Quote:
Originally Posted by John Mercier
But your comparing lake homes to homes in general.
It would be relatively hard for me to find an on-water lot to build around Winnipesaukee or the tear-downs that have diminished for the time being.
But I can easily find lots in the lakes region to build on.
Basic materials cost have come way down... so it is a great time to build.
What is in short supply is skilled labor.
But the DIY field is ever expanding.
I think as we build more housing... local prices will either stabilize or maybe even drop. Just like the late 1980's and the 2008 cycle.
Properties that rose the most, will most likely drop the most.
Oddly, our kids don't see ''suffering''.
More of their finances are labor than capital. Labor currently has a pretty strong hand.
Also, high interest rates is a great time to take out a mortgage. A contrarian investor would take the lower cost of the property, pay the higher interest rate, and look forward to a time when they would refinance. Thus ending up with the lower initial cost and the lower interest rate.
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No--the data I shared are for US averages. They show that it is MUCH tougher to buy a hone today than 30 years ago if your means of paying for the home is your salary (as opposed to your previous home or inheritance, etc)
If you have other data or analyses that disagree, please share. As I wrote before, one person's experience or a drive around the lake doesn't really shed light on whether or not it's tougher in general to buy a house