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  • #61
    We are also in a California exodus landing spot. Put on offer on a house last year that got accepted but we mutually pulled the plug on the deal with the seller when COVID started to rear its head. The offer last year was $550 and with no major changes just sold for $705. Insanity. Right now 1600 sqft houses with decent interior in ok but not spectacular areas of town going in the 600s. Can either do that or live 30 more minutes away in the exurbs for probably 400s. How the heck do low-income people do it??

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    • #62
      I haven’t read this entire thread but wanted to chime in. I had a pt yesterday tell me he moved to my area from NYC a year ago. After all of the summertime riots, in the large city where his extended family lives, they all want to escape the big city and move south. This was not just his two brothers but his parents and in laws too. That’s a lot of people, in just one family, escaping the big city to move south. If that is happening multiple times, over and over, it adds up as to why the real estate market has gone crazy around here

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      • #63
        I inquired about a new construction production build 2 weeks ago and again today. The price on the EXACT house went up 80K from 2 weeks ago. Complete insanity.

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        • #64
          Originally posted by braindoc View Post
          I inquired about a new construction production build 2 weeks ago and again today. The price on the EXACT house went up 80K from 2 weeks ago. Complete insanity.
          I saw this and was reminded of how painful hyper inflation can be.

          https://finance.yahoo.com/news/goodb....tsrc=fin-srch

          Rentals have some unusual price behaviors as well.

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          • #65
            So for current renters, would you say this is a hot real estate market that is obvious to time (so keep renting till an inevitable crash). OR, should we avoid trying to time real estate markets and just but when we're ready, even if it's this summer.

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            • #66
              Originally posted by hebel View Post
              So for current renters, would you say this is a hot real estate market that is obvious to time (so keep renting till an inevitable crash). OR, should we avoid trying to time real estate markets and just but when we're ready, even if it's this summer.
              You shouldn’t really pay much attention to the housing market when buying a primary home. Buy when you’re ready and when you find the perfect match.

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              • #67
                Our area is booming... ridiculous prices but I am not certain Zillow is correct either. My guess is that my house is up 230% since we bought in 6/2013. Zillow says it is up 360%. Crazy town! Part of it is that we can socially distance here and are a hot spot for Bay Area peeps. I anticipate the bubble to pop at some point.

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                • #68
                  Originally posted by CordMcNally View Post

                  You shouldn’t really pay much attention to the housing market when buying a primary home. Buy when you’re ready and when you find the perfect match.
                  Even if the houses have gone up in value 100k+ in a year? Or they're increasing the prices 10k+ a week? I feel like you'd have to stay in that home for a really long time before you make that up.

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                  • #69
                    Originally posted by braindoc View Post

                    Even if the houses have gone up in value 100k+ in a year? Or they're increasing the prices 10k+ a week? I feel like you'd have to stay in that home for a really long time before you make that up.
                    Buy when you’re ready. Short term fluctuations aren’t something you should consider as it will cloud your true decision making process.

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                    • #70
                      Originally posted by CordMcNally View Post

                      You shouldn’t really pay much attention to the housing market when buying a primary home. Buy when you’re ready and when you find the perfect match.
                      I agree with this. But be prepared for a pretty rough time if you want to buy a home right now. All contingencies are being waived, homes go within a few days, you might get 15 minutes to tour the home, and may not be allotted enough time for your $400 pre-inspection, then you need to offer over the asking price + an escalation clause that goes 100k over the asking price, you need to take the home “as is”, you need to write a moving story to the sellers like you’re applying for medschool all over again, and after all that you’ll be competing with 14+ other offers, some may be cash, and you likely still won’t get the home.

                      I imagine that this is what it feels like applying to derm residency. It’s a little crazy right now.

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                      • #71
                        Originally posted by Dusn View Post

                        I agree with this. But be prepared for a pretty rough time if you want to buy a home right now. All contingencies are being waived, homes go within a few days, you might get 15 minutes to tour the home, and may not be allotted enough time for your $400 pre-inspection, then you need to offer over the asking price + an escalation clause that goes 100k over the asking price, you need to take the home “as is”, you need to write a moving story to the sellers like you’re applying for medschool all over again, and after all that you’ll be competing with 14+ other offers, some may be cash, and you likely still won’t get the home.

                        I imagine that this is what it feels like applying to derm residency. It’s a little crazy right now.
                        that's what i am realizing. it's just unfortunate for those of us [new attendings] who've waited until now to purchase.

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                        • #72
                          Originally posted by braindoc View Post

                          that's what i am realizing. it's just unfortunate for those of us [new attendings] who've waited until now to purchase.
                          I think there is something weird going on though. Obviously the low interest rate doesn’t help but a lot of homes are being taken by “cash only” offers.

                          The other issue is extremely low inventory. It may be low partly due to covid but apparently inventory has been pretty low for 2 years now. I’m not understanding why building new homes hasn’t kept up with supply or when it will catch up?

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                          • #73
                            Originally posted by Dusn View Post

                            I think there is something weird going on though. Obviously the low interest rate doesn’t help but a lot of homes are being taken by “cash only” offers.

                            The other issue is extremely low inventory. It may be low partly due to covid but apparently inventory has been pretty low for 2 years now. I’m not understanding why building new homes hasn’t kept up with supply or when it will catch up?
                            that's what doesn't make sense to me. if inventory has been low for a while, then why all of the sudden multiple offers and multiple cash offers now?

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                            • #74
                              Originally posted by Dusn View Post

                              I think there is something weird going on though. Obviously the low interest rate doesn’t help but a lot of homes are being taken by “cash only” offers.

                              The other issue is extremely low inventory. It may be low partly due to covid but apparently inventory has been pretty low for 2 years now. I’m not understanding why building new homes hasn’t kept up with supply or when it will catch up?
                              the lumber prices have skyrocketed. I am not sure how the construction would increase ? After failing to find a suitable house, we are entertaining the possibility of constructing, but the cost for that has also gone up significantly.
                              may be the best thing is to stay put ( either in current house or renting ). Strong feeling that the prices would start coming down by 22/23, but again, I can be completely wrong .


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                              • #75
                                Originally posted by uksho View Post

                                the lumber prices have skyrocketed. I am not sure how the construction would increase ? After failing to find a suitable house, we are entertaining the possibility of constructing, but the cost for that has also gone up significantly.
                                may be the best thing is to stay put ( either in current house or renting ). Strong feeling that the prices would start coming down by 22/23, but again, I can be completely wrong .

                                That could be part of it. Anecdotally, we would have built this year, but couldn't stomach the mark up in materials costs and potential delays from supply chain difficulties.

                                I could see this hurting middle class and above folks the worst, since COVID didn't effect those kind of jobs as much as working class people. If anything, the pandemic has only helped the investment class.

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