This is exactly it. It's not really about housing rather than avoiding your cash turning to dust due to hyper inflation. The market will stabilize but not crash.
Not just housing that is nuts... I can't even find an enclosed car hauler...
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Not just housing that is nuts... I can't even find an enclosed car hauler...
Thank you for furthering my confusion. Where are the first and second homes?
First house is in the ghetto up in Mass.
Second house is on cape cod.
It's crazy here in a small mountain town in North GA. We bought in 2019 and were looking in the $250k to a budget stretch of $350k. The cabins in 2019, that were overpriced at $350k then are now selling for $750k. They were shit cabins at $350k, but they selling for double that within days, sometimes hours, of being on the market. And these are definitely second homes, not dwellings where someone could work remotely: there is very, very poor internet and cell service is virtually non-existent for some of these homes (think 1x service, not even 3G--so not data).
People cannot sustain a $750+k second home, and renters will not continue to pay $500+/night in the future to stay in a small mountain town, in a crappy cabin where multiple guests have to share a bathroom.
People cannot sustain a $750+k second home, and renters will not continue to pay $500+/night in the future to stay in a small mountain town, in a crappy cabin where multiple guests have to share a bathroom.
We got in early where we are about 18 years ago. We have taken good care of the house, replaced the entire heat and air system, all the windows, down some landscaping, fence, etc. We could sell and double our money. For that money, we would have to give up a lot of house to buy locally.
I am not a builder, but my accountant just told me in this area, building a house is about $385 per square foot, due to lumber prices.
Guess I will stay put a while longer.
I am not a builder, but my accountant just told me in this area, building a house is about $385 per square foot, due to lumber prices.
Guess I will stay put a while longer.
Our tax assessment went from 310k to 360k this year, and I imagine with new carpet and a cleaning crew we could sell for 375,000 tomorrow.
The part that kills me a little is that my wife plans on buying her parents house so they can downsize (just retired) on an adjacent lot. Now would be the prime time to sell our house and buy theirs for well below this inflated market price.
The part that kills me a little is that my wife plans on buying her parents house so they can downsize (just retired) on an adjacent lot. Now would be the prime time to sell our house and buy theirs for well below this inflated market price.
Good luck, man. I was in the same situation. Just hope your landlord doesn't see everyone else making big bucks on a flip and decide to cash in like mine did. He got an offer from some group, out of town, sight unseen, for an outrageous amount over what it's worth.
It seems pretty universal that places are going within 24hrs, multiple offers over asking, some waiving inspections, many cash offers. That is, the few that are actually making it to being listed. Many are sold before they're even listed. But if you keep your eyes peeled maybe you can snag something. It might not be perfect, but it might work. There always seem to be a few less competitive listings, for various reasons. Took me several months but I found something not crazy overvalued.
I still wouldn't be the type to just throw money at it, even if a lot of this generation is. Even though I doubt a severe drop is coming, due to how tight lumber and construction are for new builds and how well the upper class seems to be doing, I'd hate to end up holding the bag like people did in 08.
And I don't know about other places, but "just rent until the dip" isn't that feasible around here. Rentals are drying up. Tons are getting flipped around here. They can smell the money in this market.
Locked in my refi today at 2.5%......not terrible. 
Prime example here:
This house, about 8 houses down the street from us, went up for sale on April 21 for $879k. Received multiple offers and sold for $1.25 million. That's $371k over asking.
700 Enchanted Oaks Dr, Driftwood, TX
Not only is it nearly 20 years older than ours, 300 sq ft less than ours, has 1 bedroom less, 1.5 baths less, no attached garage, it also has no pool. We spent $640k when we built this back in 2016, I truly have no doubt we could sell easily for $1.3 million now based on numerous recent, local comps.
This house, about 8 houses down the street from us, went up for sale on April 21 for $879k. Received multiple offers and sold for $1.25 million. That's $371k over asking.
700 Enchanted Oaks Dr, Driftwood, TX
Not only is it nearly 20 years older than ours, 300 sq ft less than ours, has 1 bedroom less, 1.5 baths less, no attached garage, it also has no pool. We spent $640k when we built this back in 2016, I truly have no doubt we could sell easily for $1.3 million now based on numerous recent, local comps.
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