Land clearing near AC international airport
- Thread starter bobpbx
- Start date
I'm currently looking for a house. My Burlington County realtor and I were discussing sales. She said obviously wealthy people are buying up homes and turning them into rentals. They have so much money and earnestness that they are accepting videos of the home instead of visiting before they buy them. I asked her; are a lot of them foreigners? She looked at me, hesitated for a second, and then said "yes".
That’s the other half of the insane increase. Using Boyd’s 80% increase we can arbitrarily assign 40% to each
Isn't almost all of that due to inflation?
$240,000 in 2002 is equal to about $417,000 in 2024. So actually the increase is more like 5%.
That's what Zillow says, not what it will actually sell for. I noticed that many senior citizen homes are starting to come down. They were asking what they "thought" they could get. I see many of them now cooling off. I see some price drops in the range of $25,000 now. Except for the flippers in those neighborhoods - they come in, revamp the place, and then ask as if it grew in size too! A rude awakening for them. They sunk so much into them, they begrudgingly only drop $2,000 when it hangs for a month without being sold.
Maybe, but we know the market crashed in 08 and we don’t have a theoretical price for then so it’s skewed.
I’m no expert, just posted an article I found interesting…
If you are telling me hedge funds buying 27% of housing with cash and turning it into rental properties only accounts for a 5% increase in home sales cost I would not believe it, but also would not say you were wrong.