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Real Estate
Reply to "Remember all the dorks spamming last year real estate was going to crash?"
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[quote=Anonymous]We have family in California, blocks from the beach. Put their house on the market for $1.55M. Good public schools, lots of families dying to get into that neighborhood. It's like a picture postcard of the California lifestyle. What happens? Bidding war with 5 offers. Two full offers for cash. Three with financing that trigger escalation clauses. Winning bidder? $1.665M, with $1m downpayment. Two Boomer lawyers who already live nearby who, quote, "want another house near the beach so their friends and family can stay in during the holidays." That's who are buying all these homes at crazy prices when mortgages are 7%+. No way in hell the Fed is cutting rates in 2024. Lots of slop still in the system. [/quote]
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