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Discussion in 'Sound Off' started by Sasquatch Lives, Oct 7, 2020.
9 and 10 news just had a piece about Wixom Lake properties 20 to 50 percent below market.
No bubble in my view. Strong demand and limited supply. Supply is limited because of under building in the past 10 years.
Demand is strong because of low interest rates, and babies keep on coming into the world. People need to live somewhere.
Look at charts of new home construction vs population. Pre 2009 was a period of overbuilding. Not anymore.
I had a 20 listed for 59K on the market for 12 months. Not one offer.
There was also a piece on the news about all the people moving from the East and West coast's to TC. If you can work at home why live in a Million plus home and pay all them taxes. Live some where you want to.
Lot of lots starting to sell in the development we have a lot in. Seems hardly a home has been built in there in 10 years.
Prices for new homes are sky high due to the tariffs on Canadian wood products Trump put in place. It's insane, a sheet of 1/2" OSB was $27.00 last time I looked.
Lot next to me has been vacant for 30 years now. Was cleared 3 years ago but no one bought. Now its all over grown again.
Sold my house in four days. Closed on July 13 and haven’t found another house yet. Good and bad about it. I get to live at my camp in the U P but the wife and I are 8 hours apart due to her working. Might be a long winter here.
I felt the same was as you did, but I checked into the tariffs not that much. It’s more of a supply and demand right now than anything else. Like everything else, the China virus is a major cause for inflated prices.
My wife and I sold a house in August that we’ve owned since 2004. We moved out 4 years ago to a bigger home and had a renter in there. This June the renter moved out so we listed with an agent that my wife wanted to use, she priced the home $45,000 higher than the closest realtor, I thought no way someone is going to pay that price. Low and behold it didn’t take long, sold for $290,000 and I still chuckle when I drive by. It’s a nice home, has a lake view, but no way is it worth what they paid for it. I’m not complaining though.
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Those new townhouses that were just built on Hoover north of 12 have asking prices of $269k, insane. A coworker of mine enquired, and they are smaller than the house he currently owns not far from there. I'd imagine much of that cost is tied to lumber.
Put a bid on the 10 acre next to my 30 in the yoop they wanted 25k i felt safe offering 23k ...no deal... 2 timber guys bid full price one must have bid over that .Trees need another 20 years to begin cutting i won't be around then .Interest is cheap and investing in property for lumber is a no brainer for lumber companies .
My wife lost her mother and she has the house she grew up in. Country, small 2 story, close to town. We haven't had an estate sale yet, but 2 standing offers to buy, one for cash, and 2 rental offers. It's not listed, nor priced.
SE Michigan prices/sales took off in 2015 and continues to climb. We had 5 offers in 3 days in ‘15. Michigan was slow to recover from the Great Recession. The secondary home market lagged for years.