we’re waiting for the housing bubble to collapse so we can move there
You may be waiting a very long time. People aren’t selling their homes with mortgages at 2-3 percent from 2020-21. Golden handcuffs until rates come down at some point.
That’s where I am. We bought our place in 2016. Since then i became a parent and my house is no longer ideal, but I have a 2.7% rate when we refinanced during covid.
Zillow says our place is supposedly worth 70% more, but houses are still selling for double.
I can’t move. It’s also fucked up that I’m incredibly fucking fortunate to even have a place. If we hadn’t bought when we did we’d be fucked
They can sit there all they want, builders are more than happy to supply the market without competition from existing homes. Of course at some point rates will go down, and flood the market with existing homes, hopefully while the builders keep over producing for a while.
Housing units under construction has been at a 50 year high for a year and a half, with no sign of a slow down, just a shift from single to multi family units.
Like I said, single family construction has slowed, while multi-family construction has more than picked up the slack. We’re still at 50 year highs with no significant down turn. Try looking at actual data rather than propaganda pieces in the media.
You may be waiting a very long time. People aren’t selling their homes with mortgages at 2-3 percent from 2020-21. Golden handcuffs until rates come down at some point.
That’s where I am. We bought our place in 2016. Since then i became a parent and my house is no longer ideal, but I have a 2.7% rate when we refinanced during covid.
Zillow says our place is supposedly worth 70% more, but houses are still selling for double.
I can’t move. It’s also fucked up that I’m incredibly fucking fortunate to even have a place. If we hadn’t bought when we did we’d be fucked
They can sit there all they want, builders are more than happy to supply the market without competition from existing homes. Of course at some point rates will go down, and flood the market with existing homes, hopefully while the builders keep over producing for a while.
Builders still need to sell with high interest rates so they are also holding back.
Housing units under construction has been at a 50 year high for a year and a half, with no sign of a slow down, just a shift from single to multi family units.
Not true:
https://finance.yahoo.com/news/homebuilders-face-a-tough-balancing-act-on-new-construction-amid-high-mortgage-rates-130744368.html
Like I said, single family construction has slowed, while multi-family construction has more than picked up the slack. We’re still at 50 year highs with no significant down turn. Try looking at actual data rather than propaganda pieces in the media.
https://fred.stlouisfed.org/graph/fredgraph.png?g=19jjo