People are leaving due to the cold too.
For some crazy reason, people are starting to realize that they don’t have to live in a place where half the year is ruined by the weather.
Housing in Phoenix
- Thread starter deadeyededric
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For some crazy reason, people are starting to realize that they don’t have to live in a place where half the year is ruined by the weather.
It's not just the traditional states like Florida, Arizona, and Texas people are moving to either. The entire Sun Belt is being flooded by Midwesterners. Nashville is becoming quite a popular place for young people to go.
Tax friendly, oh you are a funny one. Cheap mortgage rates primarily, but I haven't seen prices up that much in the Minneapolis area.
Where Have All the Houses Gone? (Published 2021)
The inventory of homes for sale is startlingly low. The pandemic is part of the reason, but it’s not the whole story.
According to the analysis above it seems to be a supply problem.
For various reasons people just aren’t selling homes like they used to (could be boomers not wanting to increase exposure to Covid, among other reasons).
New Yorkers are leaving for pretty much everywhere thats not NYC. Not much reason to pay for expensive NY real estate if a person is no longer commuting to midtown Manhattan everyday.
Housing market in suburban NJ, with some of the highest taxes in the nation, also going crazy right now as various NYC people no longer have a need to stay in the city and realize the value of having more space in the Covid era.
North Carolina is another state getting a lot of the inflow of new residents.
It’s going to be interesting how this all shakes out. Boats are also sky high and engrossed in bidding wars, but I think boats will work themselves out of it when/if interest rates keep rising...who knows
Also, keep an eye on the tech of 3D printing of smaller starter houses. I’ve read the 3D tech is getting much closer to being viable and accepted in the ecosystem of the home building business in certain cities. It’s supposedly twice as cheap and twice and fast to build as of right now, not sure on insurance though.
It’s going to be interesting how this all shakes out. Boats are also sky high and engrossed in bidding wars, but I think boats will work themselves out of it when/if interest rates keep rising...who knows
Also, keep an eye on the tech of 3D printing of smaller starter houses. I’ve read the 3D tech is getting much closer to being viable and accepted in the ecosystem of the home building business in certain cities. It’s supposedly twice as cheap and twice and fast to build as of right now, not sure on insurance though.
Where Have All the Houses Gone? (Published 2021)
The inventory of homes for sale is startlingly low. The pandemic is part of the reason, but it’s not the whole story.www.google.com
According to the analysis above it seems to be a supply problem.
For various reasons people just aren’t selling homes like they used to (could be boomers not wanting to increase exposure to Covid, among other reasons).
New Yorkers are leaving for pretty much everywhere thats not NYC. Not much reason to pay for expensive NY real estate if a person is no longer commuting to midtown Manhattan everyday.
A lot of it is also a decade of not all that much new construction either, compared to prior eras. We haven't been keeping pace with growth. Especially in lower price ranges.
You can’t get a 1 bedroom condo in my area (Paradise Valley) for less that 310K. It is absurd.
In the twin cities the hottest segment is 250-300 because that's considered entry level. But everything up to 750k is flying right now
The problem with high tax states is they are losing people and instead of figuring out it’s high taxes, they raise the taxes higher so they don’t have to give up how much money is coming in. California is a prime example
Housing markets are just crazy all around the country right now, including the DSM area. Inventory is insanely low and people are paying crazy high amounts with the current interest rates. One of my parents is a realtor and they’re prepping for all this to come tumbling down sooner than later.
There’s a 1050 sq foot ranch on .2 acres down the street from me that is asking 269k. Our house could sell for 50k over what we paid for it not even 4 years ago. That’s a 23% increase. This is stupid.
There’s a 1050 sq foot ranch on .2 acres down the street from me that is asking 269k. Our house could sell for 50k over what we paid for it not even 4 years ago. That’s a 23% increase. This is stupid.
This 3D stuff is interesting. I'd be down for putting one of those on a piece of land. I'm not really seeing any builders yet though.
^Truth. Neighbor listed her house on Thursday for $425K which I thought was crazy high for her little single car garage 1.5 bath house. One block west of Mpls. It's tax assessed at $275k and she signed purchase agreement on Sunday for over her asking price.
They didn't even bother putting out a real estate sales sign. The assessments in my hood have been generally a pretty good indicator of actual market value. Had been. The hood has been a hot locale for decades but peeps are getting even crazier prices the last year. Desirable hood, low interest, low supply, high demand = crazydale.Is this a good time for realtors or is decreased sales volume cancelling out higher commissions from higher prices? I guess it may depend on location.
Yeah, california's really sucked it up.
Careful, we wouldn’t want this to get political...
CA absolutely is losing people with high incomes, lots of people coming in from other countries for a net gain. People with high incomes are leaving high taxed states, there is no argument it's a fact. You would be stupid not to leave.
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