I have not seen anything like this - ever. Not at these prices with interest rates so low. One home in my area listed at $3M and it sold for $3,950,000.  It was basically a teardown on an 11,000 SF lot. 

Home prices are soaring that is for sure! 

Let's see what happens when we are all paying $7+ gallon for gas and all other taxes are increased.  We will all pay more for goods and services. 

I don't understand what is going on but it is not an accident. Higher taxes are awaiting us. Higher gas prices so those who are now able to return to work can't afford to drive there. Higher taxes also may mean fewer charitable donations and fewer new hires. 

It continues to escalate.  Many landlords are putting their homes on the market and realizing a huge ROI.  Another one popped up this morning down the street from us and it's overpriced and out of date (with tenants that don't want to move to boot). And by Monday it will be sold.  It seems crazy to me.  I could go on but you get my point. Up up and away.....who knows when this will end.  No debt is an excellent position to take.

With eviction moratoriums in place and tenants abusing this fact, landlords do NOT rule.

See the same except for the landlords rule. In the city of Chicago, rents are coming down & they are not very hot even in the suburbs. We still have a moritorium in place so it's not a normal change over year. 

A landlord would be lucky to just have the tenant move out of they haven't been paying.

Richie, land lord in Los Angeles are having a hard time many tenants are not paying and they can not get rid of them thanks to government restrictions... at least the small landlords are suffering maybe the big corporate ones are thriving... my take is to answer the rest of your question this is a good time to cash out and run and buy other assets... as to if you are swimming in money thanks to the Stock Market then go invest in some real hard assets like real estate because as always things will change on a dime.

3 trillion dollars for infrasture that contains no infrastructure, 3 Trillion in covide reliefe that purposed a few milling to covid, added to an earlier 4 trillion and the PROMISE of higher taxes obfusctated by 'on coprporation and the wealthy' which of course mean anyone making $40.00 or more a year.

There is a big thieif hiding behind the curtain.  He last appeared in the 80 when interest rates were at 19% and costs of goods at 15%.
INFLATION seem inevitable. But it will be blamed on Covid and Trump and perhaps Tim Scot.
The encouraging element in all of this is we are seeing evidence of NEW MONEY being spent by those rogue, pursue your dreams, folks and 2nd genertion immagrants who walked the path of opportunity not entitlement.

This is true in our market with the exception of landlords.  We have state wide rent control, and although new residential leases are getting top dollar, those that have been in place for some time do not reflect current market rates due to rent control.

Richie,

I am delighted that unemployment is lessening.  One of my friends was hounded by an agent to sell.  Finally my friend asked the agent, would you sell now?  The agent answered, NO...For some it may be a good thing, but for others NO!  A

But to be sure the BIG ELEPHANT is dancing!!! Maybe Wall Street isn't snapping up Mortgage Backed Securities but the Federal Reserve has purchased nearly $1T worth in the past year

ref: https://fred.stlouisfed.org/series/WSHOMCB

In fact, prior to 2009'ish the Fed did not own any MBS. From their own chart it is clear they had a Heavy Hand in the "Recovery" starting on 2012, as they kept purchasing and holding MBS; and they have a Heavier Hand currently.

In sum, Interest Rates for Real Estate related loans are Low because the Fed is gobbling up the MBS.

Why are they doing this - purchasing the huge quantities of MBS? Who owns the Fed? (hint: it is not We the People)

Demand for housing will continue as long as folks want a place to live and building of new homes continues to lag behind the demand.

Not a great world for landlords though, far too many people demanding govt interference at the expense of landlords.

I haven't seen anything like this. Homeowners are somewhat stunned. This is one of those markets people will wish they had gotten in on. Some are just afraid because of the recession. If you think about it, the recession helped cause some of this pent up demand.