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They seem to be flipping the houses fast and hard around my neighborhood. One of my favorite things to do is walk around with the dog and see houses go up for

by rdudek 5y ago

They seem to be flipping the houses fast and hard around my neighborhood. One of my favorite things to do is walk around with the dog and see houses go up for sale. Lately, I noticed houses sold only to be relisted by Zillow like 30 days later at $50k+ the original price. And they actually seem to be able to sell them that high. My house is currently worth 3x what I paid for it back in summer of 2013.

x86_64Ubuntu 5y ago
I can't help but feel this is another bubble. I'm paid very well, in a not well paying region. So I'm wondering where all these folks are getting their money from. Even those new Ryan Homes which are cookie cutter and made out of pure vinyl are going for $250K. Maybe my doom-ish outlook is because I'm a millenial so I'm used to everything being bad.
- strikelaserclaw 5y ago
  cheap loans for some, and inflated asset prices for those who own assets. Most people don't think "can i afford this house", they think "can i pay the monthly payment". Add to this the frenzy of asset prices increasing and FOMO, you get a real situation where people who were waiting to buy, buy now because they think they will miss out on cheap loans and increasing asset prices.
- amotinga 5y ago
  same. even though I make good living, buying house seems difficult - it's a lot of money for many years. add closing costs and misc repairs, and owning appears to be quite expensive. I wouldn't know what to do if at any point within next 10 years I lost the job.
  - overview 5y ago
    Are there not any alternative employers where you live (including remote)? Do you have an emergency fund to cover living expenses if you lose your job? The reason I pry is 10 years is a long time to not be able to get together a 3-6 month emergency fund (if you don’t already have one).
wil421 5y ago
I found it the opposite. Zillow and OpenDoor bought really weird houses that were either unsightly or had issues and they were unable to sell them. They probably flipped a lot but most of the ones I noticed sat for almost a year unsold. I was shocked at how they would be able to pay mortgages for 10-12 months and sell below what they bought it for.
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by rdudek 5y ago

x86_64Ubuntu 5y ago

I can't help but feel this is another bubble. I'm paid very well, in a not well paying region. So I'm wondering where all these folks are getting their money from. Even those new Ryan Homes which are cookie cutter and made out of pure vinyl are going for $250K. Maybe my doom-ish outlook is because I'm a millenial so I'm used to everything being bad.

strikelaserclaw 5y ago
cheap loans for some, and inflated asset prices for those who own assets. Most people don't think "can i afford this house", they think "can i pay the monthly payment". Add to this the frenzy of asset prices increasing and FOMO, you get a real situation where people who were waiting to buy, buy now because they think they will miss out on cheap loans and increasing asset prices.
amotinga 5y ago
same. even though I make good living, buying house seems difficult - it's a lot of money for many years. add closing costs and misc repairs, and owning appears to be quite expensive. I wouldn't know what to do if at any point within next 10 years I lost the job.
- overview 5y ago
  Are there not any alternative employers where you live (including remote)? Do you have an emergency fund to cover living expenses if you lose your job? The reason I pry is 10 years is a long time to not be able to get together a 3-6 month emergency fund (if you don’t already have one).

wil421 5y ago

I found it the opposite. Zillow and OpenDoor bought really weird houses that were either unsightly or had issues and they were unable to sell them. They probably flipped a lot but most of the ones I noticed sat for almost a year unsold. I was shocked at how they would be able to pay mortgages for 10-12 months and sell below what they bought it for.

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