Insane housing market in TN

Man after seeing all your threads and DIY home improvement, bathroom reno, etc I thought you were in your forever home

Moved to Nashville in Oct 2020. Rented a house in the Nations. Looking to buy a house soon but this market is nuts. Lots of the houses are junk too. No way I’d pay 750-900k for a 2k sq ft tall and skinny with a microwave over the stove. Somethings got to give.

So you’re paying over ask for a smaller house in a bubble market to give yourself a greater degree of financial flexibility?

Enjoy ur new Cali neighbors!

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It's crazy out there.

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This just isn’t sustainable…right? I am fascinated by where the money is coming from. Are these housing investment companies like Blackrock to blame? Is it west coast and east coast home owners selling out and moving? I mean those that are moving from the East / west coast must be selling to someone as well, so who is buying those properties? Foreign entities (China ?) we know the Chinese are buying extremely large chunk a of raw American land. Strange economics.

Maybe I am alone in the feeling that we are teetering on some sort precipice as a society, culturally, financially, politically and even as a country to a point where the slightest nudge in the wrong direction and this whole house of cards comes tumbling down. What does collapsed houses cards that look like…I don’t know. Conspiracy theories aside we live in some unprecedented times. Technology advancing at warp speeds doesn’t seem to be helping. Yeah I know..get off my lawn but there is something afoot out there and it just doesn’t feel right. Best advice I can offer is to stay out debt as it will make you do things you hate. Good luck to all.

Inventory is a huge problem. My neighbor just listed his house at 80% more than we both paid five years ago. 22 showings in one day, 6 offers, 4 over asking, three all cash no contigencies, and the winner kicked in an extra $150k to take the furniture. So Last week, the same sized house from the same builder as my neighbor and my house, located a street over went on the market at the price he got for the house and furniture combined and went under contract for $100k over asking which was $100k more than his closed with the furniture. Most houses in our part of town and under contract in less than 3 days. If anything lasts more than a week, it needs serious repairs or is simply priced crazy. I could sell next week, pay off the mortgage and pocket $$$$ but I would have to move out of the city to buy again. I am trying to convince the wife to sell soon and rent for 2 years. It is a big gamble but I can't see it going much further. We live in 37215.

Sell and rent a condo or townhouse until the market settles down.