Current Housing Market
I'm interested in hearing your guys thoughts on the current state of the housing market. I've been looking into buying a home but it seems like the market has been on fire lately. Historically, rates are still low which is attractive but home prices have been skyrocketing.
Demand has been crazy as well, I personally have a buddy who has had multiple houses sold out from underneath him or has ended up in a bidding war with multiple buyers despite making full ask offers on the first day the house was listed.
I know there are a lot of different factors at play and location/market (NY/CA) makes a huge differences but does anyone have any thoughts on the general market? Do you think right now is a good time to buy, or that the market is overheated and due for a cooling off period?
Houses are selling above asking. Don't make an offer unless you have at least 80 LTV. Rates still low. Rising slowly. Economy strong and strengthening. Lending strong and still relatively conservative. Commercial R/E is in a bit of a bubble. R/E is always local - neighborhood to neighborhood. Property type matters. Cash flow is cash flow. An HOA is more likely to ruin your investment than anything else. Inventory is low. Artificially constrained in many places like CA.
Personally, I just refi'd my personal home and made $50K in equity in 12 months. The multifamilies we're flipping in Chicago are selling before they're half way done. Building 10-12 CAPs all day.
Thanks for the insight. I've been wanting to jump into multifamilies, I need to do some more research but that's crazy.
Any thoughts on 97/FHA mortgages, from the research I have been doing it seems like there has been an uptick in buyers putting down less than 5%. Mostly all fixed rated rather than ARMs like back in the day but I still a little surprising to me.
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