This must be some sort of housing bubble again

[Anonymous]

Anonymous wrote:Of course, there's never a bubble, until it bursts.

There is a ton of overpriced crap on the market now that is just sitting. What is that called.

Wishful thinking. Definitely not a bubble, because it would sell. That's actually pretty rational -- overpriced crap just sitting. That's not in any way bubble behavior.

[Anonymous]

I would buy closer in that area has depressing small 60s homes with little teardown activity. Teardown activity on small old homes indicates a good area to buy.

[Anonymous]

Under 800k is a tight market. I would bump up your price, waive contingencies and have cash on hand to pay over appraisal.

this ain't 2007, the buyers are the most qualified in the history of mankind with iron clad loans.

[Anonymous]

The main reason I mentioned "bubble" was because last summer when we would try and put an offer on a house. The listing agent would tell us that the other offers have no contingencies (financing and/or appraisals), and were above asking and there were several offers. Seems very "bubbly" to me....but I am no expert, so what do I know I guess? Just my observations about what is happening.
I thought we would be able to escape some of this before the "season" started, but I guess not.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Of course, there's never a bubble, until it bursts.

There is a ton of overpriced crap on the market now that is just sitting. What is that called.

Wishful thinking. Definitely not a bubble, because it would sell. That's actually pretty rational -- overpriced crap just sitting. That's not in any way bubble behavior.

Exactly, it seems like there are some houses that are just sitting on the market. Let's see that this Spring brings.

[Anonymous]

Bubbly? Lol idiot

[Anonymous]

When interest rates are forced down to historical lows for indefinite periods by the government.

There is no "market" .... I don't know what you would call it but uncompromised interest rates are the foundation of anything resembling capitalism.

And artificial low rates guarentees a bubble.

[Anonymous]

Anonymous wrote:Under 800k is a tight market. I would bump up your price, waive contingencies and have cash on hand to pay over appraisal.

this ain't 2007, the buyers are the most qualified in the history of mankind with iron clad loans.

Well there's your answer, OP -- have more money! Why didn't you think of that??

[Anonymous]

Anonymous wrote:Bubbly? Lol idiot

OP, ignore this meanie. Most of us understand what you are saying. GL.

[Anonymous]

Anonymous wrote:When interest rates are forced down to historical lows for indefinite periods by the government.

There is no "market" .... I don't know what you would call it but uncompromised interest rates are the foundation of anything resembling capitalism.

And artificial low rates guarentees a bubble.

Definite QE induced bubble. Most qualified in history... Maybe. But we didn't say this was a credit bubble. There is a lot of hot money here and Blackstone setup a rental SFH hedge fund for its rubes, er, clients. Dot.com bubble had plenty of margin accounts but bubble was fueled by mostly investors, and global fund are racing to find yield thanks to QE and ZIRP. Look at debacle in emerging markets when taper came, you will see similar exodus in MBS and housing investments at some point. Though if I knew that point I could be rich.

Btw, we bought in last year. We expect to lose gobs of money when bubble deflates but renting sucks too. So buy for long term OP and have reserves to ride a 50% loss. Then if we are wrong, and no bubble we win, and if we are right we may get to stay solvent. But for love of god don't waive contingencies. Unless you have gobs and gobs of money to correct anything wrong

[Anonymous]

Anonymous wrote:

Anonymous wrote:Bubbly? Lol idiot

OP, ignore this meanie. Most of us understand what you are saying. GL.

Hey kid, this thread is for grown-ups. You will refrain from complaining about "meanies" or calling other posters "mean." Got it?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Under 800k is a tight market. I would bump up your price, waive contingencies and have cash on hand to pay over appraisal.

this ain't 2007, the buyers are the most qualified in the history of mankind with iron clad loans.

Well there's your answer, OP -- have more money! Why didn't you think of that??

This is the answer to 90% of DCUM problems

[Anonymous]

Are you currently renting? If yes, I would sit on the sidelines for 3 months and jump in in July when it slows down.

It is sitll competitive in the summer - but you do not get swept up with the craziness.

[Anonymous]

Anonymous wrote:Are you currently renting? If yes, I would sit on the sidelines for 3 months and jump in in July when it slows down.

It is sitll competitive in the summer - but you do not get swept up with the craziness.

Or buy after thanksgiving, very thin market but you get time to deliberate.

[Anonymous]

I wrote "bubbly" to lighten the conversation, but oh well.

I would never waive contingencies or be house poor. I know what we can comfortably afford, and I will not put my family at risk by increasing my budget randomly and waiving contingencies. If that means we can't buy right now, than that means we can't buy right now. We will continue to rent. It's not that big of a deal for us currently, but would obviously like to eventally be able to buy a home.