Too Hot Investment Thread

Wow. Pent up demand maybe ? People been quarantined with their kids too long and want more space? It's the same in my little neighborhood. Spec house sold before it was finished and 2 neighbors had contracts on their homes within 24 hours of putting it on the market. The one in the photo below sold for way more than asking in 24 hours.

 

I like what Zillow says about my house

 

It’s a lack of supply. Bunch of reasons for it, but high level, new home building is still behind from the Great Recession, low interest rates are pricing people in who otherwise wouldn’t be, stock market hike meaning more people can afford down payments, still a lack of mobility among a portion of home owners for several reasons etc.

 

Definitely not a hip, historic, coffee shop area here. Interesting though that of the 10-12 couples I've met all but 1 are from Florida and their home here is a 2nd home. Old broke-down boomers such as myself.

 

My cousin just got into a bidding war for a modest house in PV beach. They ended up at $50k over asking (the list price was $497k). It's nuts.

 

Sorry, man. That really sucks. You’re not alone.

In my town the cheapest you can find a house listing is in the mid 400s and that’s rare. 289k sounds like a steal.

In a different part of my metro a coworker and his wife found a house they loved for $499k. Their realtor recommended they go in at $570k. The winning offer came in at $625k in cash, no inspection, no contingencies, and four days to close.

 

Is your house in the neighborhood where you want to be? I have some friends that were in the neighborhood they wanted but their house was tiny so they added a second story on using the equity value of their house to pay for the renovations.

 

All true, plus: building materials are many multiples more costly than normal, making new construction less appealing/cost effective.

 

Bummer. Maybe if you have a higher roofline they’d approve you installing a couple dormers to expand the attic space and bring in lighting?

 

GME is getting squoze.

 

while the underlying point is valid, his predictions are hyperbolic to say the least.

 

This is why I never sold the 2.5 shares I bought a while back. I stand to possibly lose very little or gain quite a bit.