House Prices are Crazy

[Longtooth]

I appreciate them for doing that , they made it possible for me to increase my net worth more than three quarters of a million after the last bubble burst. And this one will burst! Then the taxpayers will bail the banks and mortgage company’s out and there will be so many properties for sale on short sale that the realtors and their investor partners can’t buy them all up . Leaving the opportunity for people with cash on hand to make some serious money.

I dont think this will be an exact repeat of the last housing bubble. (Bad loans made by lenders not verifying income or assets) The Federal Government made a ton of rules about that. I do think it will be people being greedy and bending the rules somewhere else. If I knew where it was going to come from, I would avoid it like the plague.

I dont know where its going to come from, but I want to find a house for my family in the meantime.

 

[FLT]

Understood.

 

[Duckyou]

It is definitely not going to be from loans being given where they should not be.

A big jump is caused by COVID and people wanting more room, along with people being able to work remotely.

We live in a nice area with (comparatively) inexpensive housing. People can move here and enjoy the area while saving a ton of money on housing.

When we bought In February we had to put over 25% down To qualify for the lowest rate.

In the previous bubble most people did not put anything down - so they had no skin in the game and could walk away with no loss.

 

[FLT]

The bubble will burst, just like it always does. The people that make money off these events aren’t going to stop creating them. It’s not that I’m smart ,it’s that I have a good memory and have lived through several of them.

 

[FrankT]

I am more worried about people who have lost their jobs and landloard who tennants are not paying and been deferred by government. I just refied at 3% and took no money out doubt I will ever get a 2% refi

 

[Longtooth]

I am more worried about people who have lost their jobs and landloard who tennants are not paying and been deferred by government. I just refied at 3% and took no money out doubt I will ever get a 2% refi

I have heard horror stories of people taking 5 months to close on a refinance right now.

 

[FrankT]

Took me 22 days with VA and Bank of England

 

[Mullet Hunter]

There aint a bubble gonna bust anytime soon. Its get in where ya can right now. We are building a 2650sqft home on 15acres north of Milton. permits pulled, everything is done, ready to go and waiting on builder. also building cost has also skyrocketed... We got estimates from builders back for $579,000 to $414,000 We had decided to sell our home in Milton right by the interstate however we have changed our minds now and are currently looking for another rental property close by. With the huge waterpark going in east Milton, and the plans for Blackwater bay we will keep them as vacation rentals, and attempt to capitalize.

 

[FLT]

There aint a bubble gonna bust anytime soon. Its get in where ya can right now. We are building a 2650sqft home on 15acres north of Milton. permits pulled, everything is done, ready to go and waiting on builder. also building cost has also skyrocketed... We got estimates from builders back for $579,000 to $414,000 We had decided to sell our home in Milton right by the interstate however we have changed our minds now and are currently looking for another rental property close by. With the huge waterpark going in east Milton, and the plans for Blackwater bay we will keep them as vacation rentals, and attempt to capitalize.

That’s a great plan, I hope you prosper and make a fortune.

 

[Raven]

There aint a bubble gonna bust anytime soon. Its get in where ya can right now. We are building a 2650sqft home on 15acres north of Milton. permits pulled, everything is done, ready to go and waiting on builder. also building cost has also skyrocketed... We got estimates from builders back for $579,000 to $414,000 We had decided to sell our home in Milton right by the interstate however we have changed our minds now and are currently looking for another rental property close by. With the huge waterpark going in east Milton, and the plans for Blackwater bay we will keep them as vacation rentals, and attempt to capitalize.

There's not a bubble, right here.... We're in a market anomaly. Santa Rosa County and Milton are known for busting real estate records. We're smack in the middle of the Navy's largest training installation and one of the US Air Force's largest. It was 05 or 06, cant remember, Santa Rosa was on record as the fastest growing county in the whole US of A. And it wasn't just because of rebuilding after hurricanes. I spent several years as a land surveyor from 04 till 07 and it was a wild good time. So anyways, this area is an anomaly. There is a bubble. Dont let it get you

 

[Duckyou]

There's not a bubble, right here.... We're in a market anomaly. Santa Rosa County and Milton are known for busting real estate records. We're smack in the middle of the Navy's largest training installation and one of the US Air Force's largest. It was 05 or 06, cant remember, Santa Rosa was on record as the fastest growing county in the whole US of A. And it wasn't just because of rebuilding after hurricanes. I spent several years as a land surveyor from 04 till 07 and it was a wild good time. So anyways, this area is an anomaly. There is a bubble. Dont let it get you

I Agree that this is not a bubble. We people are not bustling for investment but for living.

 

[M60Gunner]

Remember the last bubble breaking when we lived in Mexico Beach and lots were going for 25K. Now even hurricane damaged huts are 300k. We then moved over into PSJ on the Gulf County side and fell in love with the forgotten coast. Hope to retire down Carabelle way in the not too distant future. Am I the only one who believes some of the boom we are witnessing in areas across the country (not just NWFL) is the balkanization of the country as people start to see whats happening? My wife's family in Appalachia and my family in NC tell us the mountain boom is mostly people wanting a bug out locale and lots of underground shelters going in.

 

[Realtor]

simple supply and demand.

 

[RHINOWSO]

In the popular vote, which is what those polls predicted, she won by about 3 million votes. The Electoral College is where the other guy won.

Which was the competition in the first place...

 

[Realtor]

forgot to mention a shortage of well maintained, clean, move in ready homes on the market doesn't drive prices own.... put a fixer upper on the market last night (priced right...), so far 5 showing today.... and it's only 0950....

 

[RHINOWSO]

People get very emotional about buy and selling homes; unless they are in the business or have been around the block a couple of times.

 

[Realtor]

People get very emotional about buy and selling homes; unless they are in the business or have been around the block a couple of times.

Buying a home is a BIG deal. It's not like they're buying a pair of Flip Flops...

 

[RHINOWSO]

Oh I know it is and "emotion" works in the unholy triumvirates favor (Realtors, Loan Officers, and Appraisers).

Because all 3 benefit from the highest possible price.

 

[Realtor]

You get what you pay for. You want move in ready, Great schools, Community, resale value, yes, I agree, you're going to pay for it. You want the opposite, well, you're going to pay for that as well, now, or later, but you'll pay, in one way or another.... Remember, Food, Clothing and Shelter?

 

[Duckyou]

Just follow the 3 rules - location, location, location.

I have bought in good and bad locations. And I have paid for the bad locations with long sale time and very little appreciation.