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The price of housing is going up
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Has Achieved Nirvana
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posted
quote:
The booming housing market helped stave off economic collapse in 2020. But soaring prices are starting to worry policymakers, who fear the market could lock a generation of would-be buyers out of homeownership.


https://www.politico.com/news/...-policymakers-474433


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Posts: 37747 | Location: Somewhere in the middle | Registered: 19 January 2010Reply With QuoteReport This Post
Pinta & the Santa Maria
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In our neck o' the woods, housing in the suburbs is going bananas. People want to move out of the city and have discovered they no longer need to be close to work in many cases. A lot of companies are rethinking the need to have expensive, large downtown buildings after a year of remote work. Many employees are pressuring their employers to let them work remotely at least part of the time when lockdowns are lifted.

The result is less need to be close to work. The irony is that the move to the suburbs has traditionally been driven, in part, as an escape from high costs of living in "the city," but this portion of the equation is rapidly flipping.

Look also for a glut of commercial properties in traditional "downtown," as companies contract their footprint. Lots of places are considering hotelling, etc. Why pay the square footage on an office that is only used 2 days a week?
 
Posts: 35366 | Location: West: North and South! | Registered: 20 April 2005Reply With QuoteReport This Post
Serial origamist
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We are looking at houses. Prices are eye-watering and have been shooting up this year. Like doubling over this time last year.

We were in Richland, Washington (near Hanford, the home of the Manhattan Project). A house I would think as a $100K - 200K was listed for $350K and the realtor expected there to be a bidding war.

We looked at one house that was built in 1943 as part of the Manhattan raze-and-build. It was originally a 2 or 3 (small) bedroom house. It had been added on to, but the work was a bit shoddy. It had a tangle of the original electrical system and some rework (no grounded outlets). There was a spot of rot in the roof. All the windows were original single-pane metal frame windows. No garage. The yard had been nice at one time, but it looked like several years of no maintenance. So, really, it was a shell and needed a complete gut and remodel. It was listed for $330K. Jeebus.

Closer to home, a house four blocks from me, a teardown (the listing euphemistically says "value is in the land"), a slightly larger lot than mine, right on the main arterial... just listed for $1.86M. For a teardown.


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Posts: 30029 | Registered: 27 April 2005Reply With QuoteReport This Post
Minor Deity
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quote:
Originally posted by pianojuggler:

Closer to home, a house four blocks from me, a teardown (the listing euphemistically says "value is in the land"), a slightly larger lot than mine, right on the main arterial... just listed for $1.86M. For a teardown.
Congratulations, you are RICH!
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Posts: 12679 | Registered: 01 December 2006Reply With QuoteReport This Post
Serial origamist
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...Only if I sell. And then I gotta live somewhere else.


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Posts: 30029 | Registered: 27 April 2005Reply With QuoteReport This Post
Beatification Candidate
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Friends of ours are looking and it seems to be common to add some sort of escalation clause, essentially making every offer the start of a bidding war...


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Posts: 7545 | Location: chicagoland | Registered: 21 April 2005Reply With QuoteReport This Post
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There is a boom here. Inventory is low. Prices are zooming. Two nearby places are on the market.
One is probably under contract. The other is priced for Midas.


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Posts: 25668 | Location: Still living at 9000 feet in the High Rockies of Colorado | Registered: 20 April 2005Reply With QuoteReport This Post
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Minor Deity
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Crazy stuff PJ!

I remain incredibly grateful that we bought our house (and this piano) when we did!


Ron,
quote:
it seems to be common to add some sort of escalation clause, essentially making every offer the start of a bidding war


What does that mean? I don't understand what an escalation clause is?


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Posts: 18310 | Location: not in Japan any more | Registered: 20 April 2005Reply With QuoteReport This Post
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Minor Deity
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quote:


from the article:
quote:
Brown, who insists on calling his panel the “Senate Banking and Housing Committee,"


What a funny way to word it! What does the author want it to be called?

Also this:
quote:
The price of lumber is up about 180 percent since April


Yikes!!


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Posts: 18310 | Location: not in Japan any more | Registered: 20 April 2005Reply With QuoteReport This Post
Minor Deity
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Our realtor says that both the housing and rental markets have been incredibly hot here. He also says that it predates the pandemic, but the pandemic did nothing to slow it down. People are buying houses sight unseen.

The university is hiring, so I guess that's some of it, but he says that it's at all price points.

Things are still a lot cheaper here than elsewhere. The only thing I can figure is that people are getting out of cities.


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Posts: 15505 | Location: Florida | Registered: 22 April 2005Reply With QuoteReport This Post
Has Achieved Nirvana
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quote:
Originally posted by ShiroKuro:

from the article:
quote:
Brown, who insists on calling his panel the “Senate Banking and Housing Committee,"


What a funny way to word it! What does the author want it to be called?



Apparently, the real name is the Senate Committee on Banking, Housing, and Urban Affairs. (And I think securities is still within its mandate, too.)
 
Posts: 45723 | Registered: 20 April 2005Reply With QuoteReport This Post
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Minor Deity
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Ah, that makes sense.

I just laughed at the wording "who insists on calling it"


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Posts: 18310 | Location: not in Japan any more | Registered: 20 April 2005Reply With QuoteReport This Post
Beatification Candidate
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quote:
Originally posted by ShiroKuro:
Crazy stuff PJ!

I remain incredibly grateful that we bought our house (and this piano) when we did!


Ron,
quote:
it seems to be common to add some sort of escalation clause, essentially making every offer the start of a bidding war


What does that mean? I don't understand what an escalation clause is?


https://www.fool.com/millionac...-best-practice-tips/


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Posts: 7545 | Location: chicagoland | Registered: 21 April 2005Reply With QuoteReport This Post
Has Achieved Nirvana
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Prices are crazy here too - not a good time to be looking for a house!


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Posts: 20409 | Registered: 20 April 2005Reply With QuoteReport This Post
Has Achieved Nirvana
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quote:
Originally posted by jodi:
Prices are crazy here too - not a good time to be looking for a house!


Only if you think prices are likely to drop. Aside from 2008, and areas affected by plant closings snd such, that’s pretty rare.

2008 was kind of a one shot deal and I’m not seeing conditions like that today. Perhaps Jon will correct me if I’m wrong.


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Posts: 34826 | Location: Hooterville, OH | Registered: 23 April 2005Reply With QuoteReport This Post
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