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Message
re: Will the real estate bubble ever burst?
Posted on 4/3/21 at 11:38 am to soccerfüt
Posted on 4/3/21 at 11:38 am to soccerfüt
quote:Mom is in 60's you greatgrandma fart chaser. House is in a good old neighborhood but they just started to build an industrial area very close by. I told her now would be the time to sell and not in the future, unless the industrial area expands big time, but even then they can eminent domain your arse.
Pics of her and the house and I’ll let you know about the likelihood of both.
1
Posted on 4/3/21 at 1:34 pm to tgrbaitn08
We want to move out of state so moving from a rental here to another rental there gives us time to decide where we want to be in the new state.
I am waiting to hear if the rental we had after the flood that belongs to a friend is coming available again.
I am waiting to hear if the rental we had after the flood that belongs to a friend is coming available again.
This post was edited on 4/3/21 at 1:35 pm
Posted on 4/3/21 at 2:04 pm to Hangit
quote:
If I was single in this market, I would buy a camper and save piles of cash for when it bursts. I would do like the Silicone Valley kids, and park my camper in the parking lot at work.
Not single or without kids, but this is kind of our thinking. The low interest rates and bloated prices aren’t exactly a wash, but they do offset each other to a certain extent. We looked at the market and decided to just refinance at the rates in a house we bought at a lower threshold years ago and will just stash cash for now.
If the bubble pops we won’t be any worse off and will have saved the cash. If interest rates start to move we will evaluate and see what we want to do, but will be sitting on a pile of cash and not be beholden to a house or note.
We’ve decided flexibility is more important than keeping up with the Jones’s because of the “opportunity” to buy more than we need.
Posted on 4/3/21 at 2:11 pm to BigDroop
quote:
It absolutely has. Check prices on any wood products from Jan 2020 to today, all woods including. OSB,particle board, etc has risen nearly 250% in that time. I sell it for a living I know.
No it hasn't.
Cost to build is up 25%
Materials cost is up the number you said.
Posted on 4/3/21 at 2:19 pm to yaboidarrell
I hope construction and wood costs drop a little. I need a new roof and I am cringing on the costs.
I haven’t spoken with anyone, but it needs to get done before hurricane season. It needs removal, repair rotten sections, and new shingles.
I haven’t spoken with anyone, but it needs to get done before hurricane season. It needs removal, repair rotten sections, and new shingles.
Posted on 4/3/21 at 2:31 pm to Tarps99
I thought it was because of low interest rates, but here in Arizona people are getting multiple CASH offers for homes. So, no this time is different.
Posted on 4/3/21 at 2:39 pm to Lazy But Talented
quote:
This is my first time "home-buying" although we own our current property. Offered on about 8 homes thus far in the last month or so. Not having a very fun time. I can't get past offering more than 10-15k over AND waiving the appraisal addendum completely. Really don't want to pull from stocks/crypto to help cover the difference in case appraisals come in way under offer.
Literally the exact same thing here.
I've been doing this for months now so I'm not sure I'll keep going. I think I'm going to just wait out the bubble.
Posted on 4/3/21 at 2:40 pm to KickPuncher
Yeah it's been nuts in North Dallas for nearly a decade and getting worse with low interest rates.
LINK
McKinney,TX
$601,500
4bed 3.5bath
2,836sqft
7187sqft lot
LINK
McKinney,TX
$601,500
4bed 3.5bath
2,836sqft
7187sqft lot
This post was edited on 4/3/21 at 2:55 pm
Posted on 4/3/21 at 2:41 pm to hnds2th
quote:
CASH offers
Cash offers doesn't necessarily mean buyer is not getting a mortgage to pay for the purchase, it just means that the contract is not contingent upon buyer getting financing.
Posted on 4/3/21 at 3:37 pm to texn
Correct. At least in Louisiana you can now terminate the contract at the end of your inspection period for any reason and do not need to state the reason with the termination.
A lot of “all cash” offers just mean the buyer is calling the bank and getting the appraisal done before the inspection period ends.
A lot of “all cash” offers just mean the buyer is calling the bank and getting the appraisal done before the inspection period ends.
Posted on 4/3/21 at 4:08 pm to BigDroop
quote:
Cost to build a new home has nearly tripled in the past year. This has caused a huge upswing in buying built homes instead of building a brand new home but so many homes have been built in the last 10 years there are normally plenty of available markets but that has lowered considerably in the past year due to increased cost of wood, hardware, and building materials.
Disagree, at least where I live. Lots have been selling like crazy. Builder who just finished my house has signs on 8 lots he's about to start. All custom pre-sold homes. These will be $500k-$1.5mm. Covington market.
Posted on 4/3/21 at 4:09 pm to yaboidarrell
It’s like two years of buyers trying to buy in 6 months. So happy I bought during peak COV ahead of this nonsense.
Posted on 4/3/21 at 4:12 pm to LSUcajun77
I’m literally looking for a house
—-how would you figuratively look for a house?
—-how would you figuratively look for a house?
Posted on 4/3/21 at 4:23 pm to fallguy_1978
quote:
When mortgage rates go back to 6-7% it will.
Not sure why my comment has a bunch of downvotes. Not that I really care. But rates will return to historic norms and prices will fall abruptly.
My guess is in the next 2-3 years. On a 30 yr fixed 300k house a change from 3.5% to 6.5% is the difference between a payment of $1347 and $1896 pre escrow. You'll see a huge drop in what people can afford and big price drops in response.
Eta - I like real estate as a long term investment but the cheap money ending is going to rock the market soon.
This post was edited on 4/3/21 at 4:34 pm
Posted on 4/3/21 at 4:24 pm to X123F45
That’s all I’ve said, wood products cost is up 250% in just over 15 months. Not overall cost, link I’ve shared several times states as such. Adding approx 25k to cost of building a new home compared to last year. I’d share my costs here also backing this up but my overlords wouldn’t like that.
ETA: I see what I said originally, I did say overall. My apologies. Was too early for all my gears to be engaged
ETA: I see what I said originally, I did say overall. My apologies. Was too early for all my gears to be engaged
This post was edited on 4/3/21 at 4:29 pm
Posted on 4/3/21 at 4:27 pm to TigerGrad2011
Smart move. No one thought it would crash in 2006-2007 either but the market has proven it will over correct. Hopefully it will be a mild correction this time around.
Posted on 4/3/21 at 4:42 pm to Big Block Stingray
So you pay 600k for a house and get carpet in the living room?
Posted on 4/3/21 at 4:44 pm to Arbengal
quote:
No one thought it would crash in 2006-2007 either
correction: this board predicted it. those discussions are why we have the money board
RIP Jersey Tiger, Col Hapalap, Milehigh, etc.
Posted on 4/3/21 at 5:36 pm to PeteRose
quote:
So you pay 600k for a house and get carpet in the living room?
Maybe in this market... house are selling less than a week with no inspection and well above asking.
Posted on 4/3/21 at 5:36 pm to tgrbaitn08
quote:
Why are you always so wrong about everything? You are either a real life fricking idiot or a really good troll
Why are you so obsessed?
Why do you even respond to my posts?
It’s actually kinda creepy
You run around the internet acting tough which is really pretty sad. I hope ypu someday find a way to satisfy that weak little inner child.
This post was edited on 4/3/21 at 5:49 pm
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