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re: Average Sq Ft of homes by decade
Posted on 4/23/26 at 8:47 am to Scruffy
Posted on 4/23/26 at 8:47 am to Scruffy
quote:
I disagree with your argument that “it is what people want” though, as if people wouldn’t buy it otherwise.
Thanks for telling me that, even though I have been doing this since 2001, I apparently have no idea what I am doing
Can I come help you make your rounds today and tell you that you're misdiagnosing people?
quote:
I am not saying you are greedy, I am saying you are maximizing your profits.
Not really. I operate on the belief that a fast nickel is better than a slow dime. This might come as a shock to you, but upgrades move houses faster.
Being a landlord is the slow dime and I am trying to add more for retirement, which my wife and I argue about because she wants to keep every house, and I still want to flip them all. Its been hard to change my mindset.
1
Posted on 4/23/26 at 8:49 am to Techdave
quote:
So that is very relevant and the best argument I've seen so far comparing housing over two time periods. Although 17% is more of a modest difference. Seems like most people were implying a 100% increase or something wild.
imo the problem isnt the 17% higher cost...its the lack of availability of those type of homes not in the bad areas
this is why im so big on immigration. the illegal immigration push over the last 5-8 years has driven up the cost of everything. Any money saved on using them to build a house is out the window because they take up so much of the RE market driving prices up, they suck up resources at schools, etc etc etc
Posted on 4/23/26 at 8:49 am to cgrand
quote:
I do have empathy for young homebuyers today when the choices are
1) small older home in the hood
2) new shitty DSLD home in a soulless development you will never be able to escape financially
3) overbuilt McMansion you can’t afford
4) townhome or condo
Well, let's be honest. We, as a nation, made a conscience choice in the early 1900's. We decided we wanted to build our cities around the automobile. With that came the burbs. It also led to urban flight, which led to urban decay, which led to even more flight by the working classes. Now, every city and town has areas full of homes that no one wants. Too old, area too unsafe, etc. It also led to the ones of us who could afford to flee, being able to afford even better, larger homes. This is not the case in almost any other country. Sooner or later, we will need to deal with our choices. That time may be today.
Posted on 4/23/26 at 8:51 am to stout
quote:
Thanks for telling me that, even though I have been doing this since 2001, I apparently have no idea what I am doing
I mean, my anecdotal evidence says otherwise, but it is a much smaller number than yours.
But, are you really telling me that a home will not sell if it doesn’t have granite countertops, custom cabinets, etc.?
If you are making the argument that it simply will not sell, I’ll defer to you then.
quote:Sure, any time.
Can I come help you make your rounds today and tell you that you're misdiagnosing people?
This post was edited on 4/23/26 at 8:53 am
Posted on 4/23/26 at 8:53 am to lsu777
quote:
imo the problem isnt the 17% higher cost...its the lack of availability of those type of homes not in the bad areas
this is why im so big on immigration. the illegal immigration push over the last 5-8 years has driven up the cost of everything. Any money saved on using them to build a house is out the window because they take up so much of the RE market driving prices up, they suck up resources at schools, etc etc etc
I certainly won't argue those points and they make sense. I'm just stating that housing affordability looking at the numbers, isn't much different than 1970.
Posted on 4/23/26 at 8:54 am to Techdave
quote:
Although 17% is more of a modest difference.
Its not that modest when you consider the scale.
As of today, the national median existing-home sales price is $408,800. That is a $70k increase.
That would be an additional $85K paid in interest on a 30 year mortgage based on today's rates
It's also about a $500 per month mortgage difference, not including lower taxes and insurance premiums.
Posted on 4/23/26 at 8:57 am to Scruffy
quote:
But, are you really telling me that a home will not sell if it doesn’t have granite countertops, custom cabinets, etc.?
I already explained to you that it is less competitive. Maybe during a seller's market it won't make as much of a difference, but we have a glut of inventory right now.
Have you ever heard the saying that kitchens and baths sell homes?
Posted on 4/23/26 at 8:59 am to Auburn80
We bought what we thought would be our starter home in 1981.
We scraped together a %5 down payment and financed about 43 thousand with a 18.5% ARM.
We raised 2 kids and after they moved out a 1200 sq ft. 3 bedroom 2 bath house was plenty for just the 2 of us.
We retired, the house is paid for and still have mostly good neighbors so there's no reason to leave.
We scraped together a %5 down payment and financed about 43 thousand with a 18.5% ARM.
We raised 2 kids and after they moved out a 1200 sq ft. 3 bedroom 2 bath house was plenty for just the 2 of us.
We retired, the house is paid for and still have mostly good neighbors so there's no reason to leave.
Posted on 4/23/26 at 8:59 am to stout
quote:
Have you ever heard the saying that kitchens and baths sell homes?
First and second thing the wives look at....
Posted on 4/23/26 at 9:00 am to stout
quote:
Its not that modest when you consider the scale.
As of today, the national median existing-home sales price is $408,800. That is a $70k increase.
That would be an additional $85K paid in interest on a 30 year mortgage based on today's rates
It's also about a $500 per month mortgage difference, not including lower taxes and insurance premiums.
I would expect some sort of price increase with the shrinking supply of land available every year. It is what it is. It will happen now until the end of history.
This post was edited on 4/23/26 at 9:03 am
Posted on 4/23/26 at 9:01 am to Scruffy
quote:I mentioned this in yesterday’s thread, but there are two factors playing into this that don’t always get accounted for
And developers don’t build “smaller”. And the cost to build something small yourself is also out of reach.
Forced luxuries vs choice luxuries
Public school district
Yes the houses are bigger and they have nicer finishes. However, that’s the way they are being built. Developers aren’t giving you the option to pick otherwise, unless you go the full custom build route which bumps your cost back up anyways. So it ends up being a bit of a moot point. It’s a nice luxury that is somewhat forced upon you (like technology in cars), so while it’s nice, you kinda have no option but to pay for it, which in turn drives up cost.
The other major factor in this is public school districts in the cities. 20,30,40 years ago, when young families bought their first house their kids had the ability to attend decent schools. That isn’t the case anymore. So even if housing affordability remained consistent from 1970 to 2026, along the way you lost a very significant perk.
I think it’s pretty clear that housing has become less affordable, and now you’ve lost the public school option. That’s really a double whammy. Especially with how expensive private school has become
Posted on 4/23/26 at 9:02 am to stout
quote:That I understand, and agree with.
I already explained to you that it is less competitive. Maybe during a seller's market it won't make as much of a difference, but we have a glut of inventory right now.
I agree with you that we aren’t in a seller’s market.
Now, in your opinion, with how high prices are right now, are we even in a buyer’s market?
If prices fall, would you expect the same issue with selling those homes without the granite or custom cabinets?
Posted on 4/23/26 at 9:04 am to UtahCajun
I'm not letting my wife pick the house because of the kitchen or a bathroom.
Posted on 4/23/26 at 9:07 am to Night Vision
quote:
I'm not letting my wife pick the house because of the kitchen or a bathroom.
Best of luck there bud!
Posted on 4/23/26 at 9:07 am to Bayou_Tiger_225
quote:Where I live, the school districts will result in a $500k increase one block over.
I think it’s pretty clear that housing has become less affordable, and now you’ve lost the public school option. That’s really a double whammy. Especially with how expensive private school has become
It is crazy.
One of the houses that we looked at was overpriced by about $500k, had been on the market for months, and was in a flood zone. Built in the 60s with old electric. ~2100 sqft.
It ultimately did flood too.
But it was in the best school district.
Our house is in a great neighborhood, but the school district is not as good, therefore we got our home for a great price.
Posted on 4/23/26 at 9:07 am to Techdave
quote:
I would expect some sort of price increase with the shrinking supply of land available every year.
Just speaking locally, land is plentiful here in Louisiana.
It isn't shrinking supply but rather increased development cost
I built 3 subdivisions years ago. The first two were pretty easy and smooth, but by the time my partners and I got to the 3rd one, the parish and state had changed so many rules that we had no choice but to increase the lot prices to maintain our margin goal. That was in 2007. Fast forward to today, and it is even more ridiculous as more and more regulations are added nearly every year.
In Beauregard Parish, you used to be able to divide land without an official subdivision plat. Now, if you divide it into more than 3 lots, you have to file a subdivision plat for approval, complete with elevations, drainage, etc
Posted on 4/23/26 at 9:09 am to Techdave
quote:
Best of luck there bud!
I had my current house built so I didn't have to worry about that.
Posted on 4/23/26 at 9:12 am to Scruffy
quote:
are we even in a buyer’s market?
It is market-specific. I think in Lake Charles, due to the LNG growth, it is still a decent market but has slowed overall
I think Lafayette and Baton Rouge are pretty stagnant, and the amount of foreclosure activity in both backs up my thoughts.
There are a few issues. The first is that a lot of sellers don't have to sell. They have equity and will not budge. Another issue is that people will stay put for their 3% rates. A lot of the people going into foreclosure bought in 2020-21 and have no room to lower prices.
We have never had such a variety of factors all at once. At least not in the 26 years I have been in RE
quote:
If prices fall, would you expect the same issue with selling those homes without the granite or custom cabinets?
Even more so because prices falling indicates we are in a buyer's market so demand for better finishes would increase to be more competitive.
Posted on 4/23/26 at 9:14 am to SlowFlowPro
quote:
For example: an average color television in 1975 cost approximately $350 to $500, which adjusts to roughly $2,000 to over $3,000 in today's money.
Yeah but people buy more than one TV now and they spend over $2000 a year on things like cable, high speed internet, apps and streaming services to watch it.
Our grandparents bought one expensive TV and spent the next 15 years watching 5 channels on it for free, minus some aluminum foil wrapped around the rabbit ears.
TV is a better product with better features and content these days obviously but the cost "to watch entertainment in your home" is probably more expensive when you factor everything in.
Posted on 4/23/26 at 9:16 am to Auburn80
quote:
Part of the cost problem is people demanding bigger homes.
I'm just glad to have confirmation that my home is still significantly above average.
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