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farmer2021 saysNot true. You can refinance or take money out as long as your income can support the mortgage.
That is hilarious. Calling taking money out, increasing the amount of debt, as positive cash flow. This is like the fed using printed money for the US government to dole out. The government can coerce folks to pay taxes, or the fed can tap Greater Fools in the bond market to keep the gig going for awhile. But homeowners, be they techie homeowners or landlords, have no such powers of persuasion or coercion over their salaries, or the rent they collect. (My understanding is renters have some protections now so they don't even have to pay). Renters can just leave, like Patrick and millions of others in California are contemplating.
I understand your point about Asia. We are in the United States, homie, not Hong Kong, not Bangalore. The United States does not end at Altamont...
Try visiting a open house these days in bay area.
They will ask for all kinds of pre-approval and house will sell before you get scheduled.
I don't know who are these people buying, But It is reality and been like this for last few years accelerated by COVID.
https://www.sfgate.com/realestate/article/2021-04-Santa-Clara-camping-overnight-townhome-16127719.php
Dozens camp overnight for chance to buy $1.2 million Bay Area townhouses
farmer2021 saysTry visiting a open house these days in bay area.
They will ask for all kinds of pre-approval and house will sell before you get scheduled.
I don't know who are these people buying, But It is reality and been like this for last few years accelerated by COVID.
https://www.sfgate.com/realestate/article/2021-04-Santa-Clara-camping-overnight-townhome-16127719.php
Dozens camp overnight for chance to buy $1.2 million Bay Area townhouses
Yawn.
The US does not end at Altamont Pass. Many might argue though, that it begins at Altamont Pass.
Who sets the sales prices of homes (and nearly every other asset)? The sellers? The ®ealtors? Of course not. It's the buyers. What is evil about that?
No the prices are set by "Mortgage banks" and their appraisal officers.
farmer2021 saysNo the prices are set by "Mortgage banks" and their appraisal officers.
That is silly. The prices are "set" by the price the Greater Fool (buyer) is willing to pay. Yes, banks will give them a lift with the low interest rates. And yes, appraisers will sanction the price for the lender. And the price will be determined by the amount the buyer is willing to pay. Maybe by "offering" way more than the asking price. Silly Greater Fools.
This is not Bangalore or Shanghai or Hong Kong, though perhaps beginning to look like those places with frenzied folks coveting a few square meters of real estate. There's a whole USA beyond Altamont Pass without such frenzy.
B.A.C.A.H. saysfarmer2021 saysNo the prices are set by "Mortgage banks" and their appraisal officers.
That is silly. The prices are "set" by the price the Greater Fool (buyer) is willing to pay. Yes, banks will give them a lift with the low interest rates. And yes, appraisers will sanction the price for the lender. And the price will be determined by the amount the buyer is willing to pay. Maybe by "offering" way more than the asking price. Silly Greater Fools.
This is not Bangalore or Shanghai or Hong Kong, though perhaps beginning to look like those places with frenzied folks coveting a few square meters of real estate. There's a whole USA beyond Altamont Pass without such frenzy.
I wish buyer had that power.
Unfortunately he is helpless and hapless.
Many have no choice but to cough up...
The illogical and cruel shutdowns are going to make life hell for everyone.
https://finance.yahoo.com/news/lumber-prices-232-could-spiral-090000342.html
Lumber prices are up 232% and ‘could spiral out of control in the next
I would call where they are currently “spiraled out of control,” but to each his own...
Many realtors are starving in a market with a shortage of homes as their clients never get the bid, and listing agents have fewer and fewer homes to sell. The markup on prices does not make up for that, realtors would much rather have a market with plenty of supply and more homes selling and turning over at lower prices.
Lumber prices are up 232% and ‘could spiral out of control in the next
I would call where they are currently “spiraled out of control,”
There are currently more licensed real estate agents than there are houses for sale. More are being drawn into the field every day wanting to make bank for doing nothing.
The real estate transaction system is what it is. I am a real estate photographer and I can tell you, Realtors are not a dime a dozen. Every transaction is different regarding personalities and difficulties.
Realtors are not a dime a dozen.
WineHorror1 saysRealtors are not a dime a dozen.
That's being generous.
A dime per dozens.
(BTW this is not Chicago, it's the SF Bay Area).
mell saysMany realtors are starving in a market with a shortage of homes as their clients never get the bid, and listing agents have fewer and fewer homes to sell. The markup on prices does not make up for that, realtors would much rather have a market with plenty of supply and more homes selling and turning over at lower prices.
The way I see it (at least here in silicon valley) is that real-estate agents are a dime a dozen. Many go into that line of work hoping for a quick fortune. The market for that job sorts itself out. If they wind up only making $40k a year (because there are 5x more agents in the market than needed), then they shouldn't complain ... their skillset isn't any more marketable than a supermarket cashier and they're making the same money.
Just remember that the purpose of an agent hosting an open house on the weekend isn't to show the house; it's to meet new clients.
There are currently more licensed real estate agents than there are houses for sale. More are being drawn into the field every day
Realtors are sales people.
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Thinking of selling now and moving honestly...