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Housing is madness right now. I’m in a neighborhood under construction. It cost about $5xxk to build one a year and a half ago. One of those homes went on the
by heymijo 5y ago
Housing is madness right now.
I’m in a neighborhood under construction. It cost about $5xxk to build one a year and a half ago. One of those homes went on the market this weekend for $750k. One day bidding war and it sold for $820k.
I have no idea what to make of this
- sjg007 5y agoI don't know who or how they have enough money.
- katbyte 5y agoFree money from next to nothing interest rates?
- sjg007 5y agoYou still need enough cash flow to qualify...
- sempron64 5y agoFor an 850K home at 15% down which is 127K, you need to have about 170K saved to comfortably buy the home. Even on a relatively modest tech industry salary or with a 2-income household at a salary of 60K (120K joint) without children this is a very attainable amount of savings over say 5 years. Obviously not everyone makes this much money but it is an attainable amount, But just realize that almost nobody buys for cash and buyers are usually saddled with the debt for the rest of their lives. This is how home buying has worked in high income areas for 30 years at least.
- just_one_time_ 5y agoYou do know,it's why you're commenting here, it means MASSIVE inflation, there are just very few exit ramps. I want to get out of some Bitcoin Cash right now and don't have many options. Gold and silver are compromised markets, stocks could drop any second, buying a second home is really my only option.
- _kbh_ 5y agoLast year within 5 months a house sold for 750,000 USD more then it was bought for adding 60% to its price. Housing is broken in a lot of places atm.