About ten years ago I read an article that theorized that there would be a housing price collapse in the very near future, where baby boomers had retired. The article spoke that these areas in communities in places like Florida and Arizona, would be where the collapse would happen. The baby boomers would die, and there was a shrinking of the aging population to move into these communities/ areas full of retired baby boomers.
The article was not only wrong, but it was also way wrong. These communities are as resilient as ever. And, the demand for housing is so strong in places like Florida and Arizona, young people are competing to be in these "retired folk houses", as the occupants die, with newly retired people.
I am personally hoping for a major downturn in the sell prices in single family homes, I track the numbers daily. I have yet to see a single sign of a price downturn in the USA on single family homes on a MACRO basis, not one. I am still seeing houses (if desirable) under contract the day they are listed, and some are still selling above the listing published price.
I have to agree with you at least on our side of the country here, Coastal and inland areas of the Southeast. Except for year end "clearance" sales from some builders where we considered in Florida the prices are right back up there to where they were when we were looking back in June 2022. Keep in mind we are talking more moderate part of the market.
Let's shoot up to the coastal areas of SC and NC. We signed contracts on a new home to be built in August 2022. It's looking like we will be moving in by March. Construction manager gives us weekly updates and site agent weekly photos.
House is just about complete, flooring, HVAC, roof, walls ect everything is done.
Final steps are taking place right now, minor things, mirrors going in this week, landscaper is on the block and should be up to our house by next week. Electrician will be in this week and connect the power, final coat of paint will be done in another week. The only delay will be the time is takes the county to hook up the sewer line.
Ok, so my concern was, even though I know there is housing shortage and even though I know the areas from NC to Florida are hotspots Im not stupid and was wondering if we could have got a better price on the NC home, well, as of today, 5 months later, the answer is no. The homes still going up, people still buying them. Same goes for the area of Florida that we looked at. The price escalation there has seemed to have stopped but the next phase is being built right now and selling at the same prices. Yeah, some times there is sweetened mortgage deals from the builders but not that you cant get those deals privately.
Where we are building in NC I have seen no sign of any discounts that we haven't already got back in August 2022 and the homes are still being built as well. Actually we are thrilled at our selection on where to move and little did we know at the time it was going to be in the areas of some of the hotspots in the country and the reason why. Looking forward to the move.