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We just drove near Omak, Tonasket, Winthrop, etc. We saw many large homes perched on the hills and tucked into valleys off gravel roads. They probably belong to rich West siders or locals who made good elsewhere.
Back in 1994 we had a forest fire sweep through the Entiat Valley.
The Red Cross came in and did a survey of homes burned and sorted them into primary homes and second homes.
After looking at the list we realized that the Red Cross assumed that the nice looking expensive homes were locals and the "tattered" homes were second homes.
We corrected them. The folks needing the help didn't live in the nice looking expensive homes. Those were second and third homes for Seattle area residents.
My guess many locals want to move up to a bigger and better house while mortgage rates are still low. My town hardly gained 100 people in the last year, so don't see much demand coming from the outside.
I'd like to move to a different house and could probably sell our home at these inflated prices; however, I don't want to purchase another home at these inflated prices....so we are waiting to see what happens - if anything - with this market.
Several years ago, I bought a vacant lot a few miles from downtown Gastonia. This is a nothing-special city, a former mill town 45 minutes drive from Charlotte.
The lot was simply a cheap $5000 gamble... the seller openly admitted he just wanted to get rid of it. i figured someday I'd put a rental house on it, or maybe keep it as a backup plan for myself if i want a cheap place to live... or stick a 1 BR cottage on it for an elderly relative. No rush, the yearly taxes are cheap, a neighbor is mowing it, I don't need to do anything.
I can't believe how many flippers have come out of the woodwork trying to buy that lot now. Some of them have tracked down my parents hoping to get my phone number, or sent me contracts to buy in the mail at $X "Just sign it and we'll close!"
Builders must be really hungry to find ready sites for construction.
In the years past, I would occasionally get the itch to move out of the city to a rural town. A small town with quaint older homes and a downtown square. They exist everywhere!
Because most of these small towns lack any major industry and have lacking infrastructure, home prices were always low (think Home Town in Laurel MS).
But ever since 2020, it seems house prices have skyrocketed in every small town. Since most of the towns I have been looking at seem to have no industry to make a high salary, I assumed they were mostly retirement-towns. If that is correct, then who is buying all these expensive homes in remote rural towns?
I can't believe its pre-40 year-olds since these towns really have no "gourmet" restaurants or night clubs.
Many of these towns have less than desirable schools - so it shouldn't be families with pre-college children.
What am I missing - that is driving these house prices?
We live in Weatherford, lots of good buys on homes here. One just listed on my street for 309k. A steal!
I actually got paid to track social and economic changes in rural eastern Washington.
Early 1970's.....hippie movement going back to the land. Lots of places with remnants of that migration still around.
Late 1970's.....blue-collar returnees. People born here, but left for money and fame elsewhere. At some time, they decided that life was better back home.
Early 1990's.....white-collar and professional returnees. Like the blue-collar folks, they were tired of big city life. First wave, of people that could work from home or commute back to their jobs. Sales and firefighters that work 40 hours, and then three days off. As one of their wives said to me "just because he has to work in Seattle, does not mean I have to LIVE in Seattle".
Also during this time period, the first of the urban refugees fleeing the big cities. A hysterical article in Seattle Monthly during the period about moving to Wenatchee....and horrors, being unable to buy fennel!!! A harrowing story of NOT being able to buy custom doors!!! and a just in time snow-covered trip from a custom door store in Seattle. Just made if over the passes, before they closed!!
2004-2007......Why don't we buy a second home where the sun shines!! Start of the second home boom in eastern Washington. Rich folks bought in Chelan County, western Okanogan county, and western Kittitas County. Poor folks bought second homes in Grant County, and eastern Okanogan county.
2014-2019.....Continuation of the second home boom and arrival of old people with money. This group would rather sit on the porch in the sunshine, than watch it rain. Every once in awhile they go for a hike, it is actually a short walk, but they like to say hike.
2020.......Everybody else fleeing the major cities. Yes, those endless urban riots and the pandemic did make people move. It is a nation-wide event. Great coverage across the entire country in the WSJ.
I also have a place in rural Arizona, where home prices have been flat or slightly declining for 25 years now.
Well, until 2020. Now it is the hip and cool place for everybody to live from California. And most people don't even know where it is!!!
It is nation-wide.
Will things change??
Maybe if employers start calling people back to the office. Even then, I suspect many will say sorry, I am working and living here, do you still want me to work for you??
People are also getting priced out of there own homestates. I really want to get out of New Jersey, I’m young (28) but I always hated city life and people are on top of each other here it’s sickening… now everybody wants to escape New York City hellhole so it’s beyond crowded here, everything goes over asking and rent that was already high is now even higher…. Throw in very tax heavy area and people are fleeing, even with all New Yorkers coming we still lose more then we gain…. I actually really wanted to move to Coeur D Alene Post Falls area but then I see how crowded that area is… okay I looked at and around Spokane and it seems like amount of rent there is very limited…. I really don’t know where to go, I honestly just wanna buy my own cabin or small home of some kind but almost everywhere is just to much, I don’t wanna live in middle of nowhere either… guess I’m just gonna save up as much as I can and wherever I can find cheaper good area I’ll wind up… maybe Tennessee NC VA, maybe rural Ohio idk anymore. I still would like to wind up in Idaho or not western Washington if possible.
People are also getting priced out of there own homestates. I really want to get out of New Jersey, I’m young (28) but I always hated city life and people are on top of each other here it’s sickening… now everybody wants to escape New York City hellhole so it’s beyond crowded here, everything goes over asking and rent that was already high is now even higher…. Throw in very tax heavy area and people are fleeing, even with all New Yorkers coming we still lose more then we gain…. I actually really wanted to move to Coeur D Alene Post Falls area but then I see how crowded that area is… okay I looked at and around Spokane and it seems like amount of rent there is very limited…. I really don’t know where to go, I honestly just wanna buy my own cabin or small home of some kind but almost everywhere is just to much, I don’t wanna live in middle of nowhere either… guess I’m just gonna save up as much as I can and wherever I can find cheaper good area I’ll wind up… maybe Tennessee NC VA, maybe rural Ohio idk anymore. I still would like to wind up in Idaho or not western Washington if possible.
Right now it is not a good time to buy. Everything is super expensive.
If in doubt don't do anything and just keep saving.
Right now it is not a good time to buy. Everything is super expensive.
If in doubt don't do anything and just keep saving.
Yeah I’m gonna save every penny next few years I really want to buy my own cabin on nice decent sized land…. As long as I’m reasonably close to small city or very big town area I’ll be happy. Just sucks all city people fleeing and working remote is destroying everything …. I’m young but I hate tech future we are headed into technology does nothing but complicate everything…..
Yeah I’m gonna save every penny next few years I really want to buy my own cabin on nice decent sized land…. As long as I’m reasonably close to small city or very big town area I’ll be happy. Just sucks all city people fleeing and working remote is destroying everything …. I’m young but I hate tech future we are headed into technology does nothing but complicate everything…..
I know exactly how you feel and have been going through this very same thing for quite some time no.
Yeah I’m gonna save every penny next few years I really want to buy my own cabin on nice decent sized land…. As long as I’m reasonably close to small city or very big town area I’ll be happy. Just sucks all city people fleeing and working remote is destroying everything …. I’m young but I hate tech future we are headed into technology does nothing but complicate everything…..
It took us 17 months to find our little parcel of 10 acres 15 minutes north of a decent size town and 25 min from a major university. We closed in early 2019 and we’ll be in the house in 8-10 weeks. (One of us had to retire and then we moved 1800 miles.)
Sure, if we wanted 60-70-80 acres or more, it’s fairly simple to make such a purchase but you’re also at least another 5-8 miles out and quite a bit more $$$$.
Today, it would take twice as much to make the same purchase even if you can find it. Not an easy task. This bubble will burst. Not sure how or when but it will. Keep saving, keep your powder dry and be ready to move when it does.
Best wishes!
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