Real Estate Market Thread

[MittRomneysDrawers]

Awesome... Cool little town. I’m just across the bridge in Debordieu.

What's it like there? I have maybe 175k in equity after realtor fees and such. A nice beach from community sounds good. Down here I'm considering New Smyrna. Still hate moving somewhere with an Income Tax, but Seminole County (Central Fla) is nuts right now

 

[GatorOK]

I live on/near the water in Niceville FL. If a house goes on the market it is gone in 24 hours. Most nice properties don't even hit the market and are sold for asking or above. Moved into my house Apr 19 and know the value has gone up astronomically just based on location and home availability. The wife and I discussed what our move out number would be, and came to the conclusion that it isn't happening, cause there is no place else to go, and we couldn't pick better neighbors. @Chief_Trojan

We sold our rental house in Vegas March of 19 (purchased July 14) and looking on Zillow it is worth 160K more than we paid for it, and we thought we overpaid back then. Back in 2006 my wife sold her house at the peak of the bubble. Paid 115K and sold for 269K. We should have bought the house back in 2015 when it was for sale for 99K.

 

[TigerDentGuy]

Wife is an underwriter for a large financial group. It really is crazy right now. Her base salary has doubled in the past two years and has unlimited bonus structure basically. Hopefully it doesn't end before another year as we'll have about everything we own paid off at the rate we're going.

 

[Begbie_nole]

It is insane even in Michigan. Mother in law is a real estate agent. We found one we really liked and it was on the market a day with over 10 offers on the house.

Everything decent coming on the market is there for a day with best and finals due the next day.

With my job being remote really considering moving. Looking at Texas and Tennessee possibly North Carolina. Wife doesn’t want to do Florida but I would love Florida.

Wife and I had a 6 year plan to become remote so we could live where we wanted... boom covid moved that up fast. I knew we were going to complete leaving the DC area for NC with others like us.. in October we bid on a house 15k over asking after the photos were posted on our way to see the house. We were one of 10 offers right away.. best and final we had to go ham 50k over. Only house in the area we wanted to be in available and we were already homeless... We debated Tampa but being from there its just so damn hot 6 months a year

 

[EdgeBest]

tbqh this isnt a bubble. most indices are at pre-crash levels or just above. we have a ways to go before it pops. and the lending safegaurds to prevent the subprime issue seem to be working.

RE always goes up - because population always goes up + quantity of land is a fixed number (some localities differ but if you live in a popular area like florida, pop will continue to flow upwards).

and this 'bubble' has built up a lot slower than the previous one.

now is there asset inflation, MOST DEF with the money hose turned on full from DC.

 

[shiv]

tbqh this isnt a bubble. most indices are at pre-crash levels or just above. we have a ways to go before it pops. and the lending safegaurds to prevent the subprime issue seem to be working.

RE always goes up - because population always goes up + quantity of land is a fixed number (some localities differ but if you live in a popular area like florida, pop will continue to flow upwards).

and this 'bubble' has built up a lot slower than the previous one.

now is there asset inflation, MOST DEF with the money hose turned on full from DC.

Yeah, if this is actual inflation hitting (which I think is strongly possible) John Q Public is thoroughly fucked.

They all were all proud as hell of their stimulus checks, but any wealth they had is going to be destroyed by inflation.

My real estate partner and I were very aggressive and bought 3 rental properties last year. One we got at auction in March during one of the covid hysteria peaks - it's a home that we can cash flow positive for now, but the land is actually commercial property worth 3 times what we paid for it. Another one we paid $65 sqft and could easily turn it for 100+ sqft now. But we buy and hold and rent - likely moving to land development next now that we have a solid residential portfolio

 

[Zgdaf]

Yeah, if this is actual inflation hitting (which I think is strongly possible) John Q Public is thoroughly fucked.

They all were all proud as hell of their stimulus checks, but any wealth they had is going to be destroyed by inflation.

My real estate partner and I were very aggressive and bought 3 rental properties last year. One we got at auction in March during one of the covid hysteria peaks - it's a home that we can cash flow positive for now, but the land is actually commercial property worth 3 times what we paid for it. Another one we paid $65 sqft and could easily turn it for 100+ sqft now. But we buy and hold and rent - likely moving to land development next now that we have a solid residential portfolio

Inflation is a ways off.. the fed is terrified of deflation which is what screwed everyone in the Great Depression.
now there is probably pockets of inflation, and real estate can become illiquid, but it’s depends on your local market.

not saying it will play out exactly like history, but here’s a good book I’ve been listening to.