LS, before I start,these comments are not directed to you specifically. I'm just adding my $.02, and you're the poster I clicked on.
A prior poster remarked that ex-Californians were buying million dollar homes in Colorado to avoid the tax bite. That poster needs to brush up on his tax facts before spouting such drivel. The tax laws regarding home sales were changed several years ago: a married couple can claim up to $500,000 of the profit of a house they sell, if they meet a few simple requirements. None of those requirements have anything to do with the purchase price of the next house.
Another poster (WillyOne) called 2500 SF houses 'monsters'. I've got a 2500 SF house, and my wife and 3 kids (and I) hardly consider our house a monster. Do we live more comfortably now than when we lived in a 1300 SF apartment? Absolutely! But now, I am enjoying the thrills of home ownership, to include paying for all of the repairs and maintenance on my castle.
As for a housing 'bubble', on the same plane as the dot com bubble? Please, don't make me laugh! There may be a pocket here and there, but it sure isn't happening here in Dallas-Fort Worth! Even in the burb I live in (Valley Ranch), home prices have appreciated modestly over the past 10 years. By modest, I mean 6-8% appreciation per year. For those that bought before '86, it took them 10 years to recoup their paper losses on their properties.
Keep up the good work, LS. Common sense will prevail.
I agree that taxes change consumption habits, including home purchases. I think people, when it comes to homes, tend to look only in their neighborhood, and that is unfortunate because all real estate is Location Location Location.
I have a 2200 Sq. Ft. House. It is not a monster. It is exactly right for our 3-person family. This, by the way, makes a point that I seem unable to drive through the skulls of others here, namely that our "average" houses today are VASTLY superior to the "average" house of 30 years ago---not just in space, but in SOME aspects of construction; certainly in insulation and energy savings; occasionally in plumbing (although I want the "Big FLUSH" toilets brought back; in having central heat and air; in having INSTALLED appliances; and in having garages. Thus, a home today is the equivalent of a Ferrari 30 to the Chevy of 30 years ago.
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