FTHB are probably the most screwed. At least if you’re a renter, democrats are still trying to screw landlords on your behalf. Politically and policy wise, no one is helping FTHB
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We would be using it as a vacation property, and being near a vacation community, also makes it a good investment. This property is in something of a transition area, where a lot of older year-round residents are being replaced by second homeowners. Many of those second homeowners are renting, but for me that would only be a last resort.
I’m not sure why the sellers accepted such a weak offer, well I guess because it was the highest, but I’m also not sure I want to be the guy that torpedoes it. There will always be more listings…
65% of people own. No politician takes the side of 35% when they can take the side of 65%.
Edit: this is at a National level. At a local level plenty of Democrats are actively trying to destroy property owners. Seattle comes to mind.
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My general outlook is it’s never a bad time to buy real estate. Even someone who bought a the absolute peak of the 2000s bubble is laughing today.
If you’re in it for the long run, buy real estate and don’t try to time it. Because as you say nobody catches everything. And eventually you’ll miss out on everything.
I own multiple properties I’ve bought over the past 15 years. All I cared about was cash flow and ROI. Appreciation is never a factor. It’s a nice bonus for sure. But as an investor it should never be part of the calculus.
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Agreed. A lot of folks are still waiting for the S&P 500 to drop 50% too…
In that case, I would do a backup offer that’s strong but not as strong as their current offer. If it goes thru, you got a deal. If not, big whup!
@Boomba @CarRhino if you’re planning to hold long term (10 years or more), it’s almost always a good bet unless you live on 8 mile after nafta lol. Chances are cash flow is decent and even if it isn’t? You’ll be making money with 3:1 federally backed leverage
Should be the same in politics, too.
Don’t like how things are going? Then run for office. Stop complaining.
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That’s pretty cheap.
people with this attitude are why we’re in this situation in this country.
Trouble with this is they’re not selling at 400 they’re selling at 600-800 and laughing all the way to the bank.
What? lol.
Don’t forget about land, permit, utility, and holding costs. On $600k-$800k, builder is probably netting only around $60k-$160k, unless the builder bought land pre-covid and sat on it.
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How dare builders make a profit? They should all be charities. 
I mean surely you work for free right?
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Officially closed yesterday on the sale of my condo. Offered today on a new property, all I know is, I was the 3rd of 8 showings scheduled. Crazy market.
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Yes, it is.
How are you justifying buying a new property with these rates?
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I’m not using financing. One of the reasons I like investing in Vermont is because you can still find affordable real estate.
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There’s simply no supply in the market, and additional supply in desirable areas are not getting added due to interest rates
Only way supply in these markets will be generated is from a bunch of foreclosures/forced asset sales from people losing their jobs, or people start moving to crashing markets en masse (Austin, Vegas, Phoenix, etc). But young people still prefer the big cities with pedigree, everyone’s dream is NY/Chicago/LA etc, no one grows up dreaming to live in Phoenix.
Supply should be getting added from older people dying or relocating for retirement. But we have an influx of new “residents” that now need to be housed as well. Coincidentally it’s almost the exact amount of people that die yearly coming in. America. Life expectancy is dropping for the fist time ever so that should at least help supply a little bit in the future but we need rezoning and tax subsidies to convert old commercial areas to residential to make any meaningful increase in supply.
Minus some sort of mass die off supply isn’t going to get better. As long as the fed doesn’t do something stupid like lower rates again the market should stay flat so at least it won’t increase. They don’t have the best track record though ok making the right decisions
There won’t be mass foreclosures as most homes have lots of equity and payments are low for those that bought 3+ years ago. People can’t leave their homes and rent cheaper like they could the last crash.
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The country has absorbed large new populations in the past by building more and denser housing. The immigration rate is not especially high right now in the USA’s historical context and the birth rate is the lowest it has even been; we just largely aren’t building housing, and household size is going down so more housing units are needed even with static population.
Most other developed countries (+ whatever you call China) would LOVE to have a stable population instead of the demographic cliffs they are looking at.
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I’ve yet to see a chart of any real population collapse. Birth rates may be down but populations are still growing.
America had more immigration in the past when there was industry. We don’t have the jobs especially with automation to support ourselves let alone 2 million others a year. This isn’t coming from xenophobia but simple math
My point being is that housing can’t get cheaper without a significant event that lowers population. Building costs too much in our inflationary environment and govt isn’t spending money on the problem, they seem to have other priorities out of the country.
Rezoning commercial property and incentivizing builders to turn them residential is the answer. But that means a huge loss of standard of living as people will be forced into small units in urban areas.
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For a few years. Then it’s off to Phoenix to buy a house and raise a family. I can’t count the number of people I know who took this path. Myself included. I live in a small flyover country city. Everyone it seems is from a “pedigree” city who moved to enjoy a better quality of life after getting established professionally and making a few bucks.
And now with remote work available to everyone, you don’t even need to live in NYC in order to work in NYC and make NYC money.
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A lot of people seem to like that. Personally I don’t get the appeal of living in a cramped apartment on a loud street surrounded by 500 other people in my building. But the yuutes are into it. So maybe this will work out well for the next generation of real estate buyers.
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