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Unfortunately- when it's a really nice place to live- people flock. All those flocking people usually just wind up making something really good go to shit.

When you have something nice, chances are someone with a lot of money and little regard will also find it nice. 

Granted, we might be in the midst of another housing bubble. I know I read some hedge funds are buying up property either to rent or just to hold onto. It seemed like the early low interest rates were good for folks early in the pandemic, but folks I know in cities in the market for a house are just throwing big offers out to no avail. Shoot, in my quiet little neighborhood, houses are being sold within a day of going on the market. And it's historically been a low-price kinda place (an improving downtown and proximity are helping). 

That's why you never give your town a nice name. 

Call it Stenchburg, or Locust Point, or Snake Pit... something that sounds completely undesirable to some a-hole from NY or CA. 

When you have something nice, chances are someone with a lot of money and little regard will also find it nice.

Granted, we might be in the midst of another housing bubble. I know I read some hedge funds are buying up property either to rent or just to hold onto. It seemed like the early low interest rates were good for folks early in the pandemic, but folks I know in cities in the market for a house are just throwing big offers out to no avail. Shoot, in my quiet little neighborhood, houses are being sold within a day of going on the market. And it's historically been a low-price kinda place (an improving downtown and proximity are helping).

I do not buy for a second that there is another housing bubble. Lot of little factors adding up to push prices up right now. You have huge pent up demand and literally no inventory, foreclosure freezes pushing prices up bc there's nothing cheap for people to try to steal on the market- and also new construction prices are higher due to skyrocketing materials prices & skyrocketing labor prices.

Last go 'round- any asshole and their mother could get a mortgage without proving income or proving in anyway they could pay the loan back. People were putting little to no down and getting 2-3-4 mortgages at a time to buy garbage spec homes from large national builders and developers that shit out shitbox cookie cutter houses. And then when shit hit the fan they say- here take the house back bank. That is not going on right now. Yes, interest rates are stupid low- but it's not exactly like they are rubber stamping mortgages like they were leading up to the crash in 2008-2009.

Right now? People are paying CASH like crazy for stuff. CASH MONEY.

And oh yeah- last time around- there was TONS of inventory. They were speculatively building shit EVERYWHERE and 99% of it made ZERO sense. There was ZERO reason or demand for it to even be built. No one lived in some of these towns- no one wanted to live there- and no one was actually ever going to live there in a million years. Master planned communities in the middle of f'ing NOWHERE where people would never in a million years want to actually live. Just shitting out 2,000 houses in master planned communities in butt-fk egypt towns in middle of nowhere where maybe 20,000 people max lived. That IS NOT going on right now. Developers last go 'round were letting people put down next to nothing pre-construction- when shit hit the fan people just walked away- they aren't doing that anymore. They are making people put real skin in the game. I know for example- the really expensive high-rise luxury shit in SoFL- those developers making people put up 40-50% up front now- and their condo unit is pretty much almost 100% paid for before it's even finished. They learned their lesson. And to be honest anyway- people who buy that kind of shit- they ALWAYS have money- no matter what the economy looks like for everyone else.

Problem is pent up demand, ZERO inventory, not enough new construction & SKYROCKETING new construction costs because of SKYROCKETING materials costs & labor is tight & harder to find right now than ever and to find any good labor it's EXPENSIVE as hell right now. Any skilled laborer or trades worth a shit is busy af right now and if you want to hire them they're going to charge a premium for their time.

The question is whether all the economic dislocation of COVID will cause a recession... Or if we see an inflation jump that pushes up rates.

I find it REALLY hard to find reasons the market will continue going up... Eventually you have to run out of people who can afford these payments, right?

That's why you never give your town a nice name.

Call it Stenchburg, or Locust Point, or Snake Pit... something that sounds completely undesirable to some a-hole from NY or CA.

Or Ohio 

I do not buy for a second that there is another housing bubble. Lot of little factors adding up to push prices up right now. You have huge pent up demand and literally no inventory, foreclosure freezes pushing prices up bc there's nothing cheap for people to try to steal on the market- and also new construction prices are higher due to skyrocketing materials prices & skyrocketing labor prices.

Last go 'round- any asshole and their mother could get a mortgage without proving income or proving in anyway they could pay the loan back. People were putting little to no down and getting 2-3-4 mortgages at a time to buy garbage spec homes from large national builders and developers that shit out shitbox cookie cutter houses. And then when shit hit the fan they say- here take the house back bank. That is not going on right now. Yes, interest rates are stupid low- but it's not exactly like they are rubber stamping mortgages like they were leading up to the crash in 2008-2009.

Right now? People are paying CASH like crazy for stuff. CASH MONEY.

And oh yeah- last time around- there was TONS of inventory. They were speculatively building shit EVERYWHERE and 99% of it made ZERO sense. There was ZERO reason or demand for it to even be built. No one lived in some of these towns- no one wanted to live there- and no one was actually ever going to live there in a million years. Master planned communities in the middle of f'ing NOWHERE where people would never in a million years want to actually live. Just shitting out 2,000 houses in master planned communities in butt-fk egypt towns in middle of nowhere where maybe 20,000 people max lived. That IS NOT going on right now. Developers last go 'round were letting people put down next to nothing pre-construction- when shit hit the fan people just walked away- they aren't doing that anymore. They are making people put real skin in the game. I know for example- the really expensive high-rise luxury shit in SoFL- those developers making people put up 40-50% up front now- and their condo unit is pretty much almost 100% paid for before it's even finished. They learned their lesson. And to be honest anyway- people who buy that kind of shit- they ALWAYS have money- no matter what the economy looks like for everyone else.

Problem is pent up demand, ZERO inventory, not enough new construction & SKYROCKETING new construction costs because of SKYROCKETING materials costs & labor is tight & harder to find right now than ever and to find any good labor it's EXPENSIVE as hell right now. Any skilled laborer or trades worth a shit is busy af right now and if you want to hire them they're going to charge a premium for their time.

When there's pent up demand and prices are launching up, that sounds like a bubble, does it not? Especially when the excuse of "at worst, it's a rental property" seems to be on the tip of so many tongues. 

I mean, I live in a town that I like a lot, but it's not particularly popular. It ain't the kinda place houses should be selling a good bit over asking while hardly being on the market. 

At the least, sounds like a shit time for me to buy, which is AOK. I'm moving soon anyway, and the new town is more of a jungle on that front. 

Or Ohio

Believe it or not I actually lived here for a year back in the late 80's, before I moved to Ohio. Same neighborhood and everything.