re: House(s) on the market

quote:

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This is a classic bubble

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People have been saying that here in Nashville for 11 years now. I just don't see it, especially here locally. I think some places in the country will see things cool down, but I don't think we'll see a bubble pop.

We paid $260k for our house five years ago, and I thought at the time we were overpaying. It was appraised this month for $400k when we refinanced. Same as other people in this thread - homes in my neighborhood are going the same day for over asking price. It's stupid. Even if we wanted to move, we couldn't because it's like that everywhere. It used to be cheaper to move to a better school system, but shite, private school is looking better.

Some are mentioning people fleeing NY, CA, etc as being a cause, and yeah, it is art of it, but we would also expect housing markets in the places people are fleeing being more depressed because of the supposed mass exodus. That's not the case. The housing market is still red hot in CA and NY.

No one has yet mentioned the fact that millenials are starting to go from renting to buying as we age and boomers aren't dying off as quickly as previous generations. I'm an older millenial, and I was part of the first wave of millenial buyers about halfway through the 2010s. A lot of us got a delayed start on home buying because of the Great Recession, but now we are recovering and ready to buy with the help of stupid low interest rates that our parents could have never dreamed of.