BUSTED: Engineered lumber shortage.
(media.gab.com)
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Seriously. My area went from YEARS of "buyers market" to "sellers market" overnight! A house near me sold in hours of being listed. One a little further, sold in 9 days. Nothing else for sale. I know two owners frantically remodeling/upgrading to get their homes on the market while the sell prices are high and the volume is so low.
They are still building homes here as well. I have no idea what's going on. :p
Funny you mention that. Exact same here. I thought about selling for the gains, but near useless when all available houses are inflated everywhere.
I live in what is perceived as a very desirable area. There have been more buyers than sellers for the past few years, but the prices of homes for sale has skyrocketed. I've never seen a frenzy like this. The few homes for sale that hit the market are sold within a few days, and usually substantially over asking price (bidding wars).
I live in Denver where there is a major housing crisis. Ive heard of people paying 100k over asking prices. I'm not sure about that much but I personally know people that paid 25k over asking. On top of that the values have skyrocketed. Many houses arent even getting the realtor sign out front before it sold.
And don't forget those beautiful tax assessments we all got. Denver and Jeffco up 20-30% in one year. Counties are making bank while they cry poor on services.
it's the REITs. Big factor.
What is the best bet for someone currently renting but looking to buy a home for the first time? I finally get a stable and high paying job, at the same time that all the houses increased tremendously in value.
For context I live in Socal with a $2k rent, and average decent home price is $550k and up, with a $60k salary :(
move