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Greg Guarino[_2_] Greg Guarino[_2_] is offline
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Default OT: House Offer Accepted. What A Crazy Market!

On Monday, May 3, 2021 at 7:28:36 PM UTC-4, Markem618 wrote:
On Mon, 3 May 2021 18:10:26 -0500, Leon lcb11211@swbelldotnet wrote:


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.


Seems to be an urban phenomenon, we are rural area near a university.
Prices are normal you can buy a house for 100 thousand that is really
decent. But we will look to move at some point, mowing about 2 1/2
acres with ruts and mole hills realigns things here and there.


The relevant difference between urban and rural is space to build. Where there's space, the price of an existing house can't significantly exceed what it costs to buy a plot and build a new one. Where we live (NYC), there's hardly anywhere left to build, except perhaps UP. But pretty much everywhere you could build a single-family home already has a house on it. Some years ago it was popular for a developer to buy a big old house, tear it down, and plant three two-family homes in its place.

We have a very small house which - if sold - could buy us several of the (much bigger) homes mentioned on this thread, together. Identical houses are going for 4.5x what we paid 22 years ago. And most of that rise was steady, not just recent.