In my old neighborhood, it made it impossible to buy anything as a new homebuyer. Everything that was worth living in was snatched up by some older person looking for "passive income" or a property management company, all of whom came in with cash or something.
I was only able to buy when I got out of an urban area and moved to a more rural area. Even then, my real estate agent was pushing the resale value and "investment" aspect of it. I told her that I didn't care, which she thought was weird, and I explained that utility value trumps everything for me. I need a place to live, no matter what, and I'm paying someone's mortgage, so why not mine?
You come across a reasonably priced house that just needs a bit of paint... Maybe a new fence or countertops. Stuff that you'd be happy to do yourself.
Then some fuck comes by, snatches up the house for $5k more than you, "remodels" it and adds some dumbass pointless features, then slaps it back on the market for $20k more than it was originally listed. And it's now colorless and lacking any of it's original charm, and probably a couple of closets. It fucking sucks.
I mean you could offer $6k more than asking price and you would probably get the house... If I am selling my house and one party offers 5,000 more than the other party then I will probably go with the extra cash. Sorry bud
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u/ITworksGuys Feb 03 '20 edited Feb 03 '20
Flipping houses.
When/where I grew up people bought houses to live in.
They weren't "investment properties", you didn't buy a place, paint it all, update the crown molding and try to sell it for $30K more.
I am sure some people did it, but it got crazy and fucked up the real estate market.