Just had some work done on the house - contractor told me the prices of concrete and bricks have tripled as well.
There are PLENTY of trees here in Appalachia...fire up the chainsaws!
I saw a guy this weekend showing off his wealth. He had two sheets of OSB and 5 2x4’s in his truck.
Priced out a new deck for my house 5 years ago - about $8,500. Went to Menards over the weekend and wrote down prices again and went over my old spreadsheet. $26,000.
/sigh
Unexpectedly——
Everything that supports Socialism and fails is labeled “unexpected”.
Had hail damage to our roof back on April 15th (Central Texas). Insurance company is paying for a complete replacement (minus our 1% deductible - pretty standard here). My jaw hit the floor when I was the adjuster’s estimate. Gotta feeling this will eventually trickle down to insurance rates in the future. More inflation!
I live in a nice townhome community and there have been bidding wars here. The last townhome that sold went for $272k and the asking price was $259k. Another unit with the same layout as mine went on the market Friday asking $290k and they'll probably get it. The pictures of the inside were beautiful. It was re-done over the past few years from top to bottom just like I did to mine.
I cannot believe the prices on existing homes anywhere around me. I've given up trying to find a small ranch single family home (they're over $350/sf) and am staying here until this bubble is over.
Wait! I thought inflation was just temporary, or “transient”? These guys are talking like they think it is here to stay, like under Jimmuh Carter.
We purchased a small summer cabin and a couple acres set way back in the woods 3 years ago and immediately had it cleared to build a small, year-round home. The house estimate was around $175K back then (looking back on it now, we should have built it right then, but we stupidly held off). We contacted the builder a couple of months ago, and he told us he couldn’t even come close to his original estimate due to massive price increases in materials. It was now up near $398K!
Needless to say, it’s not gonna happen thanks to cheating, commie RAT bassturds.
Wait! I thought inflation was just temporary, or “transient”? These guys are talking like they think it is here to stay, like under Jimmuh Carter.
Just sold our house...in 4 days...closing in 20 days...at list price (realtor raised the asking price when we signed the agreement). The market is crazy...wonder when the crash will come.
7/16” x 4x8 sheathing is currently $56 at the local Lowes. Pre-covid price was $9 per sheet.
It’s just another Commie plot to drive Americans out of single family home ownership and the suburbs, and into government apartments. There’s a Commie dream program to do just that.
6 years from now, you won’t be able to give away lumber. The housing bubble will be over, the builders will have overdeveloped AGAIN, and inventory will be too large AGAIN.
I don’t believe we will go through another foreclosure crisis like 2009/10 when everybody’s adjustable loans reset 5 points higher, but I think there are going to be a fair amount of forclosures coming onto the market after the banking moratoria end on mortgages. Remember, those temporarily stopped mortgage payments are being added to the back end, so those loans are quickly getting larger. Most will pay but some will walk away and go into foreclosure.
The point is, the overdevelopment combined with some foreclosures will lead to a new buyers market.
I guessed 6 years, but who knows the timing? I wouldn’t buy a house today for all the tea in China. I would wait until homes are not moving and market inventory soars.
All good things come to those who wait.
If you can’t afford to own, RENT.
Because black folks can’t get a saw or tape measure, right Pedo joe?
Prices are NOT Increasing! The Fed with Joe and the Ho by thier side is STEALING THE VALUE of your Money and Debasing the Currency.
nice try CBS, but prices didn’t triple due to Covid, they tripled due to Biden.
shouldn’t the headline be: “Surging lumber prices put buying a “new” home out of reach for many Americans”