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Same in NE Florida. I’ve got a friend who is recently married looking for a house. He’s offered $20k-$30k over asking price on five homes now, and been rejected for a higher offer each time. Most buyers don’t yet live in the area and are buying sight unseen.
Aint nothing.. daughters teacher said house across the street from them went 250k over asking sight unseen during the winter storm in TX (Austin).
People are putting their $$$ into assets currently to offset the insane inflation that will be creeping up here shortly.
Aint nothing.. daughters teacher said house across the street from them went 250k over asking sight unseen during the winter storm in TX (Austin).
People are putting their $$$ into assets currently to offset the insane inflation that will be creeping up here shortly.
Definitely a contributing factor. The only thing keeping CPI down for the last 12 months was energy prices, which were artificially depressed by the pandemic lockdowns that are now ending. That’s making a lot of investors nervous. Between that and a Market that’s starting to look precarious, the jump in tangible assets is easy to understand. There will, however, be a crash. I’m not sure when, because it’s dependent on too many fluctuations, but if the rapidity of the bubble movement is an indicator, I think it’s relatively soon.
No doubt people want to live where there is lots of pretty scenery to see and are quite willing to pay the high price for it. For instance, imagine in California looking out from your living room window the beach and later waking in the morning in your bedroom seeing magnificent mountain scenery out the window? There is no shortage of high income people who want to pay for that.
No doubt people want to live where there is lots of pretty scenery to see and are quite willing to pay the high price for it. For instance, imagine in California looking out from your living room window the beach and later waking in the morning in your bedroom seeing magnificent mountain scenery out the window? There is no shortage of high income people who want to pay for that.
Lexington SC is okay -- but it's nothing special.
This crazy real estate market seems to be scattered throughout the nation.
The west was, and still is, my home and happy place. But it does boggle my mind how expensive it can be. When I was coming up, desert states were freaking cheap.
Not that you can’t find cheap places. I think California probably has a smaller standard deviation, and far higher low averages, than anywhere in the west. But it’s no longer a bargain. I never thought I’d see the day when a desert/intermontane west/high plains home seemed like less of a bargain than some broken down old cities like in the rust belt/northeast/New England, but I think that notion sailed away a long time ago, and it’s now more of, how do you manage to spend excessive money on a house, just in a place you like more?
I always liked the scenery and comparative permissiveness of the west far, FAR more than the east coast - I’m a west coast boy after all - but boy, the newly-if-slowly resurgent rust belt starts to look actually kinda decent, even if I have to fight a genetic disorder which made even Cali winters something of a physical, painful hell.
In a way, that’s why I like Texas. Not my corner of Texas, perhaps, but now that the desert Southwest is getting so dam pricey, and the northeast continues to neg guns and weed, why not be in Texas? It’s a good balance of things for myself. “I want gay married couples to defend their [entirely legal] marijuana fields with assault rifles” is an old meme which I see playing out better in the west than the east.
Getting back on topic, I think Austin is the one city which could be considered as a part of the housing price boom out west, here in Texas. Austin is nice but never struck me as that great if you had kids; mostly due to west coast money thinking it’s all that, and a bag of chips.
If I squint hard enough, I’ll take it as a selfish vindication of my own love affair with the western US.
I have a group of friends from around the USA. We've known each other for 25 years.
We were talking the other day about the real estate market.
Dearborn MI, Sparrow Point Maryland, Jenkins Oklahoma, Ocala, FLA, Lexington South Carolina -- for a few.....
Homes are selling above asking everywhere. There is a severe shortage of houses for sale and sellers are scrambling.
Interest rates are low, folks have cash I guess.
But there is no Jenkins, Oklahoma. You must mean Jenks by Tulsa. People probably think that it's a nice and cool place to live because of the scenic Arkansas River, the Oklahoma Aquarium, a major casino for entertainment, and the fairly short drive to Tulsa. Tulsa's biggest mall, Woodland Hills Mall, isn't too far away, either.
But there is no Jenkins, Oklahoma. You must mean Jenks by Tulsa. People probably think that it's a nice and cool place to live because of the scenic Arkansas River, the Oklahoma Aquarium, a major casino for entertainment, and the fairly short drive to Tulsa.
Yup it is Jenks -- I made a mistake -- got it confused with a friend's last name.
But the point is the same.
They were all talking about the crazy real estate markets.
I live in a community in SC that has had a crazy market for 6 or 7 years.......so it's not a surprise to me.
In general, I'm not sure it's that much of a bubble, unless serious amounts of new housing ever gets underway.
In my area there are apartment complexes, condominiums, and subdivisions breaking ground every day. Both sides of the interstate for 3 miles in either direction from my exit look like war zones due to all the land clearing. I can’t speak for other areas throughout the nation, but we are pretty close to the point where driving a nail without bending it will get you a job. Reminiscent of the eighties, which bodes well for new construction but not so well for the economy in the long run.
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