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I agree. There is no similarity.. This is inflation, shortages, war, sanctions, housing shortages, not enough inventory. Inflation is 15% .. the fed has not even done anything yet.
I saw some numbers a while ago on how many homes were being built in the 2000s and how are being built now, and it was a significant reduction.
I would love to see production of smaller, starter homes and such but I'm sure there are draw backs to building smaller for contractors.
I don't feel housing should be so out of reach for people.
I agree with this concept totally. All of the new construction I see in and around my small city is enormous homes of 4-5 BR, 3-4.5 BA. And I would bet my bottom dollar that they are bought by couples with no children (the classic DINKs) who are planning to "grow their families" later. Unfortunately, as inflation and prices rise, a lot of them may not be able to afford having kids. It's interesting that the standard Boomer house of 3BR/1BA is usually snatched up by an investor; renovated/flipped with the latest finishes; and then resold at much higher prices in very short order. A Boomer house in good shape sells overnight as a starter home. Most people want 3 BR/2 BA but they'll make do with less if the price and location are right.
And, any tour of the neighborhood isn't complete with out this gem:
Priced under market at $29,000,000
********
Redfin says the median days-on-market is 21, but that seems high to me. It includes a few houses that have, uh, fatal issues -- houses that have been on the market for at least 2 years.
Buyers can look forward to more available homes this spring, as more listings are on the way. Historically, the number of new listings bumps up in March and April, then goes up even higher in May and June. Last year, new listings in Washington County went up 40 percent from February to March; this trend is likely to continue in 2022.
In Washington County, Sales Activity Intensityâ„¢ is uber-frenzy up to the $1 million price point (96 percent of sales activity). There is strong sales activity for homes priced above $1 million.
Average % of New Listings (Pending)in the First 30 Days 91%
All real estate markets are local. The Millenials will be the richest generation to ever inhabit the planet. The most affluent 10% of them will have enormous buying power and will drive up prices in places which that generation considers to be desirable. Nobody can create more waterfront land. Nobody can create more land in blue chip inner suburbs that are already fully built out. In my opinion, there will be a bifurcation of the market. The premium stuff will continue to appreciate. Middle class property will track interest rates and the household income in the local economy. In places with middle class job erosion, there could be big housing price corrections.
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