No point applying for a mortgage when the market is out of control that only hedgies with cash offers 200% over asking have a chance at buying anything/everything. Most first time buyers have given up at this point.
The bigger question everyone should be asking is why the hedgies are doing this. Why are they buying properties for insanely more than they’re worth? I have a couple theories and it all has to do with the collapse of the dollar.
I think that is definitely a byproduct of what they’re doing and certainly something they consider a win but I don’t think it’s actually their main objective right now. I believe wealth preservation during this inflationary period is the immediate objective paired with continued “creation” of “wealth” by driving the real estate market up so that they are not only converting worthless fiat to shelf-stable real estate, they are also pumping up the value of that real estate artificially by manufacturing scarcity. If they manage that and there isn’t a major crash of the housing market, then they will then shift their focus to what you are talking about.
I’m looking too. I’m finding some homes are going for about what they should be priced—even in Florida. You can find a decent condo near Delray on the east coast and near Ft Myers on the west for under $200,000. You have to be ready to buy and to jump quickly, but not everything is going for double what it should be. Particularly in a condo complex, you can’t double the price when the place next to you went for half as much. No one would buy anything in the complex if they were scamming or over-inflating.
South Carolina has some decent housing that doesn’t feel like you’re being raped. Much lower priced than Florida. The Charleston area is dynamic and worth looking at.
I’m just in the frame of mind that A) Something big is coming if not stopped B) Hard assets are the way to go C) warmer climates continue to lure and fascinate and with some good research, you can make a good investment there and D) There is no price tag on happiness. We’ve all seen that life is pretty fragile these last two years. Live somewhere that fulfills your soul. Where you live is the most important choice you can make. It accounts for a lot of your life.
Oh man I’m so sorry you’re stuck there, that sucks. I’m in IL so I can relate to some extent. There are some small towns here that still have houses that come up for reasonable prices. In a different part of this thread I also mentioned fixer uppers. If you’re not queasy at the idea of living in something that needs a lot of work and doing most/all of that work yourself you’d be shocked what a bank will sign off on. You’d have to move though I’m sure, I would be surprised if there is anything affordable in NY, fixer or otherwise.
I don’t remember what it was, and I’m kicking myself for not saving it, but I read about some change that Trump made in 2018 or 19 that kicked off this frenzied buying.
Oh interesting, I don’t think I heard about that. Until last fall I had not purchased anything since early 2018. I was pretty stunned at the prices and how fast everything was selling when I started looking early last year. I’d originally wanted to move state but that proved utterly impossible because there was no way to even look at a property before it went contingent. I’m open to some risk but buying sight unseen is not for me.
It could be. But a company won't fire people they can make money with. They'll fire them when they aren't making money with them. So this isn't about some future but about something that has happened in the past month or year.
They wouldn't lay off in anticipation though. They obviously don't have need of them now.
No point applying for a mortgage when the market is out of control that only hedgies with cash offers 200% over asking have a chance at buying anything/everything. Most first time buyers have given up at this point.
The bigger question everyone should be asking is why the hedgies are doing this. Why are they buying properties for insanely more than they’re worth? I have a couple theories and it all has to do with the collapse of the dollar.
Right. Property is a good hedge against inflation. Follow their lead. Max out your debt and buy property.
It's part of their great reset.... to turn this nation into renters vs owners - ie "you'll own nothing and be happy"
I think that is definitely a byproduct of what they’re doing and certainly something they consider a win but I don’t think it’s actually their main objective right now. I believe wealth preservation during this inflationary period is the immediate objective paired with continued “creation” of “wealth” by driving the real estate market up so that they are not only converting worthless fiat to shelf-stable real estate, they are also pumping up the value of that real estate artificially by manufacturing scarcity. If they manage that and there isn’t a major crash of the housing market, then they will then shift their focus to what you are talking about.
This
Wouldn't even stop the federal government from revoking your land and citing reasons though.
I’m looking too. I’m finding some homes are going for about what they should be priced—even in Florida. You can find a decent condo near Delray on the east coast and near Ft Myers on the west for under $200,000. You have to be ready to buy and to jump quickly, but not everything is going for double what it should be. Particularly in a condo complex, you can’t double the price when the place next to you went for half as much. No one would buy anything in the complex if they were scamming or over-inflating.
South Carolina has some decent housing that doesn’t feel like you’re being raped. Much lower priced than Florida. The Charleston area is dynamic and worth looking at.
I’m just in the frame of mind that A) Something big is coming if not stopped B) Hard assets are the way to go C) warmer climates continue to lure and fascinate and with some good research, you can make a good investment there and D) There is no price tag on happiness. We’ve all seen that life is pretty fragile these last two years. Live somewhere that fulfills your soul. Where you live is the most important choice you can make. It accounts for a lot of your life.
Oh man I’m so sorry you’re stuck there, that sucks. I’m in IL so I can relate to some extent. There are some small towns here that still have houses that come up for reasonable prices. In a different part of this thread I also mentioned fixer uppers. If you’re not queasy at the idea of living in something that needs a lot of work and doing most/all of that work yourself you’d be shocked what a bank will sign off on. You’d have to move though I’m sure, I would be surprised if there is anything affordable in NY, fixer or otherwise.
I don’t remember what it was, and I’m kicking myself for not saving it, but I read about some change that Trump made in 2018 or 19 that kicked off this frenzied buying.
Oh interesting, I don’t think I heard about that. Until last fall I had not purchased anything since early 2018. I was pretty stunned at the prices and how fast everything was selling when I started looking early last year. I’d originally wanted to move state but that proved utterly impossible because there was no way to even look at a property before it went contingent. I’m open to some risk but buying sight unseen is not for me.
It could be. But a company won't fire people they can make money with. They'll fire them when they aren't making money with them. So this isn't about some future but about something that has happened in the past month or year.