On Tuesday, May 4, 2021 at 6:30:47 PM UTC-4, Leon wrote:
On 5/4/2021 10:09 AM, Scott Lurndal wrote:
Leon lcb11211@swbelldotnet writes:
On 5/3/2021 8:52 PM, wrote:
On Mon, 3 May 2021 18:10:26 -0500, Leon lcb11211@swbelldotnet wrote:

On 5/2/2021 2:43 PM, DerbyDad03 wrote:
What a crazy housing market this is! My #1 son and his GF just
found out that their offer has been accepted.

Here is how houses are being bought these days€¦


If the house appraises at the $410K level, they will end up paying $55K
(15%) over the listing price. Holy crap!


Not a good idea to buy a home for the time being. Prices are going
crazy and for no good reason. It is a fluke.

I thought you were.

Yes we were. No longer. The home we went into contract for in late
September, $365K is not welling for $430K. Almost 10K per month price
increases in the last 7 months.

Our home went up in value, in the past 7 months, from $232K to $274K.

There is a "reason". Whether it is good or not depends on whether you
are buying or selling.

Lack of supply, high demand.
Lack of supply was a temporary fluke. Building supplies are readily
available. Homes are being built at a record rate in my area. Demand
is up but supply has not been an issue since summer of last year.

While economics has a theory for supply and demand, this ain't that. It
is greed and demand. The builders are saying, lets see how much these
people will pay.


What's going on in your area might not be the norm.

The lack of supply appears to relate to both existing homes and building
supplies.

My son is a RE agent in Las Vegas. He tells me that they usually have a 6
month of supply of houses in their listings. Currently, it's less than a month.

He, my daughter and my other son have all been on the buying side of the
market in the last 6 months. NY, NV and IN. Finding a house wasn't easy in
any of those areas. They all paid a lot more than they would have just a few
years ago due to the lack of supply.

Now, as to building new, these articles were written in March 2021. They both
discuss a shortage of wood and the associated price increase of (and delay in)
getting a house built.

https://www.businessinsider.com/real...ruction-2021-3

https://www.wmbfnews.com/2021/03/29/...ces-skyrocket/