The Dementia Joe Administration in a nutshell. (Or is that the Barack Hussein O'Muslim "Five Days from Fundamentally Transforming the United States of America" Puppet Administration?)
He IS controlling it. Or at least his handlers are.
Buy the flat land and build it yourself. I did. Best move I ever made other than marrying my second wife of 32 years.
If mortgage rates are rising fast, wouldn’t we expect the price of homes to soften?
I think that’s one of the Fed’s intent.
The Dementia Joe Administration in a nutshell. (Or is that the Barack Hussein O'Muslim "Five Days from Fundamentally Transforming the United States of America" Puppet Administration?)
Ronald Reagan inherited the most broken economy this nation had known up to that time in 1981. Housing market was choked off to almost nothing, inflation was raging, and the gas lines at the pumps was almost unending. The “misery index”, which had to be invented to even begin the measure of discontent and gloom that enveloped the nation, was at a high point that could only go down.
Mostly, the supply chain was intact then, with the possible exception of the automobile industry (vehicles were NOTORIOUSLY bad during during that era, with some major companies almost folding up), but even though gasoline was expensive for the time, it was still moving through the various steps to the consumer.
You aint seen nothing yet, this party is just starting to rock
Good luck finding a house in Columbus. Market is WAY overheated. Over the past 18 months my BIL has said houses have been on the market between ZERO and 5 Days if your lucky. Nobody is getting Asking Price on their homes. It seems they have been getting anywhere from 15% to 35% OVER ASKING.
If houses cost so much, who is buying them? There are some people putting houses of for crazy prices, hoping to sell. I see that in an area of the Florida Market I track. It is up over 100% in 3 years, and I see homes offered at 125% to 150% (that is 2M+ prices). Over the last few weeks nothing is moving and houses that really need to sell, the prices are dropping. I just got a text the other day about a house for sale. Shocked me, since I was getting 5 to 6 calls a day asking if I wanted to sell my house. I expect the Florida Market I am looking at to decline, since not many can buy at those prices. Maybe rest of Florida to stay flat and Texas Markets I track to stabilize back to normal trends.