Israel will bomb Iran’s nuclear program in the near future.
Hopefully home prices keep dropping. No reason why cheaply constructed, cookie cutter , FOMO factory homes should be $600-700K.
Its not really the home, its the property/land cost/area
When we looked in Florida we were going to buy a home, same builder, same home, same fixtures for under 400K
Different neighborhood same home 550k
A home lets say in St. Augustine or Fort Lauderdale will be much more expensive than then same exact model in Yulee, FL
The two communities we seriously considered in Florida, they still can not build them fast enough. One community I think is now completely sold, finished and the other still being developed and has years to go but the first 70 homes or so are all gone and people in line waiting for the next group to be released once the lots are marked and utilities in. These are in the 375 to 450 range.
When we looked at both these communities June 2022 We had our pick of lots and homes for months. Granted this might be considered lower end but not really, it's just the property is less in Yulee area. Same homes, same builder in more well known areas are pricey, add on another $100,000+ to the price in some other areas, other problem in Yulee is they are on postage stamp lots (but this has also taken place in ST Augustine) and was the ultimate reason to take a pass on Florida. Glad we did Im surprised at how people are wowed into a nice home where we you look out your window, you are literally looking into your neighbors window.
We do want and are community people but this is too extreme for even us.
Through in Florida HOA and CCD fees and property taxes together and we thought was stupid crazy, dont know why Florida is looked at as inexpensive anymore.
Moving into our new home in North Carolina Coastal area next week. Today is preclosing walkthrough. Same to better price range, MUCH larger lots, country club destination too. People do golfing vacations "villa rentals" there, gated, guards, cameras, license plate readers... and it's a stones throw from the beaches and a stones throw to the Myrtle Beach area.
Construction manager, straight up guy, middle age I guess, commented that he never had a development where construction materials can sit on a lot forever and not get stolen, same goes for the appliances in the homes, they dont even lock the finished homes.
Anyway, we went to contract end of 8/22 not sure but think the slab was poured, since then about 40 homes are going up, 15 or so are finished some closed and some to close shortly which includes us. The others have months to go at best. All sold out, another hundred or two to be built but they put a hold for now on any new releases as they cant get them built fast enough. The newest sales estimate closing is Oct.
Our experience may not be everyones but I do know or feel the east coast is very much alive with activity. SO Im not sure about the gloom and doom. My old neighbor in NY, homes are selling still as fast as they can list them and they are 60+ years old, 3 BR 2 bath homes at 400k for a complete gut job to 700k (of course many higher but this in NY is first time buyer prices.
I have no idea what will happen but this isnt 2008 by any means, simply because there still is no inventory in the places I know, doesnt mean other places though.
Every place there is a read mark the home is sold or in contract, no new homes for sale yet. Typically go up for sale when construction catches up. This is Yulee, first home wasnt occupied until late Nov or Dec Last Sept they were all empty lots or slabs or framed out.