[quote=no_such_reality]Au contaire. While I was still a young child at the time, I distinctly remember my parents discussions at the dinner table about money, Dad’s union threatening to strike over the raises and COLA, mom an office worker talking about prices going up.
Working class middle income were very aware of the rising prices in the 70s. They were getting raises, but mostly driven around a cost of living increase which companies at the time were starting to phase out or underestimate and then pinch the real raise because they had 8% COLA increases.
SD, appreciated the post about inventory. The SoCal housing inventory and DOM for home for sale has been distorted to the low end for so long, that a return to historical 90-120 days to sell and 9+ months would be extremely psychologically depressing to most.
I bought during the window of opportunity. It wasn’t easy. In another blog, I referred to as like a comment the guys from Motley Crue made about getting a music contract in the 80s involving swimming through a pool of burning sewage to get to crawl through broken glass.
In the 2008-2010 window, inventory was sh*t, house quality for sale was sh*t, many deals needed vision and $50-$100+k rehab above the 30%+ down and financing to close on a place to remove it from borderline slumlord status. If it wasn’t slumlord ready, they’re were 30 people putting offers in. Yes, 30, as in that is a literal number our agent shared with us on a house on which she was the selling agent. It was common to go to a showing an wait in line to get in a house, and then see the entire kitchen counter covered in realtor cards.[/quote]
I was purely going by The-Shoveler’s statement since I don’t have 1st hand experience. What your parents’ experienced sound more logical. But that didn’t change the main fact that I really care about, which is rent was going up and people continue to pay the rent.
As for 2008-2010 window, I too bought a house during that period. I don’t think inventory was shit. Actually, I thought inventory was fantastic compare to now. I’m of the mind sent of buying a old original house, tear apart all the old up and upgrade 100%. So, back then, I had A LOT of options to choose from. Today, majority of the stuff are lipstick on a pig houses and a price to match. BTW, $100k+ in upgrade would mean not only a HUGE house but you also picked top of the line stuff. I remodeled 100% of my house w/ high end stuff (not top of the line) and it came in well under $100k. My house is a 4/3 2000 sq-ft house as well. But you’re right, even those old run down houses also had a lot of offers.
