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chulen1999

Realtor here. The market is insane all over GA. We're seeing offers that are 50-60k over asking with no special stipulations still not getting accepted... Great time to sell, but buying is debatable. Interest rates are great.... but home prices are massively inflated ATM.


flytraphippie

> but home prices are massively inflated ATM. RemindMe! Five Years Shiller Home Price Index


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heyrobretro

Do you have any guesses on when the market will settle down? Ever?


chulen1999

I wish I could say because we are Realtors we have a calculation or method of figuring it out, but I really am not sure, and am fairly certain neither are my peers. My thought is that once covid becomes less of an issue the market will steady some, but the biggest thing is demand to come into the state outpacing both the resale and new construction supply combined with low interest rates, and who knows when the Fed will make adjustments there... it will settle, just a matter of when...


heyrobretro

I am glad to know you think it will settle down one day, whenever that may be. My biggest concern was the prices escalating forever. Thanks!


ritz_are_the_shitz

TBH I'd rent for a year to see if this all settles back down


hibbert0604

I wish I could. My wife and I have been commuting over an hour to two different cities for over 4 years. Me to Athens, her to Milledgeville. She finally got a job in the area, so we are ready to move ASAP. The commute is killing us.


macdoge1

You can rent in Athens...


hibbert0604

Currently living with no rent at all, at the expense of a commute. We also have dogs, and it is pretty hard to find a place that doesn't charge extortionate fees for pet owners.


ritz_are_the_shitz

just rent in athens? no reason you can't rent here for a year, have the shorter commute and wait for housing prices to slow down


hibbert0604

Currently living with no rent at all, at the expense of a commute. We also have dogs, and it is pretty hard to find a place that doesn't charge extortionate fees for pet owners.


mikesznn

What? If you can afford a house you can afford a year of rent? Just rent in Athens. There are plenty of places that allow pets.


hibbert0604

I would much rather to continue to save \~1k a month to add on to our down payment than to pay that plus pet fees to someone else.


Mayor_Bankshot

You gotta pick your poison. Pay 10-15k in rent to someone for a year and hope prices calm. Pay 20-50k+ premium on buying a house now that will go to the bank.


hibbert0604

Right now we have poison C. Pay 0$ in rent at the expense of a 1+ hour commute 5 days a week. We are saving a fortune, but the days feel mighty short!


[deleted]

You sure you don’t wanna rent in Athens for a year? Watkinsville maybe


hibbert0604

It's a tradeoff. We currently are living rent free about an hour away. We are able to save ~1100 extra a month since moving here, so we have been able to substantially increase our down payment every month. So yeah, while the commute sucks and we want to end it as soon as possible, we feel it would be financially irresponsible to throw those savings away for a short term rental.


[deleted]

Couple vans, down by the river maybe


hibbert0604

Lol. Another couple of months of this, and we might be willing to do that.


rubyslippers70

I don’t know why you’re being downvoted on this. Renting with pets in this town has become much harder and crazy expensive.


sujihime

Ugh...the phrase "sorry, they decided to go with the cash offer" is going to haunt my dreams. It's not just having to go over, it's trying to compete with the fucking cash offers. We hope to hear today about a house out in Bogart. I'm terrified because I think the market is at the top of a bubble and it's going to pop. If I pay too much over asking, I'm worried the bubble with pop and we will be underwater. There was one house on east-side that was purchased in Nov for $140,000 and they put in new floors and counters and are now asking $220,000 AND got an offer way over asking in cash. People are leaping at anything and not really looking at what's happening. There is no way that house appreciated in value that much in 6 months. Especially when you look at the value of the surrounding houses. I highly recommend looking at qpublic for any house you are going to buy to look at the sales history. It tells a story...


hibbert0604

LOL. I think we are waiting to hear back from the same house in Bogart. If I don't get it, I hope it is you, friend! And yeah. I've been checking sales history on Zillow. Pretty much every house we have looked at was bought within the last 4-5 years and is now selling at 100%+ premium.


sujihime

Hahaha, noooooo...we couldn't bid very high so fingers crossed it's one of us. Who is your realtor? We had one person who was not getting the job done...now we have a much more aggressive fellow. Did you look at the new houses going up in Lantern's Walk? They are super nice, but weren't right for our family.


hibbert0604

Holly Whitworth is our agent. She has been awesome! We did, but yeah, they aren't right for us either. We want something with a bit more space and a nice yard for our dogs.


sujihime

Hahah. No doubt that we bid on the same house in Bogart then! Should hear this afternoon. Good luck!


tiffanykristal1110

I’m really invested in whether one of you got the bid. Gonna need an update. :)


hibbert0604

I just heard from our realtor. We are the backup offer. So... maybe? lol


tiffanykristal1110

Good luck! Backups are the underdog and everyone loves an underdog. -invested stranger


hibbert0604

Thanks! I'll be sure to post an update if we actually end up getting the house!


sujihime

My realtor told me that there were 24 bids, so I’m not hopeful for my family.


hibbert0604

Well. Our realtor just called. We didn't win the bid BUT we are the backup offer. That's a first for us. Lol


sujihime

Hey! Good job! #2 out of 24 is really good. Some other things popped up around this price range yesterday. I think this was just a little too far from our reach with our current budget


hibbert0604

Thanks! I'll PM you the details of our offer to give you an idea of where the market is at. That's been our biggest obstacle so far. Just figuring out how much over list we should offer.


hibbert0604

Same to you!


JST_KRZY

Is it basically vacant? Does it have MASSIVE blueberry bushes, a chicken coop, and a well? If so, I know the owner!


hibbert0604

In my case, it was not vacant. I think we are looking at a different home


PhistoDeluxo

What's your budget if you don't mind me asking? I know of a few places coming on the market soon and I'd love for a non-investor to buy them so that college kids quit moving into my single-family zoned neighborhood.


hibbert0604

I'll PM you!


madlyda5h

Could I also PM you? my husband and I have been looking for several months!


CaptainThumbs

I know where he's talking about. My neighbors just listed. [https://www.zillow.com/homedetails/290-Lake-St-Athens-GA-30601/97449052\_zpid/?view=public](https://www.zillow.com/homedetails/290-Lake-St-Athens-GA-30601/97449052_zpid/?view=public)


R4J4PR3M

Can I get a PM as well?


CaptainThumbs

I know where he's talking about. My neighbors just listed. [https://www.zillow.com/homedetails/290-Lake-St-Athens-GA-30601/97449052\_zpid/?view=public](https://www.zillow.com/homedetails/290-Lake-St-Athens-GA-30601/97449052_zpid/?view=public)


R4J4PR3M

Oh the damn lake street. Everything seems to be getting snatched up for cash over there


Styxandbones_

Could I PM you as well?


CaptainThumbs

I know where he's talking about. My neighbors just listed. [https://www.zillow.com/homedetails/290-Lake-St-Athens-GA-30601/97449052\_zpid/?view=public](https://www.zillow.com/homedetails/290-Lake-St-Athens-GA-30601/97449052_zpid/?view=public)


angryandannoyeddude

Awful. Sorry to hear. I heard that the only way to reliably buy in town is to bid before houses hit the open market (and to buy when the market cools down, which is in the fall or winter.) I'd contact some popular realtors and tell them what you are looking for. And also keep your eyes and ears open.


j-mar

Anyone who takes one of those bids is a sucker (or just _really_ fucking nice). I'm about to sell, and it'd be a really silly move to not put my house on the market and see what the competition decides. Taking an offer before then (at list price?) would be quite a loss.


hibbert0604

Seriously. Unless it was a family sale, who would do that when every home is going for thousands more than list price?


angryandannoyeddude

You are both right. But I've heard a bunch of homes sold this way. In a market as hot as this, it makes no sense unless the seller needs to sell quick.


[deleted]

Plenty of reason homes are sold off market. The seller might have another home already under contract and need the quick close. Seller could be saving big on commissions. Also avoids the hassle or costs of staging and showing the home, gives you more privacy. The "list price" is not necessarily the "market price" for a home. Plenty of agents get multiple buyers on the hook by pricing the home aggressively to sell and then getting the parties into a bidding war. The buyer ends up paying higher than list and potentially higher than they would have offered otherwise if the list price was higher.


j-mar

I can commiserate with you; we bought/closed/moved in about a month ago. It sucks. We lost a handful of bids, but learned with each one and knew we'd eventually just have to really fight for one. We offered ~7% over list, which was a lot of cheddar in our price range. We also wrote out the appraisal, offered option money (basically extra, non-refundable earnest money), and wrote a really nice letter with our bid. You can add an escalation clause, but we chose not to. Our house was listed on a Friday night, only available by open house on Sunday. They accepted bids for less than 24 hours (had 13+ bids by noon on Monday), and we were under contract by Tuesday morning. Our appraisal came in about halfway between list and our offer, so we were on the hook for a bunch more money at closing. Once you're under contract, you also just have no bargaining power, which sucks. Our whole house needed to be painted, which you couldn't tell because they had furniture in front of their dirty-ass walls. But as the buyer, the market is too competitive to make demands - the seller can just hit up any of the 12 other people who already desperately bid on the house. While we were losing bids, I just viewed it as more time to save; which is good, because once you close you'll be happy to have extra cash around. Our house looked pretty good/move-in ready, and the inspection was fairly clean. But since we've been here, I've had to hire an electrician ($1k+), painters ($4.5k+), hvac person to do regular maintenance ($500) and to tell us we'll need a new system in the next year ($5-10k), plumber to tell us the water heater is limping ($350), and then we got quotes on some of the things we knew we'd want eventually (new gate for the fence $1k+, lawn care, etc) and yeah ... everything is expensive and it never gets easier. Anyways, I'm about to be on the other side of it, as we prepare to list our old house ;)


flytraphippie

Don't get too down on yourself. Repairs and maintenance are the overlooked part of housing costs. You pay them as a renter or as an owner. Supposedly you're supposed to budget 2% of the home value annually for maintenance. So if you bought a $200,000 house, plan on spending $4000 a year in repairs and maintenance. Some years you may spend $500, others you may spend $10,000, but over the course of time it averages out.


hibbert0604

Yep. In the first three years of our last house we had almost no maintenance expenses aside from preventative services (HVAC, septic, etc..). In the last year and a half we had almost 15k, straight out of nowhere.


hibbert0604

Man. I wish we could find one at only a 7% premium. We have offered from 5-10% over on every house and lost every single one. We have waived every contingency except for the inspection. We also are doing option money. On that much, how much did you offer? I don't really understand the concept of option money. Our RE Agent recommended a $500 option money clause. It seems like such a small amount of money that really shouldn't impact a transaction that is in the hundreds of thousands of dollars. And yes. The joys of homeownership! When I was renting, it felt like nothing ever broke. The day after we closed on our first house, previously functioning outlets in one of the bedrooms just quit working. Later that year, the bottom floor briefly flooded. It's been an onslaught of problems, but definitely worth it, I think.


j-mar

We offered $1k, but yeah, I dunno how worth it it was. It really is a paltry amount, and only made our loan docs harder to get through (our lender kept missing that amount and writing up the wrong values).


hibbert0604

Yeah. My agent said she has never dealt with option money before. Only reason she suggested it this time is because one of her agent friends told her it made the difference on their offer. We will take any edge we can get!


[deleted]

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hibbert0604

I believe a lot of it is investors. Someone posted a good article above. Others are people who cashed out of larger houses at a massive profit and are looking to downsize or relocate to a "cheaper" COL area. We sold our home in February to someone that was downsizing from a huge house.


[deleted]

Buyers that have previously owned for 10+ years have a significant amount of equity through mortgage paydown and appreciation when they sell their home today.


Ecosure11

We have friends that just purchased an Oconee County house from a couple that they approached about selling their house. The couple had a family member that is a Realtor and he set the price and they ended up paying a bit more than planned. BUT after agreeing to the price and signing their side of the contract a couple from California offered $50k more. The owners said they had given their word and signed the contract with our friends. Nice that there are still some ethical people out there. From what I can tell it is people trying to move here from Atlanta and also heard of some from California and New York. It's the remote working deal. They look at these houses as steals!


hibbert0604

That's awesome! I'd give anything to live in Oconee County. My job is in Watkinsville. Lol. But we gave up on that dream real quick after seeing what Oconee County homes cost. You pay a real premium for that school district, which is irrelevant to us anyway.


Ecosure11

We moved her 32 years ago and they had already implemented the Master Plan for zoning and development that you see today. There are a number of leading citizens that are involved in an initiative to develop more affordable housing options and there was some movement in that direction but then this all happened. It's nice to know people see Athens/Oconee as a great place to live but the potential for explosive growth is not what anyone who lives here wants.


baxthatassup

I’s recommend looking in Hull. There are new construction homes only ~13 minutes from downtown


mayor_of_townsville

Hey friend. This typically happens every year between February and May but it is ESPECIALLY nuts this year. The houses are way overpriced and in low supply. If there's any way for you to rent for another bit, I'd recommend it. I've watched several places here on the eastside get listed again after a year, having only gotten the "updated" grey paint of flippers and some new cheap flooring. You know what your needs are so best of luck!


[deleted]

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[deleted]

The conditions in this housing market are nothing like 2007 though.


[deleted]

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[deleted]

Sounds like you don’t have a clue about the real estate market then. I’m not saying it’s impossible that we see a market correction and some markets in the country are going to do significantly better than others. However anybody that claims they can predict the future with 100% certainty is full of shit, Including those who say we are headed to a crash. So if you would like to make an educated guess on why the market will crash based on facts, we can discuss. But 2007 is a shitty argument. The markets are nothing alike.


[deleted]

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[deleted]

It’s obvious you have a reading comprehension problem since I literally just posted it’s possible we see a correction. You want to talk facts or just doomsday?


[deleted]

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[deleted]

Oh yeah I remember you now, the life long renter that can’t afford a rainy day found for the cost of housing. Yeah you’re definitely not someone I’d lean on for financial advice.


[deleted]

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[deleted]

Wait, you spend all day telling us how shitty of an investment home-ownership is, and how the market is on the brink of collapse.... only to later admit you own property?? Surely you are trying desperately to sell it right now if you truly believe what you post? No financially savvy person would just sit ideally and watch their equity vanish. You're not even practicing what you preach, and somehow you think I'm the one posting misinformation?? Laughable.


Son_ofwalt

Huh, so a year ago you already owned property you live in and liquid enough to buy a pretty decent house. Now you are posting that you can’t commit to a lease for concerns with the economy. LOL caught you on your bullshit!


hibbert0604

Oh I know. I wish we had the patience to wait but we have been commuting more than an hour for so long, I'm willing to pay a premium to shorten it.


Son_ofwalt

I waited a couple of years... Prices haven't crashed but have flattened/corrected a bit as I predicted but still very few homes on the market for good prices. Meanwhile interest rates have doubled making home ownership even less affordable then ever before. Ready to admit I was right and you were wrong?


dontpokethecrazy

I don't have any advice, but I can commiserate a bit. We were looking to buy in Athens in 2018, but for a unique situation. We'd been renting a 3-story townhouse that we loved, but then my husband was disabled in a motorcycle accident and 3-story townhouses aren't exactly wheelchair-friendly. Finding a wheelchair-accessible rental that could accommodate all our stuff, our dog, and our monthly budget was virtually impossible. My in-laws offered to front us a down payment, so we started looking. I didn't run into the over-bidding thing you're experiencing, but to give an example of the obstacles I ran into, my realtor showed me a house that had just been put on the market the previous day. It was great - great location, low threshold front door, wide doorways, very little needed to make it accessible, and within our price range. My realtor contacted theirs to make an offer and found out that someone else had put in an offer that morning. The sellers went with the first one. To keep a long story from getting longer, I found a new construction neighborhood that would allow minor modifications to the floorplans so we went that route. Looking at $/sq ft, it was comparable to (maybe even a bit less than) existing houses in the area, though we had to live in a hotel (my dog stayed with my mom) for the couple months between my husband being discharged from the hospital and construction being completed. The whole process was sucky and stressful but considering how much damage a power wheelchair can do to walls and doorframes, I'm really glad I don't have to worry about a security deposit lol


gambits13

We’ve put in four offers at 10% over asking, one was over 30k, waiving contingencies. Lost all of them. I will say we wrote a really nice letter that I think helped a lot, so you could try that. We still didn’t get the house because the all cash offer that beat us (offered the same amount) included two months of “rent” back for free, which we could not offer. We were the back up and the sellers said they wish they would have gone with us instead. It’s tough, we might have even offered on some of the same houses. I feel like all 30 offers are just the same people losing on each house and offering on the next. Good luck to you and yours. Let’s me know if you get one, I’d be nice to hear some good news from someone on this front. The last one we lost was crushing, we’re taking a break for our sanity


hibbert0604

Will do! I know what you mean. Two weeks ago, I pretty much entered a catatonic state after we lost out on what would have been our dream home. It took two full days to pull myself out of that one. If this one doesn't work out, I may take a week off as well. I'm so tired of dropping everything, running out to look at a house, putting together, putting together what, we feel, is a great offer, spending 2-3 anxiety filled days waiting, only to find out another offer was selected.


gambits13

Yeah, each time i tell my wife to not get too attached because the reality is, we won't get it. Then we found the perfect house . . and i got too attached . . .and we didn't get it. I was already picturing where we'd put the Christmas tree. At least now all the houses i see on Zillow every morning are just meh in comparison, so I'm not dropping everything and viewing everything. The sad part is I don't really see this slowing down anytime soon. I guess I'll just keep looking and if I see something i love again, i'll make the strongest offer i can. That way I'll at least know I gave it my best. I don't really care too much about overpaying, real estate is pretty forgiving over 30 years.


hibbert0604

Lol. We have had almost the exact same experience. My wife has fallen in love with every house we have offered on. Had a pinterest board filled with ideas for each one. I was trying to keep expectations in check until we found a house at the top of a huge hill with a beautiful babbling stream below it (complete with tiny waterfall), located on a beautiful wooded lot. I wanted that house so bad it hurt. Lol


gambits13

I can say with 100% confidence, I know how you feel. It's crushing. I wish you the best of luck.


hibbert0604

Thanks! You too!


jennyfurb

Honestly, anyone saying to rent for a year is crazy. Athens is a college town and constantly growing, not to mention the gentrification. Prices will only continue to rise, so it’s best to buy when you can.


hibbert0604

Yeah, I mean, I can't provide recent evidence to counteract their claims, but I do know that two years ago, I looked for pet friendly rentals in Athens and had a very hard time finding decent places to live, and the few I did find charged extortionately pet fees monthly. I don't mind paying a small premium because we will likely be here for at least 5-10 years. The market growth is just outpacing our ability to save!


jennyfurb

Absolutely. I have a cat and we paid a pet deposit plus a small monthly fee, which really sucks. Apartment is outside the loop too, so you'd think it would be more reasonable but nooooo.


bhuff86

Have you looked outside of Athens, like near Winder or Monroe.


hibbert0604

We have been looking at Statham and Winterville but don't really want to venture out further than that.


bhuff86

We live in winder and are only about 20 minutes from Athens. Just try to find something close to 316 or hwy 78 and it's a straight shot


maddog_83

I'd sell you my home in Winterville but then I'd be in your shoes. Crazy market and best of luck!


gigarob

Hey.. good luck. In my neighborhood houses go up and then go to contract pretty quickly. When we bought our house we bid 10% over with a 'accept within 24 hours clause'. Got lucky, I suppose.


hibbert0604

I never considered adding a time limit to offers. Did you waive any contingencies? I'll have to discuss this strategy with my agent.


Maldrantus

Unless your realtor isn't using GAR forms, they all have a time limit. It's sort of a useless clause though. I mean, if you put a 24 hour time limit and the seller calls you 78 hours later to let you know they've accepted your offer, you'll probably still agree. What it does, however, is make it so you can safely make offers on other homes without being legally contracted in two different offers. In a buyer's market, that time limit has a lot more strength.


gigarob

I cannot remember all the details as my partner did the negotiations.


accidentalcio

Our house at 245 Harben Place hits the market later today. Check out Zillow.


hibbert0604

Beautiful home but outside of our price range, unfortunately!


accidentalcio

Thank you!


PlaneAnywhere

I was [reading this](https://www.wsj.com/articles/if-you-sell-a-house-these-days-the-buyer-might-be-a-pension-fund-11617544801) just minutes before I saw your post. :(


hibbert0604

I read that as well and 100% believe it. We have lost to so many all cash offers.


TickleMonster528

Make your offer through the listing agent... double commission motivates the agent to make sure your offer gets seen and can compete against the cash offers...


reachmm

The US housing market is absolutely on fire right now, had both of my last rented properties get sold out from under us with only 30 days to get it together. Its crazy out there!


theflailofgod

There is no way this is sustainable. I don’t think the economics of Athens have changed so dramatically that any of this is warranted.


maddog_83

Athens, for years, has been one of the top places in the country to live/retire. Add in people leaving the west coast and NY and this is the problem it creates. My neighbors that just moved in across from me are from Portland. Retired couple and paid over asking.


DwedPiwateWoberts

Say it with me, “outside the loop”


hibbert0604

We are looking outside the loop. Lol.


chris79s

omg 🤯 that's crazy! I'd considered maybe switching away from renting, but not with that news, oi


hibbert0604

Unless you have some extenuating circumstance like us (unbearable commute), I would 100% recommend waiting. These last two months have been the most stressful and miserable months of my life.


goldeNIPS

rent is only going to get worse. a lot of these houses are getting snatched by speculators and large landlord companies


harmless-error

It’s super crazy. It’s easy to say and harder to do, but if you want to pounce now you might do well to look in Jackson or Madison counties.


MissionComfortable47

I'd recommend to anyone to stay away from Madison County, unless you like failing schools, roads and shitty people in general.


harmless-error

May be right - I don’t know anything about those (though friends tell me Jackson schools are pretty good). While schools are influential in RE value, OP may not have or want kids so it because a balance between finding a better price vs resale.


hibbert0604

Unfortunately we are being choosing beggars. We both work in Athens/Oconee area now and we want a short commute that is \~ the same distance to both our jobs. That drastically limits our options.


KetamineDreaming

I am here to volunteer my commiserating services, I'm in the same boat. I think the realtor basically said "good frickin luck" in realtor-speak. Looks like we'll be renting for another year, at least. :'(


Mr_Greamy88

I just bought a house last year around May and it was crazy checking into places on the East side... usually overpriced and gone same day I got to look at them.... Gave up and got a house around the north side of the loop.


hibbert0604

We have been looking all over the county. We've lost homes on east side, west side, and north side. Lol


Mr_Greamy88

Ah guess it has a lot to do with budget and what you are looking for as well. First time home owner and single so I was just looking for something small like 2-3 bedroom which is prime rental houses around here too.


river_tree_nut

I've been scouting the rental scene in Athens as a professional 43M. It's rough in general. The college rules the entire residential real estate market. It reminds me of Laramie, WY, a town of 30k people, with 12k of those being college students. Eventually, I did end up finding a great house in the neighborhood I wanted, but I paid about 20% more than I expected to. However, when I sold the house 5 years later, I still netted an ROI of 10%. In markets like these - it's all about the pocket listings (a.k.a. pre-market). I'd have to agree with the others here on renting while you keep up the hunt. Like a hawk perched on telegraph wire - you have to keep a close eye on things and be ready to dive bomb the second you see something you like.


hibbert0604

My biggest fear is that we end up buying in at the top and taking 10+ years to be able to move sell without losing money. We plan to be at our next home for at least 5 years, but will likely need more room eventually so it would be nice to be able to sell and not lose money! In regards to renting, we currently are living at a family owned rental, rent free. Yeah, it's an hour away, but it is allowing us to add \~1100 to our down payment each month. We think it is worth it in the short term to have a crappy commute but save a hoard of cash each month.


river_tree_nut

I think it's a legit fear. This market is a bit crazy...not just in Athens, but everywhere. Personally, I won't be surprised to an economic 'hangover' two or three years down the road from treasury's COVID spending.


super-rad

I keep hearing similar stories and starting to wonder how in the hell we got our house. Maybe we just bought at the perfect time when the pandemic was just really starting to ramp up. But houses keep selling on my street so damn quick I am starting to get paranoid that we screwed up somehow!!!


j-mar

If you bought a house a year ago, you didn't screw up. Everything has only gotten more and more competitive and prices have only gone up. Which is to say, you would have had to fight harder and pay more for the house you got.


hibbert0604

From what I heard, the pandemic was the perfect time to buy. A lot of people were uncertain about future income so home buying drastically slowed. Once the fed cranked up the money printer and the stimulus started getting rolled out, it took off. You could probably sell the house you bought a year ago for 30k more than you paid for it. But good luck finding another place after that!