Prices in general

[mr ed]

People from New Yawk and Commiefornia are pooling money into investment groups and paying stoopid prices.
Buying every house coming onto the market in certain neighborhoods. That way they can take over HOA's and elect their city counselors, state reps or whoever is representing those areas. After all lots of local races are decided by 20 or 30 votes

 

[GlockPride]

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.

Sorry, but it was worth $7200. That’s how markets work.
Are you free to share roughly what area in E TX? We have some space down on Lake Fork of my parents. We tried to buy 10 adjoining acres last summer/fall @ $9500/ac but the seller couldn’t get his stuff together to legally sell. Finally closed last month @ $10,250/ac.

ETA: my new boss just relocated back to Round Rock. He had to be in certain neighborhoods. Finally got his 13th offer accepted at only 50k over asking.

 

[Bocephus123]

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.

Pretty sad day in America when a working man can’t but a little land to hunt on! And the people paying it should be ashamed of what they are doing to the country. Just my 2 cents worth. The land i hunted for 20 plus years the guy and his dad bought for $50 an acre as scrub land now it’s probably worth $10,000 an acre.

 

[Glocktogo]

This wasnt transitory, they knew that when they were using that as the new buzzword to calm people down.

Two weeks to flatten the curve…

 

[emapples]

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?

This depends on a lot of things, Inventory for example the economy us slowing (and most business what that working capital back as it slows) so they will start cutting margins to move it off the shelf. So yes inflation will be stubborn for at least 3 years is my guess. But as energy increases (and we havent seen the high gas or electric bills just yet) buT there will be less good sold. When that happens we wills see a dip in prices as companies try and unload the excess inventory. I would bet some of these companies take some decent losses and some who guessed wrong might go out of business altogether. The cure for high prices is high prices, you want them to go down quite spending on everything

 

[John6185]

With the prices increasing of necessities it is hurting the young, struggling married couples in many ways. Housing, food, utilities, fuel, insurance, ad nauseam. Even the poorest of the poor are going to be sitting on the curb, with many Americans who thought they were set up financially.
The Democrat congress is creating a crisis and it is a two-headed snake that is going to bite them and rightfully so.

 

[retrieverman]

Sorry, but it was worth $7200. That’s how markets work.
Are you free to share roughly what area in E TX? We have some space down on Lake Fork of my parents. We tried to buy 10 adjoining acres last summer/fall @ $9500/ac but the seller couldn’t get his stuff together to legally sell. Finally closed last month @ $10,250/ac.

ETA: my new boss just relocated back to Round Rock. He had to be in certain neighborhoods. Finally got his 13th offer accepted at only 50k over asking.

I know very well how markets work, but there’s absolutely nothing about the land that makes it worth $7200…location is horrible, no water, and no marketable timber but underbrush so thick a chigger couldn’t live in it. It’s located between the communities of Martinsville and Chireno in Nacogdoches county.

If a place like that is “worth” $7200/acre, my place must be worth at least $10k/acre. I joked with my brother about putting a stupid price on mine just to see what would happen, but I’m kind of afraid I might find some fool with more money than sense.

I got a call a couple weeks ago from a friend giving me a heads up I might be approached by someone interested in my place in OK, and if it happens, I don’t know what I’ll do.

 

[Ready_fire_aim]

I’m in residential construction, things are crazy. Supply issues and high prices galore. Been this way since the beginning of the plandemic. Things have come down some, and fluctuated a lot. But at the end of the day many materials are still at least double what they were pre-Covid

 

[Ready_fire_aim]

I’m concerned for my children’s generation. Will they be able to afford to own a home and a few acres? Better get good jobs gen Z...

 

[dennishoddy]

With the prices increasing of necessities it is hurting the young, struggling married couples in many ways. Housing, food, utilities, fuel, insurance, ad nauseam. Even the poorest of the poor are going to be sitting on the curb, with many Americans who thought they were set up financially.
The Democrat congress is creating a crisis and it is a two-headed snake that is going to bite them and rightfully so.

Most of y'all weren't around when Jimmy Carter was in office. Interest rate on my first home was 18% with a perfectly clean credit record in Ponca City. (they didn't have a score back then) I know some that were paying 22% with a bad credit history. Couldn't drive but 55 mph on the highways to conserve fuel (while fuel was plentiful and being hidden by the oil companies as documented on some TV news and tankers floating in the gulf for months waiting to unload)
I think it was around $3 a gallon back then in the 70,'s which hurt more than the $5 a gallon today for a poor enlisted guy just out of the Army.
It took years after carter left office for that interest rate to come down to manageable levels, so I'm in the boat with those that are saying it's going to be around for awhile.