Housing market is still solid in my neck of the woods!

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Putting our house up this week. Already moved out. Will be living out ny MILs house outside of LA till we find the right house and/or prices come down. Not going to get into a bidding war. Even if takes a year, i can be patient, especially if we will make out like bandits.

If i can convince the wife to let me use some of that profit to buy a new gt500…..lol


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My mother just sold her townhouse for $50k over asking. Shes following us out of LA.

Still So Cal but further away from the bs of LA city/county.


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Adower

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Putting our house up this week. Already moved out. Will be living out ny MILs house outside of LA till we find the right house and/or prices come down. Not going to get into a bidding war. Even if takes a year, i can be patient, especially if we will make out like bandits.

If i can convince the wife to let me use some of that profit to buy a new gt500…..lol


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If we had that option I would do the same. Sell and sit on the cash until the market drops again.

Right now we could walk with 500k or so if we sold but have absolutely no where to go.
 

DriftwoodSVT

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If we had that option I would do the same. Sell and sit on the cash until the market drops again.

Right now we could walk with 500k or so if we sold but have absolutely no where to go.

We will be renting a 2/2 apartment for now that was half the price of our mortgage. Not fun for long term, but it's not meant to be.

We took some of our 7 figure profits and are under contract for 7 acres near Beaverfork Lake in Arkansas. Wife can work from anywhere, and I can take any job I want. We will no longer have any mortgage and can keep a ton of money in the bank. Win, win.
 

IronSnake

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Wife and I have been browsing and going to open houses

Looked at an 80 y/o home, updated. About 1700 sq ft. 535k. In a really good spot on the border of the downtown/city. The open house was packed. It went off-market for some reason.

Down the street a similar house, more recently renovated, 450k.

The pricing is just strange, inconsistent, and hard to navigate nowadays.
 

GNBRETT

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Realtors have a long list of ppl Pre-Approved waiting to buy its nutz! There will be no bubble burst either. This will go on for at least another year before it settles down but again it will NOT burst cause its not based on FRAUD like the 2008 crisis was.
 

trxcobra

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For younger people like myself looking to get into a first single family home, the market is pretty discouraging.
Lot of unknowns in the years ahead it seems... dropping $600k+ on something that needs work or doesn't have the space I desire is really unappealing.

We have a small beach condo in NH that we bought for $188k early 2019. One of the downstairs units with fewer updates just sold before hitting the open market for $300k last week.
 

Blown 89

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Realtors have a long list of ppl Pre-Approved waiting to buy its nutz! There will be no bubble burst either. This will go on for at least another year before it settles down but again it will NOT burst cause its not based on FRAUD like the 2008 crisis was.
Bubbles don't burst because of fraud.
 

Fat Boss

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Bubbles don't burst because of fraud.

It might be regionally dependent on local factors. Here in Nor Cal there are no where near enough housing units being built, and there hasn't been for over a decade. There's a ton of pent up demand at this point and the tech companies are hiring as fast as they can.
 

bglf83

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IMHO the bubble will bust when the eviction moratorium is lifted.

It will be accelerated when people decide to move back to the cities when they accept COVID is going to be here forever and we need to just live with it.

Cards have been shown on remote work. Big tech are the first groups adjusting pay for people that do not want to come back to the office by as much as 25% but they will not be the last.
 

IronSnake

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IMHO the bubble will bust when the eviction moratorium is lifted.

It will be accelerated when people decide to move back to the cities when they accept COVID is going to be here forever and we need to just live with it.

Cards have been shown on remote work. Big tech are the first groups adjusting pay for people that do not want to come back to the office by as much as 25% but they will not be the last.

All valid points. Except evictions won't exactly crash the market. If anything people with money will scramble to buy them, thus creating a rush on the market again.

Cities are going to struggle soon. Not at the top of the list of destinations for the younger crowd. Not when you have towns in North Arkansas paying people 10-20k just to live there and work remotely. Also, a lot of the younger generations value WFH over income, as well as the mobility/choice of location.
 

thomas91169

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Cities are going to struggle soon. Not at the top of the list of destinations for the younger crowd. Not when you have towns in North Arkansas paying people 10-20k just to live there and work remotely. Also, a lot of the younger generations value WFH over income, as well as the mobility/choice of location.

Remote workers are about to start getting paid less (as predicted). Many of silicon valley companies are already cutting salaries based on where the employee lives and the market rate in that area. If you moved from San Jose to bfe Missouri, you bout to get paid in bfe Missouri wages.

Lots of em won't be able to make those payments anymore.

I think we'll see a bubble not pop but definitely deflate with a more classical reasoning behind defaults/foreclosures. If people can't pay their bills, axe the biggest expense first.
 

tones_RS3

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Remote workers are about to start getting paid less (as predicted). Many of silicon valley companies are already cutting salaries based on where the employee lives and the market rate in that area. If you moved from San Jose to bfe Missouri, you bout to get paid in bfe Missouri wages.
Lots of em won't be able to make those payments anymore.
I think we'll see a bubble not pop but definitely deflate with a more classical reasoning behind defaults/foreclosures. If people can't pay their bills, axe the biggest expense first.
BINGO!!!

Add in the rising costs of consumer goods,....not good.
Taxes on corporations means no raises. Not good.
 

Fat Boss

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Except that if you work for a solid tech company remotely in MO you're still going to be making more than the vast majority of workers in MO. You'll be able to afford that MO mortgage.

That said, I'm starting to think what my number would be to stay working from home with zero commute/stress vs leaving the house at 5:30 to beat the traffic to work. I'd probably forgo $2k / mo, maybe more.
 

bglf83

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Except that if you work for a solid tech company remotely in MO you're still going to be making more than the vast majority of workers in MO. You'll be able to afford that MO mortgage.

That said, I'm starting to think what my number would be to stay working from home with zero commute/stress vs leaving the house at 5:30 to beat the traffic to work. I'd probably forgo $2k / mo, maybe more.

The stuff I read about Google was up to 25% reduction with an average salary of 120k pre deduction. So your in the 2,500 range.

The issue will be that people are moving from these places to rural and stupidly spent city money on a rural house assuming they would keep getting the city wage.

Foreclosures will drive down the market as supply increases. The market will further be stressed when people move back to the cities to get city money.
 

Fat Boss

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The stuff I read about Google was up to 25% reduction with an average salary of 120k pre deduction. So your in the 2,500 range.

The issue will be that people are moving from these places to rural and stupidly spent city money on a rural house assuming they would keep getting the city wage.

Foreclosures will drive down the market as supply increases. The market will further be stressed when people move back to the cities to get city money.

Well, we'll see. I will point out that most if not all the Google employees get bonuses and stock. Look at the five year chart for GOOG. Total comp is likely at least 50% higher than the salary. Knock 25% off and you're still looking at north of $120k. I have no idea what housing prices are in MO, but it's gotta be better than this: Burned-out Bay Area home lists for $850,000, offers roll in
 

Stanley

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I'm trying! haha
I get these a few times a month.

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FIVEHOE

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Remote workers are about to start getting paid less (as predicted). Many of silicon valley companies are already cutting salaries based on where the employee lives and the market rate in that area. If you moved from San Jose to bfe Missouri, you bout to get paid in bfe Missouri wages.

Lots of em won't be able to make those payments anymore
I think we'll see a bubble not pop but definitely deflate with a more classical reasoning behind defaults/foreclosures. If people can't pay their bills, axe the biggest expense first.

This is definitely not my experience, at least at my level in the IT industry... I just got a new job that pays about 30-40% more than I was getting paid previously (started this job in 2019). Lots of those roles are expected to remain remote, and the pay is extremely competitive at every job I've interviewed with. Definitely a great time to be in the job hunting market.
 

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