Anyone know what kind of people are on the sell side of the housing boom? And where are the owner-occupiers among them moving to?
Flippers? Hedge funds? Retiring boomers? Farmers?
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I don’t really get the role banks and hedge funds/PE are playing in this market. Lots of talk about it, but how much of this is primary buying/selling vs financialized activities, flipping, foreclosure sales of covid-distressed etc…
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Moving to cheaper places. Around here (South Western Ontario) it used to be sell in the city, move to a town 1-3hrs away. Now it's sell, move to Atlantic Canada or the Prairies.
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In Marin, I'm seeing them sell and then move further out to cheaper areas.
Some are people who bought multiple properties long ago and have been renting them out. Now they happily sell.
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Of the people I know who have sold in high cost areas, they moved to lower cost areas either to retire or work remotely.
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The older guy who owned our house lived in it a while ago, rented it for a while while occupying smaller house nearby, now decamped to Colorado
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well, data point, in the first half of 2020 I sold an owner occupied condo for an owner occupied detached SFH. so I was one person on sell side.
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I bought a small portfolio of sfh rentals in Vegas (and moved here to manage them) during housing crisis and just sold one. Happy to lock in a good price (4.5x cost) and have more cash if world goes to hell.
Also looking to move somewhere more pleasant in summer.
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