US Existing Home Prices were up 19% in the last year
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Every time my house's "value" goes up, SO DO MY TAXES.
Another bubble
I'm waiting for the crash but I don't see when it will actually come. Unlike 2008, this doesn't seem driven by the same factors. Hard to tell. Even if it does crash, there's no way that prices are going back down to 2012 or even 2016 levels.
I bet it’s investors buying up all these houses and making the prices spike. “You will own nothing and be happy”
It’s a combination of factors, the most prominent being that they’re lending basically any amount of money, to anybody, with virtually no interest rate. This drives up the prices for everyone.
It better. Im looking to buy a house in 8 months
Not in Montana you are not.
Haha, i swear im not from california! xD On a more serious note, what are the best mountain cities for a libertarian type? Missoula, helena, bozeman? CO here considering staying somewhere in the rockies
I waited till it crashed first go.
Couldnt keep a steady job for years after that but bought my first home. 1600 sqft in a city.
A lot of sweat equity and several houses later I have several acres of lake front property and 4400 sqft.
A hell of a lot of shit between then and now, but if my family could do it anyone can.
Just be smart financially.
I swear this is intentional. The whole leftist plan is to get everyone out of single family homes and into the Commie-style tenement--err, I mean affordable living clusters within cities. They want everyone clustered and stacked on one another. Mark Levin highlighted this as part of their plan back in the summer of 2020 but this has been planned for much longer. My conjecture leads me to believe that this is why there's a fake lumber shortage; one more market-control act to drive prices up further. Then the government steps in and says we need more "affordable housing" with subsidies and income redistribution (taxes on surrounding homeowners).
Work at home means getting the hell out of the cities.
Now that was a blessing in disguise among this scamdemic. Now, even normies realize that, if they don't need to be physically in a city to work there , why even live there when you can work from home and order everything online ?
That said, it only applies for people with whilte collar jobs, of course. But it is quite the insight, if your area of skills revolve around that.
Some context from a contractor:
Smallish site condos in my area are selling at 300k to 400k. Were talking production homes on maintenance free postage stamp lots that are about 1600 sf average (around 40 by 40) with a 2 car garage and concrete driveways only 20 feet long by 16 wide. Tiny. Hardly bigger than a mobile home.
They do have fully finished basements but otherwise no frills. No big entryways with transom and sidelights. False dormers only. Faux wood trim. Decent enough cabinetry but nothing special.
Custom homes are easily 750k.
And still they cant keep them in stock. One of my employees has been trying to buy a house for his new family for 2 years. Every time he makes an offer he gets outbid. People are buying with cash up to 20k over asking for the more attractive properties.
One of my main builders raised his prices 20k per home just to slow down sales a bit. None of the trades can keep up. Its freaking red hot here in SE Michigan. Hotter than the dotcom boom. Way hotter. Even ridiculous lumber prices and appliance backlogs havent slowed home building down.
And I cant find help. Laborers have all wanted cash because they wont give up covid benefits and skilled tradesmen are commanding 30 to 50 an hour and expect 2k signing bonuses.
Its crazy.
Im waiting for the crash. Im expecting a crash. Im planning for the crash. Every extra penny the company makes right now is going to pay down debt. I wont be caught with my pants down.
2% inflation though, so nbd
It's insane here in rural az. Even off grid properties have increased outrageously in just the last few months. I dont know how anyone is going to afford to live in anything but a tent soon
I am not an expert in economics whatsoever and I would never claim to be, but I've always wondered if the government takes away section 8 funding and stops paying for housing, would it crash the market?? Because that would leave a lot of residences empty real fast.
It’s intentional. First they price everyone but private equity out of the market with skyrocketing prices. Then you bring new builds grinding to a halt to shorten supply and artificially increase demand by artificially jacking up lumber prices (we are here). Then you price people out of their homes with insane tax appraisals, forcing them to sell. Then you move them into their designated govt housing.
“You will own nothing and be happy.”
Exactly. This is spot-on and aligns with my theory. Thanks for posting.
The price of wood and raw materials have doubled. Expect to see the housing markets crash, and this was done on purpose.
You can't keep raising the prices of cracker boxes because the price of raw materials is going through the roof. There is a limit to their worth.
So you do what governments have always done, which is manipulate raw materials prices just enough, while claiming we need more 'sustainable' (a stupid ass buzzword) options. Your plan is allowed to come to fruition because you fooled enough people to believe in the scam.
Those in a position to manipulate the supply are the middlemen / cabal banksters. Their puppets in the government just ignore their antics instead of investigating and bringing criminal charges.
Just checked my house value estimate. Up $24k since August when I bought it. Glad I got it when I did, that’s nuts. No way I could have afforded it at the price it is now.
There is low inflation
/s
It'll crash....fake money isn't worth anything
Not mine....in Illinois mine is still down 30% from 2008