Car prices are soaring, and they’re not going to stop

dondonbabyraptor

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Yeah it's kind of like the housing market right now. It's on fire and would a great time to sell where do you go? Unless you have a second home you're most likely going to spend more unless you're moving from a high COL state like CA,NY or HI.
Another reason we high COL states are willing to hop ship even now when the boom is high because our boom happened 2 years ago already and is slowly still rising during this boom. Sister bought a condo 3 years ago for 500k and was 700k 2 years ago, now its 850k. A CONDO?! Are you kidding me... I really hope this bubble will pop, but I feel we have been saying that for years and there's only more people getting popped out the womb every second.
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AzScorpion

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Another reason we high COL states are willing to hop ship even now when the boom is high because our boom happened 2 years ago already and is slowly still rising during this boom. Sister bought a condo 3 years ago for 500k and was 700k 2 years ago, now its 850k. A CONDO?! Are you kidding me... I really hope this bubble will pop, but I feel we have been saying that for years and there's only more people getting popped out the womb every second.
I think certain market will be ok when the bubble bursts. There are so many moving here I'm sure if/when it pops it won't be anything like the "08 crash which was fueled by sub prime loans. I know my mom was telling me in their area back in MA it's been crazy there too. People offering $30K, 40K and even $60K in bidding wars and there's nothing special there! Markets like that I think will take a bigger hit.

You're area always seems to just keep going up and up it's crazy over there! No wonder why so many of my customers have cashed out and bought over here. Some that are lucky to have their house paid for of with a small mortgage have been able to cash out there and buy here free and clear and even bank a couple hundred grand. For now we're just going to hold tight and see what happens in the next couple years while scoping out other areas for a future move.
 

dondonbabyraptor

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I think certain market will be ok when the bubble bursts. There are so many moving here I'm sure if/when it pops it won't be anything like the "08 crash which was fueled by sub prime loans. I know my mom was telling me in their area back in MA it's been crazy there too. People offering $30K, 40K and even $60K in bidding wars and there's nothing special there! Markets like that I think will take a bigger hit.

You're area always seems to just keep going up and up it's crazy over there! No wonder why so many of my customers have cashed out and bought over here. Some that are lucky to have their house paid for of with a small mortgage have been able to cash out there and buy here free and clear and even bank a couple hundred grand. For now we're just going to hold tight and see what happens in the next couple years while scoping out other areas for a future move.
The bidding wars surprise me the most, people have FOMO or something. I think holding out is the best move here.
 

azdriver

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Well home prices here have soared. A house a couple of doors down from me sold for $350,000 and about 4 months later was sold again for $550,000. A friend of mine was looking for a house to buy and finally gave up. Said that every time he had found a house that bids on it were well above asking price, even when he could find one that had just been listed. From what I've heard there just aren't a lot of houses up for sale right now but demand is through the roof as are prices. Some people are really going to be crying when this bubble bursts and their home values drop like a rock.
 

dondonbabyraptor

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Well home prices here have soared. A house a couple of doors down from me sold for $350,000 and about 4 months later was sold again for $550,000. A friend of mine was looking for a house to buy and finally gave up. Said that every time he had found a house that bids on it were well above asking price, even when he could find one that had just been listed. From what I've heard there just aren't a lot of houses up for sale right now but demand is through the roof as are prices. Some people are really going to be crying when this bubble bursts and their home values drop like a rock.
I am rather relieved that I won't be in the market for a house until 3-4 years from now. Fingers crossed it actually bursts though.. Too many kids coming from families of built up generational wealth being born left and right. Nothing against that, but it sure kills my chances at getting a house at a fair price. I hope to give a good chunk of change to my kids too when I pass.
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