Jauronimo Posted May 10, 2023 Share Posted May 10, 2023 2 hours ago, Lost said: If the cost of everything else has increased along with your net worth then your spending power hasn't really increased has it? In other words, inflation. Your explanation of housing supply and demand in what is now a global real estate market boils down to inflation as dictated by the executive branch? Barring catastrophe, housing prices have been on steady trend for the past 40 years. https://fred.stlouisfed.org/series/CSUSHPINSA Link to comment Share on other sites More sharing options...
Southern_Bills Posted May 10, 2023 Share Posted May 10, 2023 2 hours ago, Haslett_Stomp said: ^ this. I received an estimate from a roofing contractor yesterday that was $10K higher than a bid from the same contractor in 2018. Yeah, I'm an electrical contractor and there is definitely sticker shock right now, sadly it's mostly to just materials. Some jobs you end up doing a slightly cheaper labor rate just to stay competitive. Odd world we are in at the moment. Link to comment Share on other sites More sharing options...
Lost Posted May 10, 2023 Share Posted May 10, 2023 2 minutes ago, Jauronimo said: Your explanation of housing supply and demand in what is now a global real estate market boils down to inflation as dictated by the executive branch? Barring catastrophe, housing prices have been on steady trend for the past 40 years. https://fred.stlouisfed.org/series/CSUSHPINSA Not just the executive branch, but yes. Pumping trillions into the economy has that effect. The last 2 1/2 years are not part of of the steady trend in home prices. The average cost of a home jumping $100,000 in 2 years is reasonable to you? Demand is high now because few are selling since they can't afford to move elsewhere. You can try and blame the fed for raising rates to where they are now but who knows how far prices may have spiked if they hadn't. Link to comment Share on other sites More sharing options...
Nextmanup Posted May 10, 2023 Share Posted May 10, 2023 3 hours ago, Back2Buff said: In this area, high end homes have not seen a large increase. For example, Beasley put his house on market for 1.5 million, and it sold for 1.2 million. Property taxes are ridiculous in OP. I can't even imagine what a 1.8 million would pay in taxes. I know a 500k house is like 12k a year. Probably looking at over 40k a year in property taxes at 1.8 million. Leave it to WNYers to B word about property tax. Have you considered that the same house in MOST of the country would cost 3 times as much? Or more? Housing prices in WNY are DIRT CHEAP, as is the overall cost of living. 1 Link to comment Share on other sites More sharing options...
teef Posted May 10, 2023 Share Posted May 10, 2023 (edited) 7 minutes ago, Nextmanup said: Leave it to WNYers to B word about property tax. Have you considered that the same house in MOST of the country would cost 3 times as much? Or more? Housing prices in WNY are DIRT CHEAP, as is the overall cost of living. guess what spanky? even after i have my house paid off in a few years, i'll still be paying thousands a month just to stay in it. i'd rather pay into equity than taxes. not to mention that the same house would absolutely not cost 3 times as much in most of the country. that's absurd. maybe in comparison to large metro areas, but even that's a stretch. Edited May 10, 2023 by teef 1 Link to comment Share on other sites More sharing options...
Jauronimo Posted May 10, 2023 Share Posted May 10, 2023 9 minutes ago, Lost said: Not just the executive branch, but yes. Pumping trillions into the economy has that effect. The last 2 1/2 years are not part of of the steady trend in home prices. The average cost of a home jumping $100,000 in 2 years is reasonable to you? Demand is high now because few are selling since they can't afford to move elsewhere. You can try and blame the fed for raising rates to where they are now but who knows how far prices may have spiked if they hadn't. I guess I don't remember when the executive ordered everyone to upgrade their housing situation during the pandemic. Lots of demand, lagging supply, and a 10 year run of extremely low interest rates seems like a recipe for rising prices. Something else happened in early 2020 which fundamentally transformed how people work and where they can live. But "voted for inflation" must be the answer. 2 1 Link to comment Share on other sites More sharing options...
Lost Posted May 10, 2023 Share Posted May 10, 2023 12 minutes ago, Jauronimo said: I guess I don't remember when the executive ordered everyone to upgrade their housing situation during the pandemic. Lots of demand, lagging supply, and a 10 year run of extremely low interest rates seems like a recipe for rising prices. Something else happened in early 2020 which fundamentally transformed how people work and where they can live. But "voted for inflation" must be the answer. At least you're honest on which side you voted. Glad you're happy with the housing market and everything else going on 😄 1 Link to comment Share on other sites More sharing options...
Jauronimo Posted May 10, 2023 Share Posted May 10, 2023 9 minutes ago, Lost said: At least you're honest on which side you voted. Glad you're happy with the housing market and everything else going on 😄 I'm glad that I am capable of critical thinking. I can't imagine what type of asinine conclusions I might reach if I were to interpret everything that happens as a function of the president. Although there is a certain simplicity in screaming "Lets Go Brandon!" at rain clouds that seems comforting. Sometimes I am envious that I will never have that experience. 3 1 1 Link to comment Share on other sites More sharing options...
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