Originally posted by ladrones
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Thankful for the current real estate trend
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Originally posted by mudbone View PostBut at todays market prices that Ford Pinto you apply named is now the corvette and the corvette is now a Maserati. Your chances of coming out ahead are pretty slim!!!!!
You sell high in this market you also pay high in this market.
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Originally posted by Sackett View PostYep, the only ones "making out like gang busters" are brokers, real estate agents and those tied to the closing process. Most homeowners who are selling to buy another house are not in any better spot than they were prior to this spike. There will most likely be a market crash coming with tons of foreclosures and then that home you paid an inflated $650K for, now gets valued at $450k.....Last edited by Katsaregood; 07-19-2021, 12:08 PM.
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Originally posted by Sackett View PostYep, the only ones "making out like gang busters" are brokers, real estate agents and those tied to the closing process. Most homeowners who are selling to buy another house are not in any better spot than they were prior to this spike. There will most likely be a market crash coming with tons of foreclosures and then that home you paid an inflated $650K for, now gets valued at $450k.....
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Originally posted by DFWPI View PostDepends. But, if you were driving a Ford Pinto and could upgrade to a Corvette for the same price, would you?
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I'm stealing your line btw
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Originally posted by justletmein View PostI keep toying with the idea of ducking into a rental and waiting it out then buying low after the crash. Problem is will it be 2 years or 20 years?Last edited by jerp; 07-19-2021, 12:36 PM.
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Originally posted by Sackett View PostYep, the only ones "making out like gang busters" are brokers, real estate agents and those tied to the closing process. Most homeowners who are selling to buy another house are not in any better spot than they were prior to this spike. There will most likely be a market crash coming with tons of foreclosures and then that home you paid an inflated $650K for, now gets valued at $450k.....
What factors do you see in the future that will likely cause a market crash?
The last time an overheated real estate market crashed it was caused by sub-prime lending money to people that couldn't afford the real estate. Current mortgage lending underwriting guidelines are very rigid.
At some point the market has to cool but I don't see a crash unless there is a large recession or if the inventory caused by ending the covid related moratorium on foreclosures is larger than expecected.
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Originally posted by ken View PostWhat factors do you see in the future that will likely cause a market crash?
The last time an overheated real estate market crashed it was caused by sub-prime lending money to people that couldn't afford the real estate. Current mortgage lending underwriting guidelines are very rigid.
At some point the market has to cool but I don't see a crash unless there is a large recession or if the inventory caused by ending the covid related moratorium on foreclosures is larger than expecected.
Interest rates.
A lot more people can afford a $400k house at 2.5% interest than can afford it at 5% interest.
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Originally posted by ken View PostWhat factors do you see in the future that will likely cause a market crash?
The last time an overheated real estate market crashed it was caused by sub-prime lending money to people that couldn't afford the real estate. Current mortgage lending underwriting guidelines are very rigid.
At some point the market has to cool but I don't see a crash unless there is a large recession or if the inventory caused by ending the covid related moratorium on foreclosures is larger than expecected.
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Thankful for the current real estate trend
Originally posted by DFWPI View PostDepends. But, if you were driving a Ford Pinto and could upgrade to a Corvette for the same price, would you?
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When you say same price, I assume you’re meaning same *payment*. Because unless you move to a completely different market you’re not upgrading from a Pinto to a Corvette at the same price.
We just sold our house in Omaha last week. 5300 finished square feet with an additional 600 sqft of unfinished storage space for $15,000 less than the house we’re buying in Minnesota that’s 2,950 square feet.
If I could have found what we wanted in a rental I would have rented and hoped the market stabilized and/or corrected in the near term, however it’s not practical with our situation.
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Originally posted by DFWPI View PostDepends. But, if you were driving a Ford Pinto and could upgrade to a Corvette for the same price, would you?
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Originally posted by bowhunterchris View PostI am just waiting on this bubble to burst so I can buy land. Prices are stupid at the moment.
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