...people paid close to $400,000 over the asking price without ever entering the home
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This is insane. The very definition of a bubble.
These stories are lagging the reality. My feeling is that some properties in the area in which I’m looking ae starting to spend actual time on market. Prices will take months to follow. 6-12 is just a SWAG.
Who are these "people"?
Chinese nationals, probably. And the Chinese government probably bought the house, too. Expensive new cars in the driveway too, probably.
5 years ago here in N.E. Fla. a neighbor sold their home for $275k.....the people that bought it then, sold it last month (in less than a week) for $42k over asking price.
Total sale price $466k.
Sheesh.
It’s everything, buy a home, rent a home, build a home, cars (new and used), anything that has steel, wood, aluminum, a chip in it, Kroger, a cheeseburger at McDonalds, gas, Wall Street, ammunition, bicycles, friggin’ everything. Using 1978 criteria, we are probably running 15% inflation. Inflation really took off in consumer goods with all of Joe’s gubmint script. People spending hand over fist while the money’s still worth something. In 2021 dollars is that dollar cheeseburger now worth $1.69? Is that $2 gas now worth $3.25? Is that 25,000 Dow really worth 35 or 40,000? Never let a crisis go to waste. When hyperinflation hits and it takes all your 401k earnings from last year to buy this weeks groceries, it’ll be the perfect time for marshal law.
Democrat shithole.