Mini City Northeast Raleigh, that's why...

It's one of the most dense neighborhoods in Raleigh, but it's also considered one of the worse areas in town, particularly North Raleigh. Locally it's not viewed as a desirable hood, it's large and dense (for Raleigh), lot of immigrants, eyesores, renters, and general noise. Granted, this is Raleigh, the "bad" areas here are not warzones, but this is an area whites and even some blacks tell people to avoid at night...

This same type of house is found in many other parts of Rgh worth signicantly more than $250k. It's the location more than anything else that has the price so low...

For the record, Mini City as a whole is about ~73.5% renter occupied, with a median home value of ~$188,600. The asking price is already high for the neighborhood...

 

[Absolut]

People gonna be sitting around paying 2500 for a one bedroom apt talking “just wait til it crashes” 5 years from now. Demand has never been higher and supply is as low as it gets. Why would it crash?

 

[How Sway?]

That's an nice house


It has central air too always an plus in the humid south.


That bathroom

that house is trash for raleigh standards

 

[Conan]

If the population keeps growing in these cities, you can forget about a cool off.

Unless you are waiting for a catastrophic event, nothing is going to kill demand.

So in violation of basic economics, home builders won't look to profit by building more houses, until demand equals supply?

This isn't sustainable. May be in 1 year, 5 years or 10 years but things will level out.

But think homes will continue to appreciate at 18% per annum brehs

 

[the bossman]

Horrible advice, This bubble gonna burst

People have been saying bubble gonna burst for the past 5 years. When nikka?

 

[Mr Hate Coffee]

time to increase that listing to 900k

Right. That just means the real estate agent underpriced the shyt outta that house

 

[Tom Foolery]

So in violation of basic economics, home builders won't look to profit by building more houses, until demand equals supply?

This isn't sustainable. May be in 1 year, 5 years or 10 years but things will level out.

But think homes will continue to appreciate at 18% per annum brehs

lol at this not being sustainable.

Tell me what the house price was 20, 30, 50 years ago?

This is one of the reason why Immigrants pass black people so easily. Dumb negros telling everyone to wait wait wait, Immigrants come in and buy buy buy.