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Yeah. Skyrocketing in my area. There's no putting the cat bag in the bag now, I think. RE is limited, especially in popular cities. Buy enough of it and you're an oligarch in the community, city, county, or state. You won't be the fieflord as all these meme'sters keep writing- you'll be the actual monarch. It's become a race to buy up the most amount in the least amount of time in order to accumulate. Price shouldn't be an object at this stage as it won't matter in the long term.
not being facetious but What happened in the last week or month?
it’s been a non stop mega rally since the first summer of Covid (has been booming since GFC really, but Covid took it to another level) in my market, and same for most desirable cities and tbh, I don’t see it ending anytime soon
the people who currently don’t own a home, and don’t work in tech or finance, are absolutely screwed at this point
This past month I have been watching properties in my area in the southeast and one in particular has increased 13.9% in the past 30 days. I talked to my sister who lives in Orinda, CA (outside of SF) and she said it is booming over there too.
agreed. it's scary to think we are potentially witnessing America degrade into a full blown aristocracy like old Europe. It'll be interesting to see if we get a Robespierre style revolution, or if the American proletariat just take it dry.
GF’s parents bought a home down in Florida (Fort Myers area) back in March of this year and it’s already up ~ 30% lmao
We were thinking about buying ourselves, but for the time being will continue renting in Chicago and saving up for a vacation home, possibly in Europe somewhere (Italy/Spain/Portugal).
I’d love to be able to afford a home back in CA but that ain’t happening anytime soon..
you're not really in IB ?
In my area, prices are finally starting to plateau (well the second derivative is negative at least to be more accurate). I currently have a total of 3 properties (1 house I live in and 2 multi units), and I regularly get hit up by real estate agents asking me if I want to sell. I am in contact with my agent on a regular basis, and inventories are getting better, but still not anywhere near normal. I'm hoping the foreclosures wave starts as the government tit starts to dry so I can start scooping some good deals, but if not, I'll just keep buying slowly. I've noticed the multifamily places haven't been as hot, but even those are selling for more than what is fair (IMO). I recently sold a small multi-unit and what I got away with passing to the buyer is probably borderline criminal, but fuck him, it's his problem now and I was afraid the foundation would cave within a decade.
Single family market is pure speculation territory (I could be wrong here, but for people entering the market for the first time, I hope I'm not so they can get a deserved correction), and while I go to the auction block once a month to see what's available, I wouldn't even think about buying one on the normal market at this time.
I plan on increasing my rents at the end of every contract for the foreseeable future to match market prices, and I'm sure every other landlord in the area will do the same. I suspect this will be another upward pressure. Building materials are also still too expensive, and contractors are not absorbing the costs (rightfully so), so if you plan on getting into it as a business, I would only do it if you can either do high volume of units or do the work yourself (this part is fun, it's a great mix up from staring at a screen).
The bank I work with has pressured me multiple times to refinance and lever up more (I'm not sure if this is normal bank behavior, or a terrifying sign of a bubble). Overall, it's a great time to own IMO. I've started looking at just buying plots as I think there could be some solid returns there just by holding for 10+ years and it's way cheaper than the multi-units that I'm used to, but I'm leery of no income from bare land.
Yeah my current rent is at $2,100, but on the company website a same 2BR 2BA is $2,350. I renew in February and am nervous for the possible hike in rates.
While I'm financially grateful my area doesn't have such a law, I strongly think every municipality should enforce some form of rent control. Not hard and fast (like nothing over 5%), but something tied to wage growth in the area or local CPI. It absolutely amazes me this isn't common practice, but until it is, there is no incentive to not match market rates.
In laws recently increased rents on their SFRs from 1800 to 2400+
the rent is now almost 2x what the actual mortgage is lol
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