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WHY have real estate prices -- seemingly everywhere at once -- suddenly gone sky high? They're fully double the price I was looking at just two or three years ago, and I'm kicking myself for not buying then! How long can we expect these inflated prices to continue?
Multiple reasons, all generally related to the global pandemic. It's well documented in all kinds of media--google can pull up the 100's of articles about it.
No one has a crystal ball. I think at the start of the pandemic most expected prices to fall and were shocked when they rose dramatically. Personally I think in the next 2-3 years (depends on when the entire world comes out of the pandemic) there will be a fallout from the high prices during the pandemic. Some just really won't be able to afford what they bought. Others that were hurt financially will not be able to catch up with past due bills even after they return to work. Others may decide that house out in the country they escaped to during the pandemic isn't what they really want.
All of that said, another factor that I think comes into play is the U.S. population. Most know that the baby boomer generation is huge. They aren't selling as expected in some places. The Millennial generation is actually larger than the boomer generation. The oldest Millennials are about 40. The youngest are in their late 20's. They're at a prime home buying age and are competing for a market that hasn't kept up with demand.
I didn't want to buy sight-unseen before I retired and could travel; now I'm afraid I may be priced out! This is extremely depressing. I wish I had bought any ONE of the probably one hundred houses I considered in recent years. Even if I didn't want it now, I could have resold it for a tidy profit!
As long as people keep looking in the hottest markets, won't concider the North cause of winters, keep it the largest markets and realize that some cities despite higher taxes.... offer lower prices for even well-built older homes... They will endure it as it is.
If you want the top booming darling markets. You wil be paying for the the tooth-pick homes being built and also experiencing fast rising taxes now ... also in thest key metros. You are also competing with Northern s seeing the grass is greener and want less winters with Corporate America still steering them to pay less and gain incentives stats offer there.
Markets change.... but in our sunbelt cities, it is going to stay tight. Sadly, buying too high and finding bills rolling in.... are not keeping up. HOA fees ridiculous. I am glad I never had such to deal with. Own as long as real estate/school taxes are paid without a added forever HOA too.
Everyone seems to want the newest, current hottest and thing in any era .... and not really how it works for best deals. Add fear of those demonizing certain states and cities politically.
Times and eras change, hottest markets in curent top markets eventually change. Do not buy at your max pricing either you feel you can afford. Jobs today are so volatile and competitive.
Add our Political extremes and fears and hard to predict where this Nation will go and risk imploding. This richest Nation cannot fix itself in such divisions. Good luck to all who are still young and seekiing that dream.
I didn't want to buy sight-unseen before I retired and could travel; now I'm afraid I may be priced out! This is extremely depressing. I wish I had bought any ONE of the probably one hundred houses I considered in recent years. Even if I didn't want it now, I could have resold it for a tidy profit!
Why would you have needed to buy something sight unseen? If you narrowed your search down to a few really good prospects why couldn't you use that precious vacation time and go see them? Seems well worth it for such a major decision. Your employer didn't chain you to your desk.
All that aside, hindsight is almost always 20-20. If you don't want to live a life of regrets sometimes you have to accept the unknowns, take the plunge, and live with the results. Unless the place you ended up buying was a total disaster you could have sold it if it ended not being exactly right. You'd probably realize it fairly quickly. BTDT. Who could have predicted the pandemic/fallout anyway? Maybe some global epidemiologist but I suspect most of them aren't agonizing over buying a retirement home.
Last edited by Parnassia; 04-23-2021 at 04:41 PM..
WHY have real estate prices -- seemingly everywhere at once -- suddenly gone sky high? They're fully double the price I was looking at just two or three years ago, and I'm kicking myself for not buying then! How long can we expect these inflated prices to continue?
I'm sure some people were saying the same thing in 2006. With every boom, there is a bust.
As long as people keep looking in the hottest markets, won't concider the North cause of winters, keep it the largest markets and realize that some cities despite higher taxes.... offer lower prices for even well-built older homes... They will endure it as it is.
If you want the top booming darling markets. You wil be paying for the the tooth-pick homes being built and also experiencing fast rising taxes now ... also in thest key metros. You are also competing with Northern s seeing the grass is greener and want less winters with Corporate America still steering them to pay less and gain incentives stats offer there.
Markets change.... but in our sunbelt cities, it is going to stay tight. Sadly, buying too high and finding bills rolling in.... are not keeping up. HOA fees ridiculous. I am glad I never had such to deal with. Own as long as real estate/school taxes are paid without a added forever HOA too.
Everyone seems to want the newest, current hottest and thing in any era .... and not really how it works for best deals. Add fear of those demonizing certain states and cities politically.
Times and eras change, hottest markets in curent top markets eventually change. Do not buy at your max pricing either you feel you can afford. Jobs today are so volatile and competitive.
Add our Political extremes and fears and hard to predict where this Nation will go and risk imploding. This richest Nation cannot fix itself in such divisions. Good luck to all who are still young and seekiing that dream.
Sorry, but, housing inventory in New England is minimal and real estate pricing is through the roof these days. Maine is particularly crazy right now. Not everyone is clambering for a "sunbelt" home.
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