Do you know what is worse? City counsils and wealthy land owners/estate owners reap the benefits on the short-term and possibly the long-term. People starting their lives/careers or climbing the ladder get crushed...
I'm a bit skeptical on it being a bubble since there has been a shortage of homes for a while and builders have not been keeping up with demand. Then you have people moving from out of state to Texas (I'd do the same if I lived in Cali/NY). Then Covid hit and locals starting looking for a bigger place. Creates this whole stew of too much demand and too little inventory.
It still blows though. 15 offers, all mostly 20-25k over the sale price, and still being rejected because buyer are skipping home inspections, or paying the sellers closing cost, or allowing them to live there free for a month or two while they relocate. Bananas! And yes, investors buying any house on the market also doesn't help.
It is going to get worse before it gets better. Housing market is nuts in FL and we have people just walking away and saying forget it. The waiving inspection + overbidding is going to get old quick considering the wages aren't keeping up with the increases.
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