Hey Joe Lee...

[maroonmadman]

...a continuation of our previous discussions on housing out west. This article discusses the same issues in some of Colorado's hot spots. One thing mentioned in this article that I don't think we've brought up before, not enough workers in these areas to build fast enough. Anyways, decent article with some innovative solutions.

https://www.msn.com/en-us/money/rea...keep-workers/ar-AAUGzHT?ocid=msedgdhp&pc=U531

 

[PooPopsBaldHead]

It's getting horrible. And listen to this. Our little town is is having an educational session on building moratoriums. IE not allowing any new construction for 6-12 months or longer. We have a massive housing crisis and most of the town is thinking the solution is to quit building homes. That will lower the prices.***

Aspen has already done it and the lawsuits are roaring. All of the construction labor that is in the area is going to leave. They will sell their homes (for a mint) and move to a place where they can work. And when you lift the moratorium? You still can't build houses because the labor left.

Meanwhile anything that comes on the market is going to get bid up through the roof driving prices even higher. I'm telling you, these people are so 17ing stupid sometimes.

 

[ZombieKissinger]

https://www.sfgate.com/business/art...le-City-Is-Already-Too-Expensive-16931227.php

Here’s another

Edit: I also hurried up and bought last November based on Joe Lee's sage advice. Originally I was going to wait a bit longer. Thought I got a great deal on my house (and still think I probably did, got it $5k below appraisal in a multiple offer situation), but it also had increased $210k in sales price from when it was sold in mid/late-2018. That is an average price increase of $5,387 per month for 3+ years. It has been 4 months since I've bought, and the estimated sales price is over $50k higher than what I bought it for.

 

[PooPopsBaldHead]

I saw that article a few weeks ago and was thinking about you. You will likely be able to sell your place in May for 15-20% more than you paid for it the way it's going up there.

You were definitely right to buy when you did for multiple reasons. The booming market, low rates, and seasonality. Most home purchases and sales are a wash (sell high /buy high) except for your first and last home or if you have a place to stay in between selling and buying. Timing market seasonality is very simple in these scenarios, buy late fall/early winter and sell late spring. YOY housing almost always goes up, but the seasonality dips are as predictable as the tide. The only drawback is limited inventory in the fall, especially these days.

Typically speaking you can buy a home in December for the same price as you would have paid in the spring 2 years earlier. Hard not to build quick equity like that.

Median home prices nationally... Look at that tide.

View attachment 24014

FYI looks like we are headed to a median Home price near $420k by June.

 

[WilCoDawg]

It's getting horrible. And listen to this. Our little town is is having an educational session on building moratoriums. IE not allowing any new construction for 6-12 months or longer. We have a massive housing crisis and most of the town is thinking the solution is to quit building homes. That will lower the prices.***

Aspen has already done it and the lawsuits are roaring. All of the construction labor that is in the area is going to leave. They will sell their homes (for a mint) and move to a place where they can work. And when you lift the moratorium? You still can't build houses because the labor left.

Meanwhile anything that comes on the market is going to get bid up through the roof driving prices even higher. I'm telling you, these people are so 17ing stupid sometimes.

Sometimes?

 

[maroonmadman]

We just passed the 7 year mark on our home and it has increased in value by 25%.