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 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.
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.
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.