1 of 15: It has been hard to convey, through anecdotes or data, how bizarre the U.S. housing market has become. For example, a Bethesda, Maryland homebuyer working with @Redfin included in her written offer a pledge to name her first-born child after the seller. She lost.— Glenn Kelman (@glennkelman) May 25, 2021
I was going through the process of applying for a home loan to put in a bid months ago and asked my loan officer about this ("is this real in our area?"), and they said "we have definitely heard about organizations making all cash offers well over asking to secure a home quickly since that means the bidder doesn't have to wait the weeks it takes for traditional financing"
I have seen financial news articles that say a lot of "institutional investors" (I.e. index funds and pensions etc) are increasing their involvement in residential housing investment through rental companies.
the comments were full of middle class types realizing it was probably their own retirement account making it harder for them to own a home and that, if there is a housing market collapse, it will fuck homeowners from selling their home to retire and tank their retirement plans.
I was going through the process of applying for a home loan to put in a bid months ago and asked my loan officer about this ("is this real in our area?"), and they said "we have definitely heard about organizations making all cash offers well over asking to secure a home quickly since that means the bidder doesn't have to wait the weeks it takes for traditional financing"
I have seen financial news articles that say a lot of "institutional investors" (I.e. index funds and pensions etc) are increasing their involvement in residential housing investment through rental companies.
the comments were full of middle class types realizing it was probably their own retirement account making it harder for them to own a home and that, if there is a housing market collapse, it will fuck homeowners from selling their home to retire and tank their retirement plans.
Oh of course. This must be all the competition I've heard about that makes the market work. :mao-aggro-shining: