The Real Estate Market After The Pandemic
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The real estate market after the pandemic were quite surprising. At least it was to me.
I’m still engaged in house hunting. But I’m feeling discouraged.
The prices are outrageous. There are bidding wars. Potential buyers are offering thousands of dollars over the asking price to sellers. And home prices are quite high to begin with.
I’m not savvy about the machinations of real estate. My daughter is much better at this than I am. But she too is perplexed and a bit afraid due to her house flipping business. It’s costing her so much more. The price of lumber has skyrocketed.
The Staggering Price Of Lumber These Days:
Kendra bought what seemed like a paltry amount of wood for her flip house last week and paid $1800 for it.
Here is what $1800 of lumber looks like.
Astounding, isn’t it?
It was predicted that there would basically be a retail apocalypse. People hadn’t gone out shopping in so long that they’d become accustomed to ordering online. It was expected then that retail shops would suffer.
Mills all across North America were shut down temporarily due to COVID. Small supply and large demand created a massive lumber shortage.
But the retail landscape proved to be more resilient than expected.
Demand for retail space stayed strong in 2023 thanks to a growing economy and strong labor market. Americans were still out shopping. Retail sales were up 3.2% in 2023 from the previous year.
So I may be living here longer than I planned to. I don’t know that I’ll ever be able to find a reasonably priced condo to buy. I’ve been waiting in line for several years to get into a senior apartment complex.
I scan the rentals and houses on the market every single day hoping things will level out.
You never know what’s going to happen in this wild real estate market.
check this article in the Wall Street Journal:
https://www.wsj.com/articles/lumber-prices-are-falling-fast-turning-hoarders-into-sellers-11623749401
Might be time to find a trusted real estate agent because they get info on the new sales coming on the market before the public does. If they know what you’re looking for and your budget, they will let you know as soon as something comes on the market and you might stand a better chance. I found it to be true in our case.
We were going to have wood laid under the new flooring to even it out with the tiles in the hall and kitchen and not tear those out just level with wood to make it all the same height. When we found out the price of the wood it was cheaper to have someone tear out the ceramic and granite tiles instead of putting cheap floor board under the new floors. It was outrageous. I hope the market on homes will come back to reality and the prices of things.
Have a good week. xoxo Kris
What is the name of the beautiful pink & green plant in the above blog? It is so unique & beautiful.
Just wondering, are prices any better outside of Tulsa? I can understand how hard this must be when you feel unwell. We moved 6 years ago and NEVER want to move again! Best of luck to you and keep us informed!
In the sixties I worked for an attorney. One client was a very old man who became rich right after World War II. He stockpiled wood and also built homes during that time knowing those waiting and returning after the conflict would need houses.
This was in East Texas where the piney woods and forests are.
Wood is more expensive everywhere. It is a world wide concern. The materials and shopping cost more. To add to this problem there was a ship stuck in the canal at the end of the lockdown. RhT delay all the shops waiting so delivery stopped. It will be better.
Brenda, I feel bad for you, and for our second oldest son and family, too. They were set to build a home up North, but with lumber up over 500% here, it is not going to happen for a while. They have the cabin, but now that their two boys are both out of school, they thought about selling their home here, and live up North full time, instead of the drive every weekend. But, we’ll see..I wish you Good Luck, with the new neighbor. It’s hard after one makes up their mind to buy a house, or move, to put your dreams on hold. Hang in there, Brenda, things (hopefully) are going to get better!!!!
Once the demand for lumber and all building materials for that matter have been met due to mills trying to catch up, things will ease up. Factories, businesses, food plants, all are playing catch up due to shutdowns with less workers, illness preventing them from opening, you name it, it happened and patience is now our strength to get back on track. Demands are high for anything home related as it’s been our safety net for awhile now. Housing to meet various needs will come along for you too. Enjoy your gardens and patio and see what happens. And talk to store workers when you are at a nursery or food store cause sometimes they can lead you to a place right in the neighborhood you don’t even know about.
I think you should wait it out until things settle down. You don’t have to move and your new neighbor might be someone who you really can get along with!
JoyceD, Your comment is very good advice. In the five years we rented, we had 4 neighbors. I reached out to every new neighbors….welcome to the community. Always stopped to chat. I’m a retired chef any time I made cookies I took a baggie to our neighbors. Did not mean we did not have to ask them to turn down their music or pick up the pet waste. But I’ve always been one to try and reach out in my community.
The price of lumber is outrageous. It is bound to come down when people postpone buying it. xo Laura
Sit tight for a while. You have no NEED to move and it would be foolish to do so when prices are at their peak. I hope you will find a subsidized senior complex as it will meet your long term needs without a lengthy and expensive commitment.
We wish we were in a much better suited location too…but it is insane and crazy here too, so likely we are stuck for awhile. I hope you get decent neighbors next…as you know I nearly went bonkers with one nutty person we had over us for almost 9 months…seems a rather long sentence to serve in a prison during such. I appreciate being able to rest ok now…but it can change overnight as we all know!!