Smile homeowners! 5 months into the Pandemic and housing prices continue to rise!

[Seymour]

Got stronger in South Florida too - makes no sense - I just figured more and more people keep moving here but it appears housing is going up everywhere - obviously, these rates are the catalyst - u have to be a fucken idiot not to lock in sub 3% - in Miami you get absolutely nothing for under 600K and for a million or under you get nothing special

 

[Seymour]

I think this is basically what's happening everywhere.

People thinking of taking the plunge as a first time homebuyer are finally pulling the trigger. Do it now with the low rates and uncertain future. Leaving apartments for houses.

People in the city moving to the suburbs.

People in the suburbs moving out of the larger metro areas to smaller towns.

People in blue states heading for the hills to red states. Etc etc et.

My sister lives in Glen Ridge, NJ - she was telling me houses in her town are in contract in a day because so many people want out of Manhattan

 

[Ricboff]

Collateral damage as the Fed prints monies to feed people . The middle class continues to dwindle

There is nothing to smile about . The separation of the have and have-nots gets wider.wise fucks have called this..they were right

 

[Seymour]

This is great. That article shows that homeowners are better off now than they were one year ago. And most people who are not homeowners are also better off. There are virtually no examples of people who are worse off.

ALL of America was better off on March 1, 2020 - Covid has temporarily devastated the economy - Trump does not have a magic wand - he has no impact on Covid - nothing he says or does is going to make it go away - it needs to run it's course or a treatment or a vaccine or whatever - our economy is no different than any other country's - we are all getting fucked by it - the stock market certainly doesn't predict this is be long lasting

 

[Willie99]

My sister lives in Glen Ridge, NJ - she was telling me houses in her town are in contract in a day because so many people want out of Manhattan

I've been told this by NJ residents. Initially didn't believe it, now it makes sense

Good people don't want to be hog tied by an incompetent buffoon like DeBlasio, nobody likes the trends they're seeing

 

[bodyforlife]

Collateral damage as the Fed prints monies to feed people . The middle class continues to dwindle

There is nothing to smile about . The separation of the have and have-nots gets wider.wise fucks have called this..they were right

Actually if you're looking to sell right now, for many it is absolutely something to smile about. For others, it may be one less thing to be depressed about. And some simply don't care as they're in their forever home.

 

[rolltide]

[h=2]Record number of people from New York City, San Francisco and Los Angeles are looking for new homes in cheaper, smaller metro areas like Phoenix, Sacramento and Las Vegas as mortgage rates dip and working remotely becomes the new norm[/h]

• A record 27 per cent of Redfin users are looking to move to other metro areas
• New report shows New York City, Los Angeles and San Francisco are the top three cities where residents are considering migrating elsewhere
• Phoenix, Sacramento, and Las Vegas topped the list of the most popular destinations
• About 35% of Redfin users in New York City were looking to move elsewhere during the second quarter of 2020, with the top destination being Atlanta

[h=3]TOP 10 CITIES WITH BIGGEST NET INFLOWS (PEOPLE MOVING IN)[/h]METRO CITY
PHOENIX
SACRAMENTO
LAS VEGAS
AUSTIN
ATLANTA
DALLAS
TAMPA
MIAMI
NASHVILLE
CHARLOTTE


TOP ORIGIN CITY OF HOMESEEKERS
LOS ANGELES
SAN FRANCISCO
LOS ANGELES
SAN FRANCISCO
NEW YORK
LOS ANGELES
ORLANDO
NEW YORK
NEW YORK
NEW YORK

 

[bodyforlife]

[h=2]Record number of people from New York City, San Francisco and Los Angeles are looking for new homes in cheaper, smaller metro areas like Phoenix, Sacramento and Las Vegas as mortgage rates dip and working remotely becomes the new norm

Yep, mentioned this in post #8.

 

[JackStraw77]

The rise in real estate prices defies all logic. How are people who lost jobs buying homes. Are people who still have jobs getting raises. Take away the stock market and it most cases with long term investors all that happened is they have what they had in their portfolio before the Pandemic. There is no business expansion. Mortgage rates are lower and people are able to stay in their homes not paying their mortgage so that has contained the glut of houses that would have been on the market. Can't tell me if there was no eviction protection right now that people would continue to live in homes without the same income. If you are a restaurant owner and also own an expensive home tell me how you are surviving right now. How long can you hold onto your restaurant without going out of business.

 

[bodyforlife]

The rise in real estate prices defies all logic.

Not really. And the reasons for it are all denoted in the posts to this thread.

 

[Albatross]

June was the best month my single family residential division has ever had. We have data that backs up the reasoning. Shitty thing about housing right now is the materials are skyrocketing in price. It's crazy. We stopped all spec product for 45 days.

Most of the big financial guys and firms we deal with are a little worried of a Biden win in November and how that will negatively effect the economy. I have seen some of that data as well. It's scary, but we are positioned to buy on the misfortunes of others. It will suck for a lot of people but the world will keep spinning.

 

[Ricboff]

The rise in real estate prices defies all logic. How are people who lost jobs buying homes. Are people who still have jobs getting raises. Take away the stock market and it most cases with long term investors all that happened is they have what they had in their portfolio before the Pandemic. There is no business expansion. Mortgage rates are lower and people are able to stay in their homes not paying their mortgage so that has contained the glut of houses that would have been on the market. Can't tell me if there was no eviction protection right now that people would continue to live in homes without the same income. If you are a restaurant owner and also own an expensive home tell me how you are surviving right now. How long can you hold onto your restaurant without going out of business.

printing monies, inflating assets . Moral hazards. it will be intersting once the govt monies paying people to stay home comes to an end. As as well delayed martgage payments. Real estate , of course , ie very much regional

I own 3 properties. My house is modest , not in an exclusive area. I could sell it for over 1 million , that's how sad/insane my neck of the woods has become. The other properties i rent out and they r mortgaged; mortgage is up in Sept and i renewed yesteray for both. My previous mortgages were 4 yr fixed at 2.39%. I renewed for 2.07% fixed for 5 yrs, lol. Variable is under 2%! Basically handing out monies.

Generationally sad times for the youngsters ; inflated educational costs and grossly inflated housing. Debt slaves . Our eldest finishes his 5 yr program in manaement engineering- cost me over $100,000. I did 7 yrs of Univeristy whcih included 4 yrs in a professional faculty - my TOTAL cost was 1/4 that.

KAPUT

 

[Bozzie]

printing monies, inflating assets . Moral hazards. it will be intersting once the govt monies paying people to stay home comes to an end. As as well delayed martgage payments. Real estate , of course , ie very much regional

I own 3 properties. My house is modest , not in an exclusive area. I could sell it for over 1 million , that's how sad/insane my neck of the woods has become. The other properties i rent out and they r mortgaged; mortgage is up in Sept and i renewed yesteray for both. My previous mortgages were 4 yr fixed at 2.39%. I renewed for 2.07% fixed for 5 yrs, lol. Variable is under 2%! Basically handing out monies.

Generationally sad times for the youngsters ; inflated educational costs and grossly inflated housing. Debt slaves . Our eldest finishes his 5 yr program in manaement engineering- cost me over $100,000. I did 7 yrs of Univeristy whcih included 4 yrs in a professional faculty - my TOTAL cost was 1/4 that.

KAPUT

Yeah it's not good for these kids getting ready to exit college.

 

[Dr.Love]

How are people who lost jobs buying homes.

They aren't. This is musical chairs for those that have the ability to do so. What's the current unemployment rate? 10%? That means there is still a LARGE pool of middle and upper class buyers out there with money and/or income. And I would imagine recent retirees are making a decent % of those on the move.

 

[PatsFan1283]

3% vs 4% may not seem like much but it takes around 15% off your mortgage. Adds up.

How low can rates on homes go? Prices can obviously go higher if rates go to 2% on a 30yr.

In the middle of doing a 1031 exchange to buy an overpriced condo, but the house I sold was overpriced anyway so all evens out, I guess. Beats paying taxes.

 

[bodyforlife]

3% vs 4% may not seem like much but it takes around 15% off your mortgage. Adds up.

How low can rates on homes go? Prices can obviously go higher if rates go to 2% on a 30yr.

In the middle of doing a 1031 exchange to buy an overpriced condo, but the house I sold was overpriced anyway so all evens out, I guess. Beats paying taxes.

Yep, the only thing that sucks is the safe harbor is now 24 months instead of 12 months. But I'm looking forward to moving into our home in a year.