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Started By
Message
re: If demand for home is so high, why aren't more people building?
Posted on 4/24/23 at 11:44 am to Thundercles
Posted on 4/24/23 at 11:44 am to Thundercles
Those who really want to build , will.
People don't want to pay a fortune for a cheap dsld looking house with high interest rates today.
People don't want to pay a fortune for a cheap dsld looking house with high interest rates today.
0
Posted on 4/24/23 at 11:45 am to Thundercles
quote:
4 Something else?
Look at what's passed with the credit score. Why would anyone want to?
Posted on 4/24/23 at 11:45 am to Thundercles
Depends on where you live. My town less than 4k is blowing up due to new industry coming into the area. Council approved 120 building permits last month and most are already presold. An acre of land in the country club area is running 75k an acre. Normal house land on a half acre going for 30-40k. If you buy a cookie cutter house you’ll pay $175 sq ft minimum.
There are two 1 acre lots on the main highway through town. 200k a piece
It’s insane around here right now.
There are two 1 acre lots on the main highway through town. 200k a piece
It’s insane around here right now.
Posted on 4/24/23 at 11:45 am to RogerTheShrubber
quote:
Fairgrounds field was one of my debacles
did you work for Mabry? wasn't he the architect on that?
Posted on 4/24/23 at 11:46 am to Thundercles
it's a combination of long term uncertainty and short term operating profits that are extremely high. They can currently sell fewer units and much higher profits so why launch massive projects if they're not sure that will continue. Nobody wants to over extend and get into a situation where they have to borrow to keep the business alive at very high rates.
Posted on 4/24/23 at 11:50 am to Thundercles
quote:
This is patently untrue. There are houses for 150-300k in every direction. I'm looking at listings now.
Lol. I would love to see what $150k can buy in DFW right now.
Posted on 4/24/23 at 11:51 am to theunknownknight
quote:
Anyone starting the process to build a house right now would be insane IMO
Or just has frick you money
Posted on 4/24/23 at 11:51 am to Thundercles
Builders are being cautious and not willing to over build. Fewer homes at higher prices equals potential higher margin with reduced risk and capital outlay.
Posted on 4/24/23 at 11:52 am to Thundercles
The interest rates have made the average person back off a little. The uncertainty of the economy is another reason. Lastly the inflated housing costs have really deterred people. My house is worth $300k more than it was 2 years ago. However, my neighbor is selling hers and has shown it zero times. Had an open house last week too. The pool of homebuyers isn’t very big despite what the media tells you.
Posted on 4/24/23 at 11:53 am to The Third Leg
I guess some of those dots in irving might be livable and less than 40 minutes away?
Posted on 4/24/23 at 11:55 am to Thundercles
Still plenty of new developments going up in the Austin area
Posted on 4/24/23 at 11:56 am to 777Tiger
quote:
did you work for Mabry? wasn't he the architect on that?
I was the structural sub. Suppled all the finished structural. McInnis was the general.
The handrails were supposed to be hot dip galvanized, I got approval from the architect for gold galv, which ended up not turning out very well.
Posted on 4/24/23 at 11:57 am to vegas-tiger
quote:
Thousands of empty homes where people don't want to live. i.e. Detroit
This. Our housing shortage is not nearly as bad as it seems. The real shortage is in liveable areas. America's catch and release policy for violent black criminals is a major contribution to the housing issue.
Posted on 4/24/23 at 11:58 am to VADawg
quote:
America's catch and release policy for violent black criminals is a major contribution to the housing issue.
Posted on 4/24/23 at 11:59 am to The Third Leg
quote:
Lol. I would love to see what $150k can buy in DFW right now.
shite, 150K here in Louisville will get you a 3 bedroom, 2 bath, 1500 square feet.
You're just going to have to live in one of the more dangerous, gang-riddled neighborhoods of Louisville (Victory Park).
Zillow - Grand Avenue
Posted on 4/24/23 at 12:01 pm to VADawg
quote:this
The real shortage is in liveable areas.
Posted on 4/24/23 at 12:01 pm to Thundercles
Better hope you don't have good credit. You'll be paying more per month to subsidize people with bad credit.
Newsweek article
quote:
A new federal rule could raise the monthly mortgage payments of buyers with good credit scores by over $60 a month, while riskier borrowers will get more favorable terms because their fees will be reduced.
Newsweek article
This post was edited on 4/24/23 at 12:07 pm
Posted on 4/24/23 at 12:02 pm to GreatLakesTiger24
Damn even the hood is over 250k 
Posted on 4/24/23 at 12:04 pm to Thundercles
Building from ground up in today's market especially on private land sounds sexy until the real prices of things and coding/permits pop your cherry. Private sewage, pipes, gas/electrical lines, covered ditch discharge/culverts etc all add up like well over $50k even before you put stakes in for the concrete.
Posted on 4/24/23 at 12:06 pm to Thundercles
Rates increased very rapidly and buyers aren’t yet ready to take on those borrowing costs.
And sellers that locked in sub 4% rates on 30 year fixed are very reluctant to move. So there isn’t much inventory now. And there hasn’t been much excess construction since 2007 or so.
So both demand and supply sides of the equation are somewhat constrained. Which makes the home market oddly more stable than some have predicted, at least temporarily.
And sellers that locked in sub 4% rates on 30 year fixed are very reluctant to move. So there isn’t much inventory now. And there hasn’t been much excess construction since 2007 or so.
So both demand and supply sides of the equation are somewhat constrained. Which makes the home market oddly more stable than some have predicted, at least temporarily.
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