the housing market out here in the San Fernando Valley is utterly psychotic and getting worsehttps://twitter.com/TheStalwart/status/1380531924243001345 …
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David Hines Retweeted Joe Weisenthal
the housing market out here in the San Fernando Valley is utterly psychotic and getting worsehttps://twitter.com/TheStalwart/status/1380531924243001345 …
David Hines added,
here in NH we've got realtors on FB literally begging people to sell their homes a few weeks ago we had 2 houses in the entire town on the market, and they're selling in days, over asking price home construction is exploding, w builders asking $600k for what "should" be $400k
I refreshed my OpenDoor offer this morning - it's gone up $6k in the last week. Homes for sale in my neighborhood have gone from 32 to 22 in the last week, and 16 of them are pending. Place I'm looking at moving to has a waiting list for every single model. Bubble's coming. :(
This time I think it’s not just loose money driving it but also a shift in market tastes.
I would like to believe that, but where are the markets that are losing that demand?
Surely, there has not been an order-of-magnitude increase in "normally" qualified buyers, so either: A) People are getting loans who wouldn't have previously. B) People are buying additional investment properties or second homes. Either way, it's loose money.
The simple answer is that people who rented downtown luxury buildings have become buyers and people are fleeing urban areas that have experienced big increases in crime. Downtown rents and condo prices have taken a hit.
strongly agree with this take above also, R.E. quantity is very inelastic in the short term, so it doesn't take a very large increase in the # of buyers to spike prices a lot in the short term if there are 8 seats on a lifeboat and 7 bidders, price is $1 with 9 bidders ...
Especially around peak times of late spring/late summer.
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