Posted on 07/08/2021 11:25:34 AM PDT by blam
It’s a bad time to buy a home. It is a HORRIBLE time to build a home...
Same goes for vehicle market right now.
“If these sentiments play out in reality”
How often does that happen?
In this case, it’s a seller’s market, so these sentiments just reflect the current reality, and are not necessarily an omen.
I get asked at least once a week if I want to sell my house. My response is always ‘And do WHAT???’.
I can’t rent for my current monthly payment, and insurance and taxes are included for escrow. I sure as heck don’t want a more expensive home!
Renting in Connecticut is cheaper per month than paying off a mortgage right now, data shows
It all fits in with Agenda 21.
Live in western Colorado and realtors are desperate for inventory. Problem is ... yeah, it’s a good time to sell but where am I going to go? Areas of possible interest are in a overheated real estate market. Like the Zillow assessment of my property which is up 100K over this time last year.
And yet the home sales continue…I’ll never understand it. I guess a lot of it is people trying to escape big cities & blue states….
It is a HORRIBLE time to build a home...
Why?
Because WOOD prices have skyrocketed. Cost more to build right now.
The net effect might be the same as dropping 30% to 40% of your current mortgage value.
Why?
Skyrocketing materials costs and shrinking materials availability.
“Live in western Colorado and realtors are desperate for inventory.”
I’m getting one ready for sale on the western slope near one of last year’s wildfires that took out over 200 homes. Seller’s market, obviously. I bought my replacement home 2 years ago further west before the prices really took off.
It’s all about timing and luck. Fire skipped my area by half a mile and someone will be happy to get my horse property and house. I’m having a yard sale and giving away everything we don’t need. Many people need household items and furniture as they lost everything.
Same here, two or three times a week I get texts and emails asking if my house is for sale.
If I had a small second house, or a place out in the woods I’d do it.
But I don’t so I’ll just keep the place.
There’s no affordable inventory in my area. If I sold at a premium, there’s nothing suitable for me.
“Skyrocketing materials costs and shrinking materials availability.”
And there’s a labor shortage.
Friends of mine who remodel homes for a living say that some of the builders they know are not even bothering with making homes that sell for less than 2-3 million dollars. People buying these houses have so much money paying an extra $500,000 is peanuts.
These same friends say if they see a junction box, roof tile, plaster board, etc. at the hardware store they buy it on sight, needed or not. They know if a customer wants a job done they might not be able to find the needed supplies, so they buy it when they can and just store it.
ALL materials are skyrocketing and sub-contractors are jacking up their rates.
I passed on a couple of flip/build new projects in the past month, not worth it right now
“These same friends say if they see a junction box, roof tile, plaster board, etc. at the hardware store they buy it on sight, needed or not”
Guy that shingled our roof last month honored his estimate given in February. I figured he would come back wanting more money.
Every year Late fall into winter he buys 5-7 tractor trailer loads of the most popular Owens Corning shingles and colors at super sale price and has them delived to his out building.
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