Family can't move into house they bought

[Rain Man]

Originally Posted by displacedinMN

homes here are selling like crazy. many fast and over asking

cheap money


like this one. It is in great shape but not worth 369k. On the market for 7 days and already contingent.

https://www.themlsonline.com/minneso...-Hope-MN-55427

Mine is 5 years old. I could sell it in 4 days for at least 75k more than I paid for it. I have put 0 investment in it.

Need rain man to chime in

Yeah, houses have been selling over the asking price in Denver for years. I guess supply just can't catch up with demand, and low interest rates are ramping demand up even higher.

I did a housing study for a city here in Colorado a while back, and we started tracing back what was causing the big increases. To our surprise, we're still feeling impacts from the Great Recession. Construction shut down for a while and population growth didn't. For states with positive in-migrant flows from other areas, it's created a wave of home demand (buying and renting) that keeps getting bigger, and losing basically two years of construction in the 2009/2010 time frame was a big deal that's still reverberating through the market today.