spiked the first half of the week. All sorts of anxiety and panic. Then they tumbled to end the week. with three capital markets Re pricings on Friday alone, which took us right to where we started, back in the high 2’s. That said, it Looks like we touched bottom on rates. You fucked up if you didn’t refinance And kept your 3.50%+. Bidding wars for houses under $800k continue red hot as buyers lose all restraint and self control. anecdotal Evidence of buyers waiving all contingencies and paying well above asking price. Basically bending over for the Sellers to do as they wish.these same folks will pronounce themselves victims a short time from now and will stop paying their mortgages, the whole time screaming for a loan mod. Biden will oblige, loan mods and short sales v2.0 . Can’t wait! vultures (me) are on the sidelines waiting for the carnage to begin and start scooping up deals. Like your ultimate demise, just a matter of when and how. As for me, my plan is to never die. So far my plan is working great!
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My retirement plan is to die with my spurs on and in the saddle. Anyone have some spurs for sale cheap?
Buyers remorse is a summabitch. Keep an eye on vacation homes ( 2nd homes) and non owner occupieds. They are first to go when the troubles hit. Keep storing cash and keep your finger on the pulse by monitoring properties and their days on market, as well as “back on the market” situations where they fell out of escrow. Good luck, I hope you hit it out of the park .
I'm with ya. I have a nice stash of cash waiting on the sidelines to scoop up a property in N. Idaho. It's a buying frenzy up there right now. Idiots buying sight unseen, waiving contingencies, paying the gap when property doesn't appraise at purchase price, etc.
I fully expect a sizeable chunk of those So Cal transpalnts to bail after their first real winter up there and spring thaw (mud bogging). And I'll be right there to make my purchase. Along with a 4 unit income property and a commercial lot along the 95 corridor to ground lease for the next 99 years
DC