DuncanWebayama
webayama 7'5" hall of fame loc
trying to buy a second home getting out bid by 50k over the asking price and most of the time it's by investment companies, not even legit buyers 
Is there a housing bubble?
- Thread starter fishfry600
- Start date
loyola llothta
☭☭☭
It’s getting out of control in broward. Damn near gentrified my whole neighborhood in three years
rightfultoefinger
All Star
Wtf you talking about? We were in a recession but house prices still keep rising. I’ve said this before, I was looking at buying an investment property in the range of 1 million last year and thought house prices were whacked. How wrong was I. New build mid 900s just before the pandemic hit and I thought was expensive are going for 1.3+ million in less than a year.
Edit: People are paying all cash too. This isn’t like the early 2000’s with ARM loans.
I would say if you buying a used home buy that hoe in the fall. Prices too high now. Spring and summer are the worst times as a buyer. Better to sell in the spring and summer and summer and buy in the fall.
People with 750+ credit scores with 20% down are being outbid by private equity firms who have trillions AUM and can afford to pay cash and go over the asking price. This is why homes that otherwise didnt have any renovations done to it are suddenly worth 50% more than they were a year ago. Those homes will eventually be used as income generating rental properties and an entire generation of people will miss out on one of the strongest tools to building generational wealth, (home ownership). The winners in this will be the people who already owned homes (mainly boomer cacs and their descendants), the losers are mainly milennials and gen Z...once again 
Two issues. Millions of home owners are in forbearance, there are less homes available, interest rates are at an all time low and banks are setting up payment plans.
So it is a perfect storm. Also the stock market isn't hot and interest rates are low. So investment companies are pulling money of of the market taking loans at cheap interest rates and just buying properties because the returns are better.
But this hoe is a bubble. I expect these prices to crash in 4 to 5 years.
My goal is just to keep staking cash for when the housing down turn happens. I want to get me about 2 or 3 foreclosures.
So it is a perfect storm. Also the stock market isn't hot and interest rates are low. So investment companies are pulling money of of the market taking loans at cheap interest rates and just buying properties because the returns are better.
But this hoe is a bubble. I expect these prices to crash in 4 to 5 years.
My goal is just to keep staking cash for when the housing down turn happens. I want to get me about 2 or 3 foreclosures.
Wink Beaufield
Superstar
Man the housing market in DC has become even more insane. Right now there are only about 1000 3br 2ba homes up for sale in DC and them shyts are getting snapped up with the quickness. And if you thinking of getting a spot in PG within the Beltway, then you better get ready for bidding wars there as well.
On another tangent, we in an auto loan bubble as well.
On another tangent, we in an auto loan bubble as well.
Ozymandeas
Veteran
I’m explaining basic economics to you. The time to buy a house was March to May 2020 when people thought the world was ending. You could’ve got it for crackhead prices. You just said people are offering cash. That means people are getting crazy, fighting for houses and bidding the price up. That’s the opposite of what you want. The bubble is not going to pop yet but, by no means are you buying at the bottom.
Here’s an article because I’m not going back and forth.
The Housing Market Is Crazier Than It’s Been Since 2006
It’s crazy. I’m house hunting and I put an offer down, and then they get like 15 more, all $15k-$30k over the asking price 
Sat in lines for an hour each at 3 spots for an open house. The line was around the corner.
My cuz is my real estate agent and I told her I’m tapping out after my birthday in May. She wants me to hang up n there, but if don’t find anything I’m just going to chill for another year.
Sat in lines for an hour each at 3 spots for an open house. The line was around the corner.
My cuz is my real estate agent and I told her I’m tapping out after my birthday in May. She wants me to hang up n there, but if don’t find anything I’m just going to chill for another year.
BLAZO da GAWD
Superstar
Congrats broBought my house in 2012 for 380K. Putting it on the market in a little over a week for 889K and expecting to get at least 15% over asking.
loyola llothta
☭☭☭
Bought my house in 2012 for 380K. Putting it on the market in a little over a week for 889K and expecting to get at least 15% over asking.
Must be Texas, Vegas or az?