Tar wrote: ↑Thu Mar 31, 2022 11:58 am
Around 2017-2019, gov had this coordinated effort to reduce international real-estate investments along with increased interest rates, and the real estate prices stopped going up for that duration. Not sure if that's a tread y'all saw in high demand real estate markets state side, but it is probably what will happen again for the next two or three years. There might even be a little bursting action and like a 10% pull back from new highs this year or next, that's when I'd be shopping for a second property if that's what I had on my mind.
No clue about that, but I don't think the US did anything. I know a big driver of prices in the Pay Area was/is Chinese foreign investment. Nobody international gives a shit about northern Meatchicken (other than maybe access to the great lakes), I can promise that.
In our area, I think it's just a lot of boomers that have more money than they know what to do with now that the stock market will just go up forever and are YOLOING on retirement homes. It's insane some of the houses being renovated or built, and it's always olds.
There's a high end restaurant 10 mins from our house on the water. On Wednesdays, they do a "burger special" in the bar, with what might be the best burger in the area and a glass of decent cab for $17. We go every Wednesday, and it's been a great way to meet our neighbors since most seem to go. Last night we knew everyone in the bar, all olds. It's a mix of newer and older residents, but hearing them talk about their real estate investments are insane... MAJOR
going on. One couple last night said they bought their 22 year old son an $800k house on the water that's a "fixer upper" to teach him the value of money. If he fails they claim "it'll be worth $1M in a year anyway, so just flip it".
Reality is completely different to these people, but it's based on a foundation that everything is changed forever and prices will never drop again. There's zero talk of downturns or need to conserve, it's all about getting on the rocket to the moon. It's been going on for so long, it's hard to argue otherwise at this point. We bought way below our means so we can afford it with ANY employment situation. Once again, I was an idiot. The bunker is too small to be worth big money, and I bet at best we'd break even if we had to sell it after how much we have to dump into it. Meanwhile, if we had doubled our budget and bought a big 600k house, it would be worth double now.
doesn't matter if we don't move.
and things continue to go up. And that's been going on for 6+ years now...I can list one potentially cataclysmic event every year that made no material impact on things. Might as well just board the rocket ship.
I hate paperwork.
a few first gen immigrant on DFD, resident turk, and ex nazi egg lover now driving a middle class mom mobile.
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wave.
kept me from taking risks I should have taken in hindsight. I'm just going to 
was that kid on this forum that wouldn’t take our advice on how to fix his Volkswagen? 
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but man, did he bring the 
, and