Housing Bubble?

[glenn walker]

No way the buyer's looking for their up leg property are going to let go of their 3% loans. The interest rate is king (sorry Fernando). That and high inflation is what's gumming up the market. Also, many people I know with these low rates are taking advantage of new zoning laws allowing ADU's. The potential for generating additional rental income, raising their property value, or providing a space for a family member is a no brainer.

So, IMO, the current market conditions are not normal.... Something's got to give though....I mean, how much higher can a property that should be worth $600K, which is currently valued at over a million go?

That's amazing.....This is the way it should be. You couldn't even build that here in Cali for a $135K.

We can't do anything in Los Angeles for less than $250 to $300 per Sq.Ft. and that's not fancy. Only the big builders can do anything and there breaking even and pulling out.

 

[Joe Flacco]

We are seeing inventory moving higher from the pandemic range this year. We will see how high it goes but as of right now it looks like it is returning to a more normal market conditions.

 

[gregb]

We will see how high it goes but as of right now it looks like it is returning to a more normal market conditions.

What year do you consider a "more normal market conditions?"

 

[Joe Flacco]

What year do you consider a "more normal market conditions?"

For us, 2013-2019 range.

 

[Mark K]

No farmer is going to willingly pay $90,000 for a pickup.

Why would they? Most of the farmers in this area are given pickup trucks, nice ones, by the seed companies. Given, as in 3-yr lease paid up front by Becks, Pioneer, etc. If you farm 500-700 acres or more (small farmer in this area) you qualify.

Its the 'city boys' and construction workers in this area that are paying for the $75K+ trucks.

 

[Mark K]

Inventory is increasing around here. For sale signs popping up like dandelions...and staying up for extended periods.

 

[gregb]

For us, 2013-2019 range.

Let's see the graph.

 

[glenn walker]

For us, 2013-2019 range.

2013 to 2019 in our market was the end of the great mortgage meltdown and nothing but up not a normal market based on being stable.

 

[Joe Flacco]

Let's see the graph.

When I get home. I'm at the bike park with the kids.