Same thing and my now realtor told me don’t wait it out and I did. I’m hoping to go under contract before the end of the month but the community I chose this time around, my house will be in the middle of the price range in the subdivision. Pray for us. We are going 175k over our original budget. I’m not happy about it but the area and the school district is great and I’m pretty sure my house will appreciate.Yeah...I had the opportunity to buy last year but I wanted to wait out the pandemic before doing so. Terrible decision in hindsight as everything has jumped dramatically.
House I'm getting now is a new construction but I'm a little worried after reading this thread as I most definitely think it's going to be one of those situations where my house is one of the more expensive ones on the block which I'd imagine will make it harder to sell. Worst comes to worst I might just play the long game and try to have this hoe payed off in 15 years.
Exactly and it’s a Democrat in office. These investors are bending over backwards to prevent foreclosures. Even if some homes do trickle in guess who is going to have first dibs? Investors and people with hard cash. Don’t expect what happened the last time to happened. Prices won’t go down that fast.Unlike 2007-2009, it’s a lot harder to lose your home
Breh please show me houses in the time period stated that were going for "crack head prices". You might have got a more fair deal on them. But housing market didn't have crack head prices the last couple of years.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
Breh please show me houses in the time period stated that were going for "crack head prices". You might have got a more fair deal on them. But housing market didn't have crack head prices the last couple of years.
Breh im not looking for a argument. Ive been following the housing market since COVID. Can you post a source that homes were going for crackhead priceS since coviD?Im not arguing with you over this when every study agrees with me. You prove to me with numbers and facts that the market didn’t drop in March-April 2020.
Sounds like that bubble is gonna burstwe just put in some changes to move our neighborhood from an HOA to a POA and amend the rules to limit investment companies from buying in the neighborhood. No more than 15% of the houses can be rented now. Almost 25% of the homes are owned by investment companies in my neighborhood now!
I've been in the House Hunt since January. My thoughts, no. Here's why:
- The Covid Recession was a K-Shaped recovery. Alot of people fell off in 2020 but people came up through investing in stocks, working OT, and saving money because they were working from home. Besides Foreign/Domestic investors, cash buyers, there is a surplus of qualified buyers using conventional loans, 770+ Credit Scores, putting 20%+ down, offering appraisal gaps, waiving inspection (which I would never do).
- Even these people are losing multiple-offer bids. Not on 1 house, maybe 5, 10 or more depending on the city before they finally get an offer accepted. So these are not the typical people who will go into foreclosure like 2008-2009. People with FHA loans, 3-5% down are barely getting their offers looked at unless its a condo/townhome.
There are more but those are the top reasons, I need to get back to work
- Foreclosure moratorium is going until 2022. Between Summer 2021 and then there will be plans in place to allow those people to refinance to a 40-Year mortgage with no penalties
- New construction is flabby and sick right now. Most communities are only releasing a few lots at a time, waiting list is packed, and lumber shortage has driven prices up. There is no incentive for builders to speed up since they are making record profits with this shortage. It's going to be very hard to get a new construction Single Family home under 300k within a major city going forward
Breh im not looking for a argument. Ive been following the housing market since COVID. Can you post a source that homes were going for crackhead priceS since coviD?
Loooool. Carry on famTheres no way you follow the housing market but didn’t see a slump in March & April 2020. It was talked about ad nauseum in every financial publication. Nah breh. I’m not about to waste my time proving the sky is blue. You tell me why it’s green.
Loooool. Carry on fam
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.
Yeah...I had the opportunity to buy last year but I wanted to wait out the pandemic before doing so. Terrible decision in hindsight as everything has jumped dramatically.
House I'm getting now is a new construction but I'm a little worried after reading this thread as I most definitely think it's going to be one of those situations where my house is one of the more expensive ones on the block which I'd imagine will make it harder to sell. Worst comes to worst I might just play the long game and try to have this hoe payed off in 15 years.