LogFAQs > #956714324

Far-Queue posted...

Yeah covid had a definite impact, both positive and negative. Positive in that a lot of people weren't spending and were able to save for a home and now they're ready to buy, and a lot of what's happening now is due to the fact that there's so few new houses being built, and there's such a high demand that when houses go to market there's literally bidding wars for them because there's such little inventory.

I read a report (I'll try to find a link) that said we're seeing some of our lowest inventory counts in decades, and that building regulations coupled with a shortage in labor is contributing to the spike in prices. I recall them mentioning that duplexes and condos were illegal to build in some municipalities, and that regulations need to be updated to feed the market needs. I'll look for a link...

Ah yeah, labor shortage makes a lot of sense.. And that's why it's so crazy that I've seen so many people I know buying houses. People that I know aren't loaded, too. But, to be fair, they were mostly buying towards the beginning of all this. I'm honestly glad that we decided to wait instead of probably overpaying for a house that isn't the ideal home for us. I feel like a lot of middle class folks made a mistake buying during this time because the bubble is probably gonna burst soon