MARYLAND TACOMAS

I'm not sure the market increase over the last 2 years is that much artificial. Yes, banks, investment firms and individuals with money are definitely buying property to flip, but I think thats a symptom of the market increase, not the cause.

Causes I've read are:
aging population not moving out of homes - boomers are not downsizing=not freeing up housing stock for families or pre-family couples
covid - caused people to re-evaluate life choices, more remote work opportunities, wanting outdoor space, etc
new home building stopped from 2008-2012(ish) - while future population kept growing, now we are experiencing it
"missing middle" - zoning laws often do not allow for creation of traditional entry properties such as co-ops, duplexes, small townhomes, etc
general inflation - not just housing
low interest rates - low interest rates is enabling a lot of people to or re-finance that wouldn't have previously been able to

Of these only the last is really a housing bubble concern, but I've not seen widespread evidence of unqualified or unsubstantiated lending like the 2000's and is currently undergoing correction.

 

I think I fell asleep 3 times reading Robs Ultra MultiPost.

 

Right now the main problem is the interest rates are rising, and rising quickly. Average is 5% right now, and that’s from an account manager at PNC bank. As rates are starting to rise, people are making a last ditch effort to lock something in before the really go up. And what I’m hearing, they won’t be coming back down for a few years! We were lucky and refinanced a little over a year ago at half todays rates. It’s gonna get a lot worse before it even starts to look better…

 

But don't forget "there's nothing we can do about it" I wish these idiots would step down so we can put people in that will actually do something about it.

 

I wish I had time to wait out the market. I'm going to likely get socked into 5.1-3% and an over-valued house; I hope as rates rise a modicum of sanity from sellers starts to manifest.

 

I don't think I'll be able to wait out years unfortunately. I just need to get my trailer self sustaining so I can disappear into a forest lol

 

You have my full attention...






The opposite is happening in my little area in PA (which is a stones throw from MD) houses are lowering in price by about 15-20K for something similar to mine from what it looks like. To think I just bought mine a couple months ago. Oh well...

 

I'm gonna try not to get banned from here but no garentees

 

I fully agree with everything that you point out, after doing a lot of reading about the economy of the past few years my use of "artificial" is more in the sense of- money was cheap to borrow, to help re-stimulate the economy and as people started buying during the height of the pandemic, they were over bidding to get a property to lock in the really low rates. Once the prices on raw materials started going through the roof it killed a lot of the momentum of buying/flipping and new construction in general, plus as you state- the overall lack of available entry level housing doesn't exist as much as it used to. I saw 2 houses go up for sale in my neighborhood last week, both were under contract within a few days. I'm afraid to see how much over list price the houses went for.

 

I’ll be the first to say, Morning MD!
Currently in the ER with the step daughter. Joy.

 

damn hope she's okay. Morning.

 

Hope all is well.

Morning MD

 

Morning MD!

 

Morning MD

Hope all is well!

 

What area are you looking at? Sorry if I missed it in a past post.

 

I don’t think your 2015 was designed or built in Japan

 

You can be an asshole to some of the people all of the time, all of the people some of the time, but not all of the people all of the time.

 

Yea, ditch the whole lower front of that face and replace it with a color matched hybrid front bumper with a Prerunner hoop for lights and limb risers. I'd like to see this rolling on 35's or 37's with a 4" lift and some lighting.