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- Jun 12, 2006
Which brings me to the point of why the market wont crash. I just mentioned that I was gonna sit on the sidelines with cash and ready to pounce when the market crashes. Guess who else is doing that? Every one. To this day I know 3-4 friends that are in the market for homes and they keep half stepping because they think the market is gonna crash. Well it's been 5-6 years already and it still didn't crash and prices keep getting higher and higher.
What ppl don't realize is that there are a lot of folks out there stacking right now. People are saving like crazy. Especially those that telework because they don't have a fuel bill, ppl that sold their cars because of that, ppl not going on vacays due to the pandemic, all the stimulus stuff, bonuses, tax returns, crypto, stocks, just saving in general, etc... So even if the market drops, you're gonna have a new breed of vultures trying to buy those same exact houses that the same losing bidders that are still in the market and keep getting outbid. It's pretty crazy tbh.
EDIT: Even if the market does crash, you don't think existing homebuyers wouldn't cop another property or two at a sale price? I know I would for damn sure.
EDIT 2: Prior to the pandemic my neighbor with a 3 bd 2 ba sold for 625k. I was mad jelly and wanted to cash out then. Was on the verge of putting it on sale and was even going to sell it to a buddy of mine I mentioned above that is a half stepper in the market, I have a 2 bd 1 ba so I was like bruh i'll hook you up for 550k, he said he'll think about it because the market is bound to crash. Then the pandemic hit which caused us to take a step back and stay put in our house due to several reasons. Fast forward to last month, I sold my house for 705k. My buddy that I was gonna hook up for 550k was definitely kicking himself. My house sold for more than my neighbor's house with the same layout but with 1 extra bd and 1 extra ba that he sold a year prior for 625k.
What ppl don't realize is that there are a lot of folks out there stacking right now. People are saving like crazy. Especially those that telework because they don't have a fuel bill, ppl that sold their cars because of that, ppl not going on vacays due to the pandemic, all the stimulus stuff, bonuses, tax returns, crypto, stocks, just saving in general, etc... So even if the market drops, you're gonna have a new breed of vultures trying to buy those same exact houses that the same losing bidders that are still in the market and keep getting outbid. It's pretty crazy tbh.
EDIT: Even if the market does crash, you don't think existing homebuyers wouldn't cop another property or two at a sale price? I know I would for damn sure.
EDIT 2: Prior to the pandemic my neighbor with a 3 bd 2 ba sold for 625k. I was mad jelly and wanted to cash out then. Was on the verge of putting it on sale and was even going to sell it to a buddy of mine I mentioned above that is a half stepper in the market, I have a 2 bd 1 ba so I was like bruh i'll hook you up for 550k, he said he'll think about it because the market is bound to crash. Then the pandemic hit which caused us to take a step back and stay put in our house due to several reasons. Fast forward to last month, I sold my house for 705k. My buddy that I was gonna hook up for 550k was definitely kicking himself. My house sold for more than my neighbor's house with the same layout but with 1 extra bd and 1 extra ba that he sold a year prior for 625k.
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