Saw this and it shocked me if true. I bought my current place almost 11 years ago and yes, I have been aware that real estate prices have gone up quite significantly since 2020. I also knew some states have always been very high priced but this is insane.

Ann: You are right, it is insane. Utah has been one of the highest priced and biggest increases in the nation. It is terrible here.

Fortunately, I bought some property before the big increase in prices. In addition to my teaching job, I sell real estate (mostly summer homes). People are willing to pay unbelievable amounts of money for vacation homes. Many of the purchases I see are cash buyers.

My kids have great careers. So far, only one has bought property here. He bought a small condo near his work. If I remember right, it was around $240k. If you want a starter home here, you better plan to spend at a minimum, $300,000-$350,000.

The current interest rates are really hurting buyers yet people keep telling me how great the economy is. For jobs, yes it is good. However, the housing market is terrible, unless you are selling.

quote:

Fortunately, I bought some property before the big increase in prices.

I too am glad I got what I did before all this. Even where I live the prices are horrid. The land isn't worth it but people seem to be willing to pay it! Not sure where all the wealth is coming from either.

$317 for Wyoming.

I think that number is screwed up.

Every thing in Casper, Cheyenne, Cody, Lander, Sheridan, Laramie, Pindale, and Gillette is crazy expensive.

Of course everything in Dubois and Jackson and anything really within 60 miles of Jackson is borderline insane.

Then you have the wonderful metropolis of Rawlins, Riverton, the bighorn valley and the I-70 Thorofare. Helping Wyoming show a $317,000 number.

There are also a lot of

This is a step in the right direction. Fees helped drive prices higher. The National Association of Realtors (NAR) finally caved-in. They had a gravy train going, at our expense. https://www.cnn.com/2024/03/15...ettlement/index.html

When you watch shows like "Tiny House Nation" and see people taking basically a <200 sq ft backyard storage building and building it out into a $100K dwelling, you know we are in trouble! As long as people are stupid enough to pay that, it will continue. They'd be far ahead buying a used RV and having it towed to a lot.

quote:

Originally posted by Bobster:
When you watch shows like "Tiny House Nation" and see people taking basically a <200 sq ft backyard storage building and building it out into a $100K dwelling, you know we are in trouble! As long as people are stupid enough to pay that, it will continue. They'd be far ahead buying a used RV and having it towed to a lot.

There may be an element of desperation involved. A house costs for land, materials, and labor. And the developer's cut.
It bothers me when the guys who hammer the nails and place the plumbing can't afford to buy the product of their labor.
In many places, parking a used RV is only legal next to the owner's house. OK for a granny flat.

Cary, NC once had some of the nicest mobile home parks in Wake County, and is now only subdivisions.

I think it is BS that those home renovation shows can supposedly renovate a whole house to perfection for what it would really cost to renovate maybe a kitchen and bathroom, when you actually get local quotes.

The less TV "reality" programs we watch, the better off we are. They seem to be geared to make us feel unhappy with our own lives.

"Reality" isn't "real".

quote:

Originally posted by Bobster:
When you watch shows like "Tiny House Nation" and see people taking basically a <200 sq ft backyard storage building and building it out into a $100K dwelling, you know we are in trouble! As long as people are stupid enough to pay that, it will continue. They'd be far ahead buying a used RV and having it towed to a lot.

Dumb. A "Gen Z" thing?

Ann, these kids think they are saving the planet by reducing their footprint. I can't see how living in a shed where you can't skin a cat is desirable. They obviously don't have hobbies or a home business that requires more than a tablet to run.

Hell, I can buy a used 2 BR RV in great condition for under $50k with all the bells and whistles. Then park it on an acre of land for $5k and get a big new storage shed for $2k and a carport for $3k. These people are idiots.

People fleeing the NE have fueled the huge increase in avg home values here in SC. A pine tree ain't safe anywhere within 30 miles of the coast!

Zoning and the UBC has greatly driven up the cost of housing.

Easley adding 10's of thousands of dollars to a house.

They also drive do it yourselfers out of the market.

Yes, the 'escapism' is bad. They created (voted for) their troubles and now decide they don't like it but go elsewhere and demand more of it.

Yes, insanity.

In regard to the young adults and their crazy ideas: They were never challenged as kids to buck up and work hard. Coddling is showing its ugly head. I've noticed on some homesteading and prepper sites that such are planning to just go from farm to farm to take what they want to survive by any means. Making claims they are 'training' constantly for this lone wolf mentality.

Yeah, good luck on that one. You know, there are all these new subdivisions going in with signs saying "prices from the $500.s." Where in the world do these kids get the money? Add to that 2 car payments, etc. I don't get it.

quote:

Originally posted by Norman Conquest:
Yeah, good luck on that one. You know, there are all these new subdivisions going in with signs saying "prices from the $500.s." Where in the world do these kids get the money? Add to that 2 car payments, etc. I don't get it.

They live with their parents until they are 60yrs old-go to contract on a house and hope their parents die soon so they get inherited money to pay for the house!

Hip

quote:

Originally posted by Kensco:
I think it is BS that those home renovation shows can supposedly renovate a whole house to perfection for what it would really cost to renovate maybe a kitchen and bathroom, when you actually get local quotes.

The less TV "reality" programs we watch, the better off we are. They seem to be geared to make us feel unhappy with our own lives.

"Reality" isn't "real".

Don’t you love it when they walk in and and proclaim that they cannot live with the current type of countertops in the kitchen?

I always say; compare todays houses with the housing that our grandparents lived in.

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Originally posted by Big Wonderful Wyoming:
$317 for Wyoming.

I think that number is screwed up.

Every thing in Casper, Cheyenne, Cody, Lander, Sheridan, Laramie, Pindale, and Gillette is crazy expensive.

Of course everything in Dubois and Jackson and anything really within 60 miles of Jackson is borderline insane.

Then you have the wonderful metropolis of Rawlins, Riverton, the bighorn valley and the I-70 Thorofare. Helping Wyoming show a $317,000 number.

There are also a lot of

They still have the Astro Club in Rawlins? I spent a week there one night.

Must of been something since the Astro was in Rock Springs.

quote:

Originally posted by kda55:
Must of been something since the Astro was in Rock Springs.

LOL you got me, i confused my shithole cities for a minute. Either way it was fun night.

The flippers got hammered. https://finance.yahoo.com/news...nches-110000513.html

I love it when they take sledgehammers to big box store cabinets when they could use an electric screwdriver and unscrew them from the walls. Then they could re-purpose them in another room or sell them.

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Originally posted by Jason P:

quote:

Originally posted by Kensco:
I think it is BS that those home renovation shows can supposedly renovate a whole house to perfection for what it would really cost to renovate maybe a kitchen and bathroom, when you actually get local quotes.

The less TV "reality" programs we watch, the better off we are. They seem to be geared to make us feel unhappy with our own lives.

"Reality" isn't "real".

Don’t you love it when they walk in and and proclaim that they cannot live with the current type of countertops in the kitchen?

I always say; compare todays houses with the housing that our grandparents lived in.

I've had a few renters like that. They don't have a pot to piss in, but insist they have to have granite counter tops, stainless sinks, new carpet, new washer & dryer, new refrigerator, new microwave oven .......... and they are in the process of moving here from India, where they had none of the above. (I lived in India for three years. I know how they lived.) I tell them what all that will cost THEM, and I hear this choking noise and they go away.

quote:

Originally posted by Kensco:
I've had a few renters like that. They don't have a pot to piss in, but insist they have to have granite counter tops, stainless sinks, new carpet, new washer & dryer, new refrigerator, new microwave oven .......... and they are in the process of moving here from India, where they had none of the above. (I lived in India for three years. I know how they lived.) I tell them what all that will cost THEM, and I hear this choking noise and they go away.

With states giving renters AND squatters all sorts of rights I do not think being a landlord is a good investment. One of my friends here owns several properties, nothing but a headache for her on a near daily basis.

You got that right, Ann. I wouldn't be a landlord on a bet. My youngest son has a modular home on my adjoining 5 acres + is moving to Wisconsin this summer + asked me if I wanted to buy his house to rent out. I told him to just try to sell it, I don't EVEN want that headache.

quote:

Originally posted by Norman Conquest:
You got that right, Ann. I wouldn't be a landlord on a bet. My youngest son has a modular home on my adjoining 5 acres + is moving to Wisconsin this summer + asked me if I wanted to buy his house to rent out. I told him to just try to sell it, I don't EVEN want that headache.

You'll probably end up with some new neighbors from Kommifornia with Kommifornia values.

Not a chance! Family is one thing, but I don't want anyone else up here + on my well.

The tiny house thing appeals to the little kid in me who built "forts" using a card table with blanket walls held down by volumes of World Book. Yeah, I am OLD.
In reality they are pretty silly.

https://vimeo.com/151916585

quote:

Originally posted by Norman Conquest:
Not a chance! Family is one thing, but I don't want anyone else up here + on my well.

So what's the plan, Randy? You will have to buy it, right? I'd disconnect the well share too if it were me. New bore holes in my area are reported to be running on the 30K cost these days. Eish.

quote:

Originally posted by Bill/Oregon:
The tiny house thing appeals to the little kid in me who built "forts" using a card table with blanket walls held down by volumes of World Book. Yeah, I am OLD.
In reality they are pretty silly.

https://vimeo.com/151916585

OMG, Bill. You owe me a cup of coffee. I just spit mine all over the place.

quote:

Originally posted by Aspen Hill Adventures:

quote:

Originally posted by Kensco:
I've had a few renters like that. They don't have a pot to piss in, but insist they have to have granite counter tops, stainless sinks, new carpet, new washer & dryer, new refrigerator, new microwave oven .......... and they are in the process of moving here from India, where they had none of the above. (I lived in India for three years. I know how they lived.) I tell them what all that will cost THEM, and I hear this choking noise and they go away.

With states giving renters AND squatters all sorts of rights I do not think being a landlord is a good investment. One of my friends here owns several properties, nothing but a headache for her on a near daily basis.

The headaches are real.I own several. I dont have the time. The best choice i ever made was giving a property management company 7% of the gross to handle it for me. yes i still have bills and occasional drama but no face to face with renters and calls about a broken sink etc.

Back when you could get 1% a month on the value of the house; $2,000 a month rent on a $200,000 house. It was "the rent" that counted. You can't do that now, but you don't need to. Once the mortgage is paid off, you need to cover taxes, insurance, and a little wear & tear. Then the draw becomes the increase in appraised value over time. My properties are now worth at least 2.3 to 2.4 times what I paid for them. (That is one reason rent hasn't "kept up".)

Residential real estate has been a good investment in the North Texas area for thirty years.

quote:

Originally posted by Kensco:
Back when you could get 1% a month on the value of the house; $2,000 a month rent on a $200,000 house. It was "the rent" that counted. You can't do that now, but you don't need to. Once the mortgage is paid off, you need to cover taxes, insurance, and a little wear & tear. Then the draw becomes the increase in appraised value over time. My properties are now worth at least 2.3 to 2.4 times what I paid for them. (That is one reason rent hasn't "kept up".)

Residential real estate has been a good investment in the North Texas area for thirty years.

The house we live in is also up considerably, but measured in dollars, not in gallons of diesel fuel...

Ann, no, I just hope he can sell it. Even if he takes a loss, it's still cheaper in the long run over what he would have paid on rent over the last 5 years.