I honestly think these inflated prices are here to stay, and that this will be the new normal. Why would a buisness lower prices if we as a consumer are paying asking price. What are your thoughts?
I guess what is most shocking to me is that houses, land, and vehicles are bringing MORE than the asking price. That’s insane.
It makes me nervous thinking about high prices could go. What’s the breaking point? I know we all have one, some higher and with some that point has already been reached.
Like you mentioned, there has to be an endpoint on inflation. We’ll see what happens throughout the year. I doubt we have seen the worst. I guess we’ll see what happens.
Are we creating another housing/financial market bubble? Where's the extra $$ coming from? I'm not getting 20-40% raise to offset the rising costs so I have to assume credit of some form. Will Biden then come in and pay off credit card debt for those unfortunately ones not understanding of interest rates and signing a contract?
Demand will drop, inventory will increase, prices will go down, demand will go up, prices will follow.
I saw a thread on another board questioning when the housing bubble will pop specifically in Austin TX, and the opinion of a guy in real estate said it won’t anytime soon because it’s being driven by people from Californication with ridiculous money in hand from selling their houses out there. This guy knew of 4 houses in his neighborhood that sold for $100-150k OVER asking price.
Now I’m sure it’s not happening like that every where, but even where I live in rural east TX, land prices have gotten stupid. I know a guy who was trying to buy 35 acres next to his place, and it got into a bidding war. The real estate agent was only taking cash offers, and it sold for $7200 an acre. He bid $6200, but it was only worth about $2500-3000/acre.
When there’s competition it always goes back down.
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