is this the top of the market or something? i keep seeing houses that were bought for maybe 100-200k 5-10yrs ago being priced at 500-600k now! with interest rates being as high as they are does this really make any sense?
Cars too!!! I wonder what the hell im doing wrong….staying in the same old house with the same old reasonable (affordable) mortgage with 1 reasonable car payment that’s nearly paid off(wife’s car) and I have a 15 yr old truck with 275k on it and an old Grand Prixwith 210k I run back and forth to work. I guess we did buy a camper but it was a used one and not a super expensive one. Keeping within our means or at least trying to.
But then I see people selling their house that they bought for 100k selling for like 180, and then buying a 400k house and a brand new truck not long after…..plus the ice castle in the driveway…… and I wonder how the hell do they afford it?
^^^^ You guys waiting for a big crash are most likely wrong. Don't hold your breath...Cars...I think...will adjust back to somewhere near normal in the next year or two. Housing and rents will continue high in the DESIRABLE parts of the country. Vehicles are a total individual EASILY controllable expense, housing isn't the same.
House prices and car prices are crazy now. Have people I dont even know calling about older cars that are in my back garage, asking to buy. House prices should ease up as interest rates rise, still crazy. The Ford plants are near and vehicles that are waiting on parts are all over this area, everywhere. Its a convey of vehicles to drop off waiting on chips. See it daily
My stepson is a home builder in Tennessee. He says he's having a terrible time getting wood, and tradesmen. I've read articles that said supply has actually been rather restricted since the 2009 meltdown, and the further supply problems of the pandemic just brought it all to a head.
Personally I think part of the problem is the builders don't want to build small houses anymore. There's more profit for them in building the larger houses, even if they build fewer of them.
rates going up is going to slow price increases. they say builders are not putting in for future big developments until they figure out where the markets going to go. who knows what will happen in the next year? jim