I refuse to pay $300k for houses bought for $130k in 2018

I hope there is a crash similar to 2008 with a massive global recession. People like Bezos need to be hunted down like the dogs they are.

I follow homes in my area on Zillow and about a third or more of the sales for homes are cash and going up for rent right away.

No I'm not. Are you against community and the middle class, bro?

Hahahaahhahhahhahahahahhahahaha!!

you creeps!! Yeah, home prices in CA are going down because nobody wants to live by the ocean and mountains and have access to everything one could want. Maybe in a week or so home prices will drop 50%. Hahahahahahahha! You idiots! Gonna wait forever?? Hahaahhahahhahaha! Please let me know when this “bubble “ bursts. For reference you jerk offs said the bubble would burst in 2010. Guess what? Prices doubled in Irvine $550 K to over $1 mil on a small cottage style home since then . Hahahahhaahha. Keep dreaming suckers. And that’s on the low end. Hahahahahaha🖕

Rich, I feel bad if you really live in the Irvine area.

No, bankers can pay anything and just rent it out for as long as it takes to double or triple their money.

The only way they make money is if they get the winning bid, there is literally no cap on what they'd pay.

They would pay over 100k over asking price if they needed to, but families cannot afford to get into that type of bidding war.

Lol. You live there to be by the sea in which you cant swim and to live by the mountains that are arid and uninteresting. Cali may have had some inviting factors decades ago but is a shythole now unfortunately. Including the politics. Don't see any benefit to living in that dump. Nebraska is much nicer.

LOL. You can't be helped. Keep playing the victim.

This is why I asked if this thread was infused with the spirit of anti-capitalism. It isn’t just the hedge funds, people are buying three four ten properties and behaving like corporations not mom and pop landlords ….

Private property produces accumulations like this and intensities of inequality of access and quality

So if we are opposed to the outcomes and calling billionaires DOGS are we now, in one of the most conservative anti-reform platforms on Jeff Bezos’ internet now leaning anti-capitalist? Or is this one of those contradiction things ?

Isn’t there a homelessness crisis almost everywhere? Isn’t the fraction going into rent higher almost everywhere, including in “communist” China and Vietnam?

I can swim in the ocean and run gorgeous mountains. Nebraska??? 😂😂😂 it’s 27 degrees there, you enjoy that.

Different dynamics in the Midwest. Average sale price is going up but these are not the same properties that sold 2-5 years ago. Houses that sell today are in far better shape than houses that sold back then. Fixers are less common today. The expectation that the house is in tip top shape, the expectation about appliances/brands, brickwork, ceiling height, etc. I just saw a $1.2M home built in the 40s that was probably the same price in 2012 for equal shape. A friend sold a house for $1.8M that was purchased 13 years ago for $1.1M but had a $450k rehab 3 years ago.

Foundations settle around here. Cracks develop all over the place. Windows, drywall, kitchen countertops all crack. These aren't new homes but they are in a very desirable area. My kids don't want to live anywhere else in the world and we have traveled a lot. Yearly maintenance is expensive to the point that you learn to be handy even if you didn't start out that way. Flippers hardly ever make money here. They think they do. They think they are smarter than the average bear but they ain't no Yogis. Occasionally, one finds a fool to buy that pig in a poke and overgeneralizes then loses it all in his second attempt.

I have a neighbor that built new 15 years ago for $1.2M. Today, that property is $2.7M So he made $1.5M a Realtor argued. Guy has been paying $20k/yr more in taxes than I do for many years. Yard is another $15k/yr. Home maintenance is about $25k min. Home insurance another $3-5k more than mine per year. That's $940k. Then add the obligatory rehab because you can't sell that 6000sqft+ property that has not been updated in 15 years: $450k. Any contractor out there shows up with a tablet and charges you up the wazoo for a property like that. All of a sudden, that $1.5M profit is shimmed down to about $100k. Sure, approximations - not exact. But it makes for a nice story to tell that your house went up 2x in 15 years. That money is not made, rather it is recouped. They paid it.

I am not saying that you have to accept current prices as actual market value but the sellers do not enrich themselves. You add a high interest loan onto that and the picture gets far worse. The good part is that you bank what you would have paid in rent.

How old do you think we are? 2007 wasn’t that long ago.

In my area, new homes are being built, but not at prices for first time buyers. I'll give you an example. About ten blocks north of me is an old golf course, they decided to sell out to a developer. He clear cut the property and is in the process of leveling it. The plan is for a dense little neighborhood, small lot lines but biggish homes (2500 sq feet plus). I live in a 2500 square foot house built in 1958, on .6 acres. My home is worth about $450k. This new construction will be roughly the same size home, half the size lot, and they are planning now to sell for $495k-$600k. This will seem cheap to some, but this is in a large midwest rustbelt city. If these homes were aimed at first time buyers, they'd have to be in the $250k and less price point.

This truly seems to be the challenge - what buyers need/want vs what builders are building. The area I am in is the opposite only SFH and THs basically pricing out a huge portion of the population while builders/sellers complain about a stale market....

You forget to mention money printing like there is no tomorrow, to hide/obfuscate financial insolvency. More money means inflation across the board.

I hear ya. Its hard to swallow. But, most experts do agree that the prices right now are indeed artificially inflated and buying now is likely the worst time to buy in history. Yes, even worse than 80s when rates were higher. With a zillion boomers with deep pockets and low supply its hard to imagine a crash. It seems more likely a large market crash/economic meltdown is more likely to drop prices. But I dont want to wish that on anyone.

Well, nobody is going to come down $170K because you don't want to pay for it. There are homes in my neighborhood that where $600K in 2020 and are now $1.5 million today. Guess what there are still buyers!