I thought it was a CA thing, but if you look at the nicer neighborhoods in Seattle, Atlanta, Dallas, Houston, Chicago, etc....it is not an unusual price point.Yes, the $1 - 1.5M market is typical of the US.
I thought it was a CA thing, but if you look at the nicer neighborhoods in Seattle, Atlanta, Dallas, Houston, Chicago, etc....it is not an unusual price point.Yes, the $1 - 1.5M market is typical of the US.
It’s a major urban center thing.I thought it was a CA thing, but if you look at the nicer neighborhoods in Seattle, Atlanta, Dallas, Houston, Chicago, etc....it is not an unusual price point.
Fair enough. But even the more rural parts of CA are $400K+ nowadays.It’s a major urban center thing.
My area of California is much, much closer to the national average than The coast.
Fair enough. But even the more rural parts of CA are $400K+ nowadays.
I guess the buyer demographic really depends on the area and the price point.
If you have money in the stock market, you can just do a margin account. Various brokerages like Interactive Brokers or Robinhood do anywhere from 1.59% to 2.5% when you borrow over 100k. Basically only way now to make cash offers and then refi later with a regular mortgage or just extend out the closing date and have no finance contingency.Qualifying for a mortgage today has changed a little today compared to 10 yrs ago. Gains in the stock market combined with low rates have really juiced prices. More and more people are taking out loans on their 401k or selling stock for down payments. There's also a plethora of govt down payment assistance where states and cities offer a few thousand dollars in a forgivable second lien.
I think that depends on the area. All of the homes in my zipcode are being sold to actual families, some of them are ones that have been outbid in silicon valley.
The problem at hand is inflation. As most goods continue to increase in price (to include new vehicles), then used cars also rise to fill in the gaps created by the increase in prices in the new car market. Add in shortages of chips and we are most likely years before the supply chain and production ramps up to normal levels. In addition, wreckless monetary and artificially low interest rates will most likely continue. The story is inflation is transitory, but not so sure that is the case. We shall see, but I don't see the used car market cooling off any time soon. Look around it's not only the used car market that is out of control. Real estate, food prices, gas prices, etc, etc. Hoping things cool off soon, but that could also mean economic recession time because the economy ran hot through COVID, which was very surprising.If I had to predict the future, I'd say that once the pandemic is truly behind us (as in most countries) there will be a big rebound in travel, going to restaurants, etc and a lot of the pandemic "hunkering down" purchase like big houses, vehicles, and pets will look less appealing. And that will push used car prices down, along with the chip shortage resolving itself.
It's a simplistic view.in general large foreign interests have a bid on every home in the country
If it doesn’t sell to a human it goes to them
Simple fix, ban foreign non-human ownership of non-commercial homes.
Should also crack down on nationwide slum lords like Titan who have no place in the market
This type of nonsense is what drove prices up into failure last go around, sub prime mortgages weren’t the cause of failure, it was the perverse non-market manipulation of prices and investment
Anytime houses become completely divorced from mode income you eventually get a crash, doesn’t matter how qualified the bidder overpaying is because the majority of people aren’t participating meaning if that one guy moves it creates a domino effect once everyone is seated.
Those remaining won’t be capable of paying the cost to play.
Smart money says 3-5 years till dip, for everyone’s sake let’s hope it moves faster.
in general large foreign interests have a bid on every home in the country
If it doesn’t sell to a human it goes to them
Simple fix, ban foreign non-human ownership of non-commercial homes.
Should also crack down on nationwide slum lords like Titan who have no place in the market
This type of nonsense is what drove prices up into failure last go around, sub prime mortgages weren’t the cause of failure, it was the perverse non-market manipulation of prices and investment
Anytime houses become completely divorced from mode income you eventually get a crash, doesn’t matter how qualified the bidder overpaying is because the majority of people aren’t participating meaning if that one guy moves it creates a domino effect once everyone is seated.
Those remaining won’t be capable of paying the cost to play.
Smart money says 3-5 years till dip, for everyone’s sake let’s hope it moves faster.
What's desirable is that the money is out of China. Any appreciation is just icing on the cake.Chinese Nationals bought my last house-for over a half million - in cash. This was nine years ago. However-I was in a certain are in Southern California deemed desirable to them (for whatever reasons).
Chinese Nationals bought my last house-for over a half million - in cash. This was nine years ago. However-I was in a certain are in Southern California deemed desirable to them (for whatever reasons).
They have never lived in it. They have a Son who lives in it by himself. It's a fairly large home for So. Cal (@2,500 sq. feet).So long as they live there fine :0
Down the street from me a house sold for $3500 (2012) to a “Limousine company” was an ok house but became derelict since nonone touched it for several years
Asked the “limo” place if I could buy it since it was going derelict then all of a sudden it was filled with young women and the garage door bolted shut with an odd glow.
My simplistic view is the correct one, if you never are in the place and just use it as a vehicle it should be removed from your ownership, especially in the case of overseas ownership.
Far better to sell for what it’s actually worth to a townie that will live there than some guy in Sweden that lets it fall down waiting for a big break
So now you make the rules with what people can do with their money? The houses I sell, a good percentage is to investors. They sometimes use me to find tenants for their rentals. Just a normal part of diversification, not everyone wants or trusts their money in the stock market.So long as they live there fine :0
Down the street from me a house sold for $3500 (2012) to a “Limousine company” was an ok house but became derelict since nonone touched it for several years
Asked the “limo” place if I could buy it since it was going derelict then all of a sudden it was filled with young women and the garage door bolted shut with an odd glow.
My simplistic view is the correct one, if you never are in the place and just use it as a vehicle it should be removed from your ownership, especially in the case of overseas ownership.
Far better to sell for what it’s actually worth to a townie that will live there than some guy in Sweden that lets it fall down waiting for a big break
I would consider that as “living there”They have never lived in it. They have a Son who lives in it by himself. It's a fairly large home for So. Cal (@2,500 sq. feet).
So now you make the rules with what people can do with their money? The houses I sell, a good percentage is to investors. They sometimes use me to find tenants for their rentals. Just a normal part of diversification, not everyone wants or trusts their money in the stock market.
That's really the beauty of private ownership, the freedom to do whatever you want with it without any input from random strangers. You'd probably have to go to communism or socialism if you want government control.
Be careful what you wish for, your home might be a huge part of your retirement and suddenly you may end up unable to retire years down the road.Simple fix, ban foreign non-human ownership of non-commercial homes.
Yeah, I don't think it will happen. People make statements to fix a problem that affects them. But that would affect sellers and they wouldn't support such a law and there are many lobbying groups that would be against it so I don't think there's any political will to do anything like that. Probably a property rights issue that wouldn't get past the Supreme court let alone Congress. Basically his proposal would lower the selling price for sellers and benefit buyers like him. Why would any seller want that?Be careful what you wish for, your home might be a huge part of your retirement and suddenly you may end up unable to retire years down the road.