Homes across the country have been selling above asking price, obtaining multiple offers and selling within a week of being listed.
46 thoughts on “Demand for housing continues to increase substantially amid pandemic”
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Replacement costs on homes have increased homeowners insurance due to the rising construction costs of new construction and the increased costs for materials rising exponentially. A 2x4x8 use to sell for as little as $2.28 each now sells for $7.71 and even as high as $8.81 each. These costs are being passed to the consumer with higher prices for new construction thus raising the costs of older homes. A 1,000 square foot home can cost as much as $300,000 new construction, or $200 a square foot.
Change is forthcoming – in some areas the prices have dropped by as much as $20,000 making way for a Buyer's market sooner than expected. The lack of homes on the market will cause the market to slip, as many purchased homes during the Great Recession of 2007-2014 for a fraction of their value. These homeowners have the good sense to hold on to their investments knowing a Seller's market means you will sell your home for more, but higher prices to purchase a replacement home does not warrant a good market.
Very bad news for everyone. Sky high prices will create sky high property tax.
How to create a squatters . Take away affordability. Try to force everyone to be renting.
Nothing like greedy landlords kicking out whole families on the streets for no other reason than wanting to cash in on their dumps.
Ask me how I know…..
The demand for OSB and Plywood continues to increase too. Prices aren't coming down. Maybe start reporting on people needing to make more money. Perhaps congress can go back to all the companies that lobbies them and tell them to add better wages.
Some people won’t have a home anymore because everything is every state has on the highest betting! Some will become homeless! Good luck USA, you are failed us all!🤦🏼♀️😡
Lol just like the toilet papers thing… lol once again everyone welcome to the United States.
Just live in an apartment and wait till its a buyers market? 🤔
It's funny how white people are the 1st ones to worship capitalism……until it bites them in the a**.
It's the reason I ain't feeling bad for these Greedy Real Estate Investors when Biden taxing them at the high rate.
This is why this pandemic is happening, exploitation of all kinds…its not a conspiracy my thought its fact….those who dont exploit will agree!!!!!
The last 10 seconds of the report starting at 1:20 should have everyone's attention, but look how corporate media just passes over it. Typical. The Hill covered it. https://www.youtube.com/watch?v=EBb9zf_zWvU&t=13s
I'm RV full time. If I don't want to stay I can always move it to a different place. Don't like neighbors just move.
Corporation backed by foreign investors. It will for sure drive housing prices to the moon and will lead to a more stiff competion when purchasing a home. Sad truth…
Congress could easily help out by giving all Boomers, Silent Generation and remaining Greatest Generation $15,000 each if they are over 65, have their home paid off, sell it to a family(no investors) primary residence only and move into Senior digs…assisted living and such.
I'm with him … dell me a home please e
This guy on here, it’s rough. 🙁
Keep in mind this is NOT single families buying the majority of these homes. Corporate American is going crazy! Feds need to get involved. Don’t forget 2010…if this theory is new to you-do some research. Yes, there are plenty of single families doing this-don’t get me wrong-but this is a great way for corporations to invest. They won’t be living in these homes-simply renting them. This is also keeping the rental market tight and forcing huge rental prices. Perhaps it’s time to limit purchasing with Asset-Backed Security funding? I doubt that this market is being funded by folks who have sweated for years to purchase a home by saving money from their jobs or by the equity gained in the purchase of a first home.
If I sold my house still would not be able to move anywhere else to expensive Im staying put
Its investors from Asia, Europe and other countries to park money
Don’t move . Stay put .I’m in my house for 20 years but I want to downsize . There is no homes that I like so I’m not moving .
Corporation buying homes wtf that should be illegal
NON USA foreign nationals are buying homes like crazy in Hawaii. This is a fact, not speculation, I have seen it with my own eyes…. Until USA starts to act like OTHER countries do, which is restrict real-estate and title deeds ONLY to US CITIZENS, working class and growing families (like in these comments) will suffer. This is non-partisian, we all as AMERICANS should support this.
I Got Blistering Freestyle Rap Beats 🔥🔥
Everything is going according to plan
It's truly crazy in this housing market now. I refuse to get in a bidding war. Some even buying sight unseen.
Well just keep renting till you find one. In my city Boston the houses are down 10%
This is all part of the government's war on poverty and the homeless.. and by war I mean war against the lower classes.. not meant to help the American people…
This means there’s going to be more competition for vacant apartments.
Tragic
Rutgers university own more than half of Camden NJ. Why is that? The low income locals can't afford those 600 sq ft homes.
Corporations should be banned on buying more than a few houses.
Yeah it’s nearly impossible to get some property here if you weren’t paying 500 K cash. It’s all corporations and people flipping the properties here. It’s extremely rough
I can’t find a house anywhere in my budget. Every time I look for a house, within 24 hours it’s pending. It’s so stressful and I don’t know what to do!
That last part about corporations buying up the houses is what should've been mentioned *first*! Ordinary Americans are competing w direct cash offers from Wall St. banks & PE firms who are buying up homes even more than pre-2008, thereby driving millions to the "permanent renter" class.
Houses aren't worth the price .wanna get nice places move to tennessee or kentucky.
Real estate crash rite around corner faxxxxx 50 percent discount
20% of houses left Vacant as investments for Pension funds! Which artificially Inflates Home Prices!!… SHOULD BE ILLEGAL
The world we live in damn shame pay rent on time no issues and can't even use that as a crutch to build your credit! Why not energy , water, gas paid on time no reference to your credit building. Makes no sense.
Wow
The wealthy are gouging out the middle class by taking the one thing they can actually invest in. Then they will rent it back to them. Good luck doing that to me, muthuhfuckuhs. I'll be living in my van down by the river.
And with taxes and building supply prices continuing up it's going to get really crazy.
I see the future for what it is, and I am properly preparing to retire… living in my van.
You notice they really did not speak on the corporate companies buying up all the property. The truth is they are renting those same properties out and making the property unaffordable to live.
Wait da minute. If people are leaving their city homes cuz they can work remotely, then wouldn't the downtown city rentals and sales not go up in price?