Only fools buying into the hype of the skyrocketing housing market

Handle123 said:
I have couple properties and thankfully got rid of all of nearly 4 years ago. Going to wait few years and see how low is low when inflation hits high levels. Someone has to pay for all the free money.
More...
A friend is head of a mortgage broker, he said he is on target to make $650,000 by Sept 15th and can’t keep up with demand. If you loan cash at 2 percent they will buy but what about all the job losses? I don’t understand how come income is so distorted.
 
S2007S said:
Because rents weren't high enough already first time house buyers must be paying lots of money to outbid their rivals and those who own already and selling for top dollar i hope they are buying in areas where housing prices aren't getting bids 15%, 20 %%25%% 30% higher. Sell high buy high.



Over three days in late July, a three-bedroom house in East Orange, N.J., was listed for sale for $285,000, had 97 showings, received 24 offers and went under contract for 21 percent over that price.

On Long Island, six people made offers on a $499,000 house in Valley Stream without seeing it in person after it was shown on a Facebook Live video. In the Hudson Valley, a nearly three-acre property with a pool listed for $985,000 received four all-cash bids within a day of having 14 showings.
More...

That's not symptoms of skyrocketing housing market; that's the result of wrongly pricing real estate properties. A 3-bedroom house in N.J is only priced at $285K??!! In a time where everybody is starting families with children? And in a prestigious family-oriented place like Long Island, a house is only priced at $499K??!!! A THREE-acre property with a pool only listed for $985K??!! A meth house smaller than that would be listed for higher price than that!! Of course people will be stepping over each other to get their hands on these properties. What were those real estate agents thinking?? Did they decide to work pro bono or something??!! In locations like these, you can demolish the houses and sell just the land for higher prices than those.
 
realtrades said:
NYC housing market has gotten so cheap

1 bedroom going for 999k

https://nypost.com/2020/08/26/nathan-romano-of-swimwear-brand-onia-selling-999k-manhattan-pad/

2 bedroom going for 1.5 million

https://nypost.com/2020/08/20/model-natane-boudreau-selling-glam-nyc-pad/

Brooklyn 430 sq ft studio going for only 395k and on top of that there is a small monthly maintenance fee of only $1,103

https://nypost.com/2020/08/05/danish-author-christian-moerk-lists-brooklyn-studio-for-396k/
More...



Thats what I'm talking about. Time to go all in.
$918 per square foot on that Brooklyn studio screams bargain bargain bargain. And that Maintenance fee of $1100, geez thats the icing on the cake. Hopefully it can stay at $1100 for the next 2 or 3 years if not, maybe a steady 4-5% increase will have to do.
 
JSOP said:
That's not symptoms of skyrocketing housing market; that's the result of wrongly pricing real estate properties. A 3-bedroom house in N.J is only priced at $285K??!! In a time where everybody is starting families with children? And in a prestigious family-oriented place like Long Island, a house is only priced at $499K??!!! A THREE-acre property with a pool only listed for $985K??!! A meth house smaller than that would be listed for higher price than that!! Of course people will be stepping over each other to get their hands on these properties. What were those real estate agents thinking?? Did they decide to work pro bono or something??!! In locations like these, you can demolish the houses and sell just the land for higher prices than those.
More...
There's a reason homes are priced that way in this area. The property taxes are massive.
 
R1234 said:
There's a reason homes are priced that way in this area. The property taxes are massive.
More...

So why are people fighting so hard with double-digit number of offers, all-cash offers to try to get their hands on these properties? Foreign buyers?
 
JSOP said:
So why are people fighting so hard with double-digit number of offers, all-cash offers to try to get their hands on these properties? Foreign buyers?
More...
Idiots from NYC are thinking its a great deal. Relatively to their rents maybe.
 
R1234 said:
Idiots from NYC are thinking its a great deal. Relatively to their rents maybe.
More...



Thats what I'm thinking. Guess theh can afford to drop a million on a house when their rent was $5000 a month in the city.
 
R1234 said:
Idiots from NYC are thinking its a great deal. Relatively to their rents maybe.
More...

And be stuck with massive property taxes for the rest of their ownership of the house? How is that an improvement over their massive rent? LOL
 
You must log in or register to reply here.
Back
Top