Quote:
Originally Posted by SIGSEGV
See this is insane to me... these people would be better off renting until things cool down.
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I think they're afraid prices will continue to escalate, which they probably will. So it makes sense to buy now. Some of the homes coming on the market have already been renovated, or are brand new (where the older homes were torn down). So there are some good catches when they happen. To me, the home I mentioned that sold for $806 was not a good catch. It will take a couple of hundred thousand to make it even livable. If they're going to tear it down, they shouldn't have paid that much. Still, one down the street from me was torn down because it was pretty much destroyed by a water leak, and the buyers still paid $535K, just for the privilege of razing it.