Come on Dragnet don’t go there. I am a service academy guy that despises the man. But I am a real estate investor that knows what he is talking about. As I said the real estate market is very zip code specific. I can go 15 miles away from a hot market to one where you can’t give the houses away.
His article had a holistic view that doesn’t truly represent the bifurcated market as it is. And I do not live in CA. I am in Georgia.
Yeah, I kind of suspected that.
Take care...
I suspect you are correct. I live in FL, the market is all over the place here.
Not like that here in OK. We didn’t see a boom so no huge bust, but prices have barely budged in over 10 years. We live in a desirable suburb, good schools, etc. and our house would probably sell for only a few thousand more than what we paid for it 11 years ago, and that would be if we did some pricey updating. If we had to pay for that, a real estate commission, and the cost of moving and buying another place, it would gobble up so much of our equity that we couldn’t afford to buy a house any better than the one we are in. And that is assuming we could sell it at all. Houses are not selling even with sellers dropping the price.
I also see a lot of houses that were newly built 5 or 6 years ago that are now in foreclosure. It’s not a good market here at all.
Even neighborhood specific. I'm seeing a lot of cash, a lot of Chinese money, and multiple bids 5 - 10% over asking. The next neighborhood over it's not hot but it's holding its own. Ten miles away - nothing.