Property Market is going WILD

[rightfultoefinger]

LOL a month before the pandemic a brand new house in my neighborhood was selling mid 900’s and I was thinking that it was expensive even though we were looking for a rental in the 1 million range. That same new house today on the market is 1.4 million in a year. 40% in a year.

 

[levitate]

LOL a month before the pandemic a brand new house in my neighborhood was selling mid 900’s and I was thinking that it was expensive even though we were looking for a rental in the 1 million range. That same new house today on the market is 1.4 million in a year. 40% in a year.

Live in Beverly Hills, brehs…

 

[FAH1223]

LOL a month before the pandemic a brand new house in my neighborhood was selling mid 900’s and I was thinking that it was expensive even though we were looking for a rental in the 1 million range. That same new house today on the market is 1.4 million in a year. 40% in a year.

In my neighborhood, several sold in the $515k-$550k range

Now these shids in the $600ks with no end in site

 

[Dr. Acula]

Let me know when this shyt busts.

 

[rightfultoefinger]

Let me know when this shyt busts.

Not going to bust. If it does bust, banks are a lot smarter now then back in 2008. They won’t flood the market with foreclosures.

Live in Beverly Hills, brehs…

Beach town in San Diego.

 

[The Bilingual Gringo]

Waiting this one out. I moved to BF Pennsylvania two years ago and am seeing flipping activity similar to 2005-2007 that I saw in the DMV. I figure it’s a matter of time.

 

[Json]

im not really seeing how it reverses at this point, either.

is the housing market gonna get worse as the country opens up and the econony grows at 8 percent? i dont see that

More people will move though.

That’s part of the freeze. Only people at the higher pay rates are moving towns or across the country.

 

[dora_da_destroyer]

Ehh, things will start moving. Construction is resuming, those who wanted to escape cities will die down, boomers are dying off which will either put homes on the market or allow their kids to move into the family house so fewer people needing to cram into limited inventory

 

[Pimp]

This is how it usually sounds at the end of a run.. shyt gonna end worse than 2008.. Your property ain't going up in value, the value of money is going down because they're printing money like it's nothing.

 

[GnauzBookOfRhymes]

Waiting this one out. I moved to BF Pennsylvania two years ago and am seeing flipping activity similar to 2005-2007 that I saw in the DMV. I figure it’s a matter of time.

I don't think this is comparable mainly because the underwriting is on a different level. There are TWO economies today and the ppl buying properties have money to spend hence the bidding wars, etc. This is organic demand. You have a lot of younger couples starting families, or already have kids but want a little more space. Then you have ppl in their 40s doing very well and building new or moving into well off/established neighborhoods. On the multifamily front you have investors going crazy looking for someplace to park their money. They're actually perfectly fine with very conservative returns bc of the tax benefits.

Is this sustainable indefinitely? Definitely not. At some point there will be a "slowdown" but I think it will remain strong through 2022 - mainly because the demand is so high. It will take time for all the people who want a house to actually find it.

 

[MasterOfAllHeSurveyz]

This the opportunity to have a real come up if you got a decent property in the 500k range.. you can finesse a sale for damn near 1 mill off that

Or do this . . .

 

[Mr swag]

Who ever bought that house for 460,000 will get foreclosed on in a few years

 

[Propaganda]

the market is so fukked up here in toronto. just for instance, this small semi-detatched house with a weird layout (and a few upgrades here and there, but otherwise all original) on my mom's street just sold for over a million. a few months ago it would've been miracle if they got 800. shyt is wild.

 

[THE MACHINE]

In 2019 my townhome's value was 276k, my neighbor sold 2 months ago for 355k. Breh never even finished the bathroom in his basement

 

[eastside313]

These not the homeowners that’s struggling. It’s the guy that depends on his rent money and ain’t nobody paying.