Maybe. However, if/when we do enter into a major recession, or worse, how many will simply walk away from their 500K home that's now only worth 300K (or less)?
Prices.... Going Up!!!
- Thread starter musichal
- Start date
grillebilly
Empty Head
I live near DC. There's gobs of money here, houses are selling for 10% over asking prices. In town, high-rises are going up fast. Forget about getting a house, there's 80 offers on it already. The suburbs stretch for 75 miles. Builders are buying run down homes for $400k and bulldozing them.
A good friend just sold his home in Falls Church, about 8 miles from town, and he put new bathrooms, floors, kitchen, appliances, roof and landscaped before he sold so he would get top dollar. Drove by a month after moving and the house was gone.
A good friend just sold his home in Falls Church, about 8 miles from town, and he put new bathrooms, floors, kitchen, appliances, roof and landscaped before he sold so he would get top dollar. Drove by a month after moving and the house was gone.
Some in Colorado too. Listed for just under 525K, in my (former) home town, about 40 miles from where I'm at now.
Beatnik
What's this ?
Some in Colorado too. Listed for just under 525K, in my (former) home town, about 40 miles from where I'm at now.
Coloradans bought the house next to mine a few months earlier.
Us natives are headed for lower ground, and prices.
Just went to our little lumber yard to pick up (4) 8' 2x6's.. The price was $88! After I wet myself, I changed my mind and canceled the order. Thinking I'm going to check into a couple local saw mills for rough cut spruce. For that kind of money I can easily run the boards through my thickness planer.. Now the $88 question, will the local saw mills be following suit? The locals get the round logs for virtually free from the state forest and they don't kiln dry so it shouldn't cost much more (fuel maybe is more although that doesn't seem to be occurring here yet) to produce.
Because there are an estimated 330 million people living in this country and the ones we read and hear of (slackers collecting UP) are a distinct minority. The vast majority are normal go to work Mon-Fri kind of people and they want a home. The prices may slow some down but many will just pony up the downstroke or get a no down payment loan just to get the job done.
yep...some restaurant in denver...crying about how bad everything is........so made a petition demanding, like, $2000/adult....$1000/ kid....every month until the"crisis" is over.......has 2 million signed.....
...makes me sick....
Gonna be a ride
Unfortunately I think he's right.
almost a dime 5/11/21
Blatant lie .. Or ignorant fools.. Or both..
spicer
Lunatic Member
I know of which you speak...
Mystic
We're all born mad
American consumers are indeed "feeling the economic pinch", as expressed in the (monthly)
Federal Reserve Bank of NY's Survey of Consumer Expectations (SCE) for April 2021. The general findings, released yesterday, indicate:
1. Median household-level income growth, Y/Y (April 2020 - April 2021) is 2.1 percent.
2. Consumers' median year-ahead inflation expectations increased to 3.4 percent in April 2021, up from 3.2 percent in March 2021.
3. The increase, from 3.2 to 3.4 percent, between March 2021 ando April 2021 marks the measure’s highest level since September 2013.
A list of the economic sectors driving consumers' expectations of rising inflation includes:
1. Home price change expectations rose sharply to a new series high of 5.5 percent in April 2021 from 4.8 percent in March 2021.
2. Rent growth expectations posted a fifth consecutive increase, rising to a new series high of 9.5 percent.
3. Food cost hikes rising 5.8 percent.
4. Fuel cost hikes rising 9.8 percent.
5. Healthcare cost hikes rising 9.1 percent
6. Education cost hikes rising 5.9 percent
The SCE, unfortunately, doesn’t ask consumers about their expectations for new and used vehicle prices, which are now in the process of spiraling upwards. It would have been interesting to see what consumers expect those prices to do over the next 12 months.
Bottom line: consumers expect to pay for -- in some cases -- dramatic price increases with household earnings that consumers expect will increase at only a fraction of the expected increase in an array of goods and services. Consumers, it seems, anticipate that the purchasing power of their income will be greatly diminished over the next 12 months.
PS: and these ^^^ survey data do not factor in US consumer opinion regarding expectations of rising fuel costs in the wake of this week's "cyber attack" (ransomware hack or whatever) by spectral elements (read: The Russians... eventually) on the Colonial Pipeline enterprise, which supplies (roughly) 45% of fuel to the East Coast.
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yep.....more of a one way ticket to........an abyss
House across the street went on the market Thursday. Priced 25% higher then last years prices. Had over thirty offers in two days.
The Realtor was even worried it would be hard to get the appraisal that high.....
Settled on the one where buyers pay all cash (plus additional bump up 10%) for home and fees, no inspection. No worries about appraisals from buyers also. All Cash!
See my property taxes going up now.
The Realtor was even worried it would be hard to get the appraisal that high.....
Settled on the one where buyers pay all cash (plus additional bump up 10%) for home and fees, no inspection. No worries about appraisals from buyers also. All Cash!
See my property taxes going up now.
no kidding? EVERY drop of fuel in your town comes from united in warren except for sheetz which comes from brad penn and every drop of crude comes from the oil fields a few miles north and there is no global competition and they dont ship long distance. I hate how they rip us off.
YY1
Addicted Member
...and got a zero down interest only loan because that's all they could afford, and still owe $499,999 on it after 10 years.
