My clever intuition and 20 years in the mortgage industry. Sure "some" markets will prob adjust will adjust back after the pandemic if supply increases. Interest Rates are bound to stay low, Biden's giving all our money back to people in grants and stimulus checks, and raising the minimum wage, creating more competition. A lot of people who were bound to expensive markets like NYC and San Francisco realize they can work from anywhere and are raising up the prices in cheaper area's of the country. Except you're new normal. Oh, you're in California yep 2028.
There will be more supply once the covid settles down, many people are delinquent on their mortgages, many people are unemployed, prices are way overly inflated. The only reason it's not is if the government keeps getting involved.
No, there won't be more supply. There's an entire generation that doesn't want houses and couldn't afford one if they did. Once those houses go into foreclosure, they're going to be bought up by investors and turned into rentals or flipped for higher prices which keeps inventory low and prices high. Just like what happened after the last bubble.
It's become so bad there are cities looking into barring out of state investors from owning property. Hell 25% of properties under 250k here in Charlotte are owned by out of state investors and our market is suffering because of it.
Granted prices may drop somewhat in the future once Boomers start dying off en mass and the market gets saturated all at once, but if you're waiting on a 2008 type bubble burst, you're going to be waiting a long time.
houses in my area are being listed 100k more than they did this time last year. There's no reason for this price increase and high demand right now other than city people trying to get out of the dumpster fire. Houses are on the market for less than a week and are getting tons of offers that are often 50-100k more than asking over the already over inflated asking prices. There will be an increase in supply because you can't just go a year without paying your mortgages/rents. The government just keeps kicking the can and can't keep bailing out people.
I have a feeling after this harsh winter Florida is going to have a new surge of people moving here to get away from the cold...causing the already high price housing market to get worse. Glad my friend is a real-estate agent, I am planning on buying soon before it gets worse and hopefully she can help me navigate.
It’s crazy!!! I couldn’t believe it when my realtor told us what he wanted to list our little house for. It’s just over 1000 sq ft, 2 bedrooms and it’s going to sell for damn near what we paid for our 3/2 last year.
We are actually building because we were looking for resale for a while (yes we’re already moving again) and the prices are crazy. It made way more sense to build right now. I also work for a home builder and we are so busy we are putting houses on allocation. They can’t keep up...there’s concrete and block shortages, window shortages, appliance delays etc
Just wondering what’s going to happen with the millions of home owners who haven’t paid their mortgage in a year now 😬 especially those that were not able to get deferments and were in forbearance...the banks are going to want their money soon?