But what surprised me was that the likes of Fannie Mae got smart and said, you know, we understand you can’t make your payment, we’re just going to add it to the back end. As opposed to having a massive foreclosure crisis, we will have foreclosures, but it’s not going to be on the scale of 2008 2009 2010. Insanity.
But we’re at a point where you got to be out of your mind to buy real estate right now. stuff is going for 567 $100,000 over the list price. That is actually what the quote unquote market value of the properties are. Yeah, there are some agents who lowball just to get a little bit of roll and excitement, and piss off people who don’t want to pay that much, who think they’re going to get lower. But the whole deal is the prices are just out of their minds. just insane. And it’s going to continue to go up. But also your biggest problem is competing with people who you can’t compete with. Usually, people who have cash, people who don’t care about money, don’t care about price. Sometimes they even care about the inspection in the property. You know, if it’s a newer property, what can go wrong, and if there is damage, there’s damage and you have insurance, so they don’t care. In other words, people are forgetting everything that they should do when buying house, checking it out.
Make sure it’s okay. not overpaying. And just being stupid. Just pay. But there’s plenty of people out there. It’s hysterical. Everybody says Oh, everybody’s leaving California with them. Why are there bidding wars for everything that’s decent. So what I say to you is get out. Don’t get in the market right now.
Unless you’re absolutely insane and serious. It’s just not worth it. It’s not worth anybody’s time. And if you’re not fully underwritten pre approved, don’t even think about it. There’s just no way to do it. So I know this is terrible news for you all who are looking for a house. Especially single family, try condos and townhomes it might be a little bit better and also try new construction. But I don’t know what else to tell you. This is what I’m seeing.