What the heck happened to prices ?

69hurstolds

Geezer
Supporting Member
Jan 2, 2006
6,838
113
The issue with "my house is worth twice as much now" is that even if you sell it, unless it's an EXTRA home that not many people have, you gotta move somewhere. Likely, the place you're going to or building has had their prices doubled too, so it's not like you're winning. It's like everything else in market conditions- buy low, sell high. Even G-bodies. If you were getting rid of one or more, and wasn't going to buy another, then the prices doubling are great for the seller. Not so much for anyone buying, though. So it's not like you're going to find a good deal around every corner. Yeah, there was a time that you had to pay dearly for a special G-body, such as a Monte SS was $3500 instead of 1800 for the base model. Nothing's changed. Now all of them that are in decent shape are priced way up there.

Another caveat people never think about is that $200K home that's now worth $500K is going to be taxed at the going rate, not how much you paid for it originally. And now, people are whining about rents being too high. Why do these idiotic munincipalities think that it's the land owner just being greedy when he has to raise the rents? It's crazy. They tax the pee out of you, but you need to control your rent prices at the same time because you're greedy. Sorry. That's not how economics works, dillhole.

There was a time you could buy nice, Florida property in decent neighborhoods between Crystal River and Orlando for dirt prices during the housing bubble bust. I know, as I was looking at doing just that. I was so tempted. But I didn't want to deal with an out of state house to fix up and rent out or whatever. We had just got rid of a rental and the headaches can suck. I was still working then and we've dealt with property managers before and, well, headaches would likely double. Hindsight says I should have done it, though. $300K homes in the 120s at the time. I almost thought it was a scam, but it wasn't. Now, those prices in that same neighborhood is well over 300 just to get in there.
 
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gbodytoys

Master Mechanic
May 1, 2014
430
93
Detroit, MI
Prices are up, but I think that's common knowledge by now, or at least common knowledge to those that pay attention to the financial industries. I go on CNBC every morning, my youtube suggestions are filled with "the cost is up for...." for the last 3+ years and even more so since Covid, war, etc...

Labor rates are also rising. I do not think that cost are coming down for anything except used cars.
 

Built6spdMCSS

Royal Smart Person
Jun 15, 2012
2,214
113
Florida Beach
Yea I know three people who saw the $$ signs, sold their houses, took the profit, then learned the hard way they have to live somewhere and lost that profit really quick. In the red more than they ever had been if staying put. You can't teach sense to some people. Same boat as the ones that think $15/hr minimum wage is them winning.


Like I said already this is 2022, we haven't even hit rock bottom yet. Paid $2.69 this morning for gas so there's that.
 
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PBGBodyFan

G-Body Guru
Supporting Member
Mar 3, 2009
747
93
Wisconsin
I don't want a recession but am almost selfishly hoping for one or something to knock some prices back down, I want to build a garage soon :D. One quote was a bit of sticker shock, but when comparing it to others being built that I've seen on permits issued I've taken a peek at, it's in line. The housing market is leveling off in many places in part due to rates. Sold our rental property in May to get out while the market was still hot and was tired of dealing with it. Made a little money but now that everything is way up in price it's not going as far as I hoped (garage).

Maybe time to sell some of my parts stash since parts for our cars are also going higher and higher. It's all just money in/money out afterall.
 
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69hurstolds

Geezer
Supporting Member
Jan 2, 2006
6,838
113
I don't want a recession but am almost selfishly hoping for one or something to knock some prices back down, I want to build a garage soon :D. One quote was a bit of sticker shock, but when comparing it to others being built that I've seen on permits issued I've taken a peek at, it's in line. The housing market is leveling off in many places in part due to rates. Sold our rental property in May to get out while the market was still hot and was tired of dealing with it. Made a little money but now that everything is way up in price it's not going as far as I hoped (garage).

Maybe time to sell some of my parts stash since parts for our cars are also going higher and higher. It's all just money in/money out afterall.
You make a good point. For those looking, don't look at the very current housing market as a positive. Because soon it will not be. As mortgage rates go higher initially, people are jumping in now to "lock in" the rates while they're going to be as low as possible for a good while. What did people expect? Rates to be 2% forever? It almost seemed like it was going to be, but paper printing was only going to last so long. Only one way to go on rates and that's up.

When the number of affluent people building new homes runs out, and I'm banking it will in the next year, those builders are going to be looking for something to do. In fact, this was one of the research papers I did in college. Looking for key indicators of the economy and how to read some of the tea leaves- housing market and construction market in general give you a leading indicator of what's likely to come. Watch Caterpillar and other heavy construction equipment company orders. If they're going up steady, then the economy is likely on the rebound. Bigger construction jobs lend to lots of supporting businesses as well. One worker can easily support 3 to 7 secondary and tertiary jobs. Mark my words, at some point, the housing market will get more affordable. Not tomorrow or next week, but by the end of 2023, there will be significant signs of it. Trust me, everything has statistical outliers, so nothing is ever black and white in the economy, but all you have to do is open your checkbook register or look at your bills to know that things are probably not economically as good as they were just a few years ago. It really matters on what economic policies come down the road. Smart decisions makes the economy stronger. Dumb ones push you straight down South Recession Avenue.

So like everything else, right now Florida builders are going to be busy as heck restoring the state, and others are going to be building those new homes the "rich" people want...and then the slowdown will happen. I do NOT pray for another hurricane to help the builders. Sorry, that's just not the way to do it. But I do think that next year, you'll be able to MAYBE be better to afford getting a builder in there to do some things. Nobody has a crystal ball, though.
 

Built6spdMCSS

Royal Smart Person
Jun 15, 2012
2,214
113
Florida Beach
I've just been holding and maintaining what I have. Haven't bought into anything new, not worth it right now. Mid to late 2021 I went through everything I owned and trimmed the fat, got rid of all kinds of stuff before the market got flooded. No one around here is spending money on stuff that is normally priced at a good deal in the hobbies I dabble in. That's been like that since about April of this year, pretty good indicator there when 9 to 1 isn't selling.

I put plans for a 30x30 shop together before the vid hit, and even then it was a tad high, glad I didn't pull the trigger on that deal.
 

CopperNick

Royal Smart Person
Supporting Member
Feb 20, 2018
2,240
113
Canada
A lot of the so-called "trucking issues" had more to do with the insane and frequently contradictory laws that ruled the Covid Roost for over two years. The trucks and their loads had to be declared as "Essential" to come and go with any degree of ease. Wood wasn't, exactly, essential, although a lot of contractors would argue the point. Thing for them was that they weren't exactly a high priority essential employer either.

Buddy of mine runs a specialty welding service for aluminum and alloy work. He managed to work the system by taking in jobs from the reserves. Inspector would come into the shop and start to vent about the work being done and He'd just point to the P/O or the sales address and they'd turn around and leave. Too much grief and paperwork to deal with Indigenous Affairs,.

A large number of the long haulers either parked or sold their rigs. The only way they make money is if they are moving and not being able to secure back haul loads often means dead-heading which still burns fuel and costs insurance but makes no do-re-mi.

Current complaints about truck traffic now are more about production gaps. Mfgrs are having a tough time finding and recruiting experienced workers, a lot of whom pulled their own pin during the epidemic as a personal health protection issue, and what is out there doesn't want to get hur/hmm hands dirty by doing hard or manual labor. This may be doom-saying but our generation, the boomer, by and large, may be the last generation that actually enjoyed/enjoys getting down and dirty; particularly when it involves old cars!! By way of highlighting this, employers are actually calling retirees and begging them to come back, even working part time they are more efficicent and better motivated than their younger associates.



Nick
 

86LK

Royal Smart Person
Jul 23, 2018
1,096
113
Yea I know three people who saw the $$ signs, sold their houses, took the profit, then learned the hard way they have to live somewhere and lost that profit really quick. In the red more than they ever had been if staying put. You can't teach sense to some people. Same boat as the ones that think $15/hr minimum wage is them winning.


Like I said already this is 2022, we haven't even hit rock bottom yet. Paid $2.69 this morning for gas so there's that.
was out in California this weekend, returned the rental car, cheapest gas was $6.39
 
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