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Bubble Meter is a national housing bubble blog dedicated to tracking the continuing decline of the housing bubble throughout the USA. It is a long and slow decline. Housing prices were simply unsustainable. National housing bubble coverage. Please join in the discussion.
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The Bubble Meter Philosophy
The best way to get the housing market thriving again is to drop prices to the point where supply equals demand. Home sellers might not like it, but it's good for buyers and it's great for Realtors.
For Realtors, the best way to make more money is to sell houses quickly, and the best way to sell houses quickly is to convince the seller to drop the price.
For Realtors, the best way to make more money is to sell houses quickly, and the best way to sell houses quickly is to convince the seller to drop the price.
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- Cash for Clunkers cost $24,000 per car
- What does a median-priced house look like?
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The exact same is or has been happening in DC region over the last 12 months. It's just as crazy as Las Vegas. If you look at listings at low end price range, they are all gone. Every new listing will immediately attract 8, 10 or 15 bids and be under contract in less than a few days. Of course, few people are interested in high priced homes, but looks like everybody and his mom are bargain hunting in the low end.
ReplyDeletekatie and her husband can learn a lesson from her realtor. Get the home, dont pay a single payment and just save their money. After a year or two, when they get kicked out, go rent somewhere and in another year or two be one of those cash buyers that stopped them from buying their first home.
ReplyDeleteIf you want to play the game, you have to play like everyone else or you end up losing.
It seems like there are some infestors out there with lots of $$ who are trying to buy up homes like these. I don't know who they are or where they got the money, but there are evidently quite a few of them out there..
ReplyDeleteI am guessing that in the short term they clean them up and rehab them for rentals. Perhaps hoping to flip them later at a profit if/when housing prices recover.
It would be interesting to look at the numbers on these things - how much rental income can one get from these homes (and what rate of return are people earning) - even assuming that they intend to hold the properties for a while..
I suspect that if you stayed up until 3 a.m. and turned on the TV it may clue you into who these cash buyers are. YOU TOO CAN GET RICH QUICK WITHOUT CONTRIBUTING ANY BENEFIT TO SOCIETY! CALL NOW!!!
ReplyDeleteI don't think that he folks they are targeting on TV at 3AM have the kind of cash on hand to buy these things.
ReplyDeletealthough not quite as extreme as Vegas, I had the same problems in the Northern Virginia area. We put down 6 offers on single family homes and were almost always beat out by investors even though our offers were higher. We decided to look into buying a townhouse instead and fortunately it appears there were no investors. The primary reason the seller went with our offer (there were multiple, multiple offers) was because we were going with a conventional loan; everyone else didn't have enough of a down payment so they had to go with a FHA.
ReplyDelete"I don't think that he folks they are targeting on TV at 3AM have the kind of cash on hand to buy these things."
ReplyDeleteShhh...If the poor people watching TV at 3 a.m. knew why they were being targeting by these marketeers they might not spend the few thousand dollars that they do have to learn how to follow the very easy cash flow wealth building steps to reap the rewards they've always imagined.