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My daughter and her boyfriend are looking for a house, and they have discovered what many first home time buyers found out: prices are through the roof. I mean, if prices were actual houses, the market could now be compared to the Empire State Building.
I’m not really sure why people have gone crazy, but I can personally attest to it. My next door neighbors put up their house for sale, and they had about ten billion people tromping through their house to see it over the course of the next two days.
I mostly know this because every single one of them seems to park me in. Somewhere in their crazed home-buying brain, they stop their cars, and they think, “Hey, let’s piss off our potential new neighbors by parking right behind their cars so they can’t leave their house.”
If you remember from a few weeks ago the police calling incident, these are the same neighbors. I have no way of knowing this, of course, but I have a sneaking suspicion that that police incident led to their house being put up on the market.*
I do wonder where their pit bull is. Knowing my neighbors, they are letting it roam around out in the back yard unleashed while everyone on the green earth is looking at their house. Of course, in this home buying market, I doubt any of the potential new homeowners care. They might actually think the pit bull is a perk that comes with the house. Like hardwood floors or new appliances, only more aggressive and smellier.
As for my daughter, I reminded her that what goes up also must come down. Waiting longer gives her the opportunity to save more money for a down payment.
* I also have a sneaking suspicion, again unverifiable, that they let instructions that people looking at their house could park anywhere they wanted.
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I really hope everyone enjoyed my legal thriller short story, “Charlotte Watson and the Missing Bullet.” This newsletter, I am participating in “It’s a Complete Mystery” story event. Check it out and download a bunch of free stories. And you can still grab the free ghost stories for February, too.
I’m watching Monk, which is free on Prime video. This is not the first time that I’ve watched this show. Tony Shalhoub is amazing in it. He’s won a bunch of Golden Globes and Emmys for his role.
For those of you interested in why home prices are skyrocketing during these uncertain times, here is a nice article that explains.
The Surprising Impact of the COVID Pandemic on Housing Prices
The COVID-19 pandemic has had a profound impact on virtually every aspect of our lives, from our health and wellbeing to our jobs and finances. One area that has seen a surprising shift is the real estate market, specifically the cray cray housing prices.
How has the COVID-19 pandemic affected the housing market?
- One of the most significant impacts of the pandemic on the housing market has been the shift in demand and supply.
- With so many people forced to work from home and spend more time indoors, the demand for larger living spaces and suburban homes has skyrocketed.
- This has led to a surge in demand for single-family homes, creating a seller’s market in many areas.
- At the same time, the supply of homes for sale has been limited, with many sellers opting to wait until the pandemic is over before listing their homes.
- At the same time, the pandemic has also caused economic uncertainty and job loss, leading many to question whether now is the right time to buy or sell a home.
- In response to the economic uncertainty caused by the pandemic, the Federal Reserve has kept interest rates low, making it easier for buyers to afford homes.
- With many companies adopting remote work policies, people are no longer tied to living in expensive urban areas close to their workplaces.
- Instead, they have the freedom to live in more affordable areas with larger living spaces, leading to increased demand for suburban homes.
- Government policies have also played a role in shaping the housing market during the pandemic. The CARES Act provided mortgage relief for homeowners impacted by the pandemic, while the Federal Reserve’s low-interest rates have made it easier for buyers to afford homes.
There is concern that the limited supply of homes for sale may lead to a housing bubble, similar to the one that occurred in the mid-2000s. There is also a concern that the prices will drive out the younger generations, who will no longer be able to afford even a starter home.