The Bobcat Nation

I really don't get it. I travel a lot, and for the past couple years all I hear about is how things are crazy EVERYWHERE, with real estate prices through the roof, over asking price full cash offers, etc. I've just assumed all along that it's all driven by people escaping the urban areas and moving to other states, smaller towns, rural areas, etc.... because everyone found out they can work remotely in their same jobs where they've been tied to an office for years.

Recently I've talked to people from Seattle, LA, Denver, and Dallas and the all tell the same story. Real estate prices are crazy in the cities too.

Again, I don't get it. I'm sure there are people on here way smarter than I and can explain to me what the hell is going on.

https://www.pewtrusts.org/en/research-a ... -16-states

This article could give somewhat of an idea, at least in terms of which areas of the country are currently declining in population and which areas are increasing. Most of the cities you mentioned are in the growth areas, although California is actually losing population right now. I'm sure there are plenty of more complex factors out there too with regards to supply and demand in the housing market.

It is worse here in Idaho than Montana. People are moving here because:
1. mild winters
2. fairly low cost of housing compared to other states.
3. Lower taxes.
4. Red State
5. Lower insurance

Drawbacks:
1. Poor air travel connections unless you live in Boise
2. Liberals moving in wanting to change it to a blue state.

I think the median price here in CdA is around $585000. Pretty much locks out locals but selling a home in a place like california can make a home here look pretty good. Our utilities are very affordable, even gas prices are right at the national average. For Idahoans housing and rentals are bad price wise. Sure fortunate we bought when we did. Just wish we would have bought land. It is growing around us pretty much. The half-section of alfalfa is slowly going away...

Fortunate to be near Spokane for air travel.

Northern Idaho is still red but the Boise area seems purple to me anyway.

St George wrote: ↑

Sun May 22, 2022 7:46 pm

Drawbacks:
1. Poor air travel connections unless you live in Boise
2. Liberals moving in wanting to change it to a blue state.

You might be one of the only people that think that.
https://www.theguardian.com/world/2022/ ... epublicans

Some of the most extreme politicians are coming out of Idaho these days.

MSU01 wrote: ↑

Sun May 15, 2022 8:20 am

https://www.pewtrusts.org/en/research-a ... -16-states

This article could give somewhat of an idea, at least in terms of which areas of the country are currently declining in population and which areas are increasing. Most of the cities you mentioned are in the growth areas, although California is actually losing population right now. I'm sure there are plenty of more complex factors out there too with regards to supply and demand in the housing market.

Thanks for posting that! I was just wondering where all the screaming deals are right now... because all homes and real estate prices for every area in the country can't all be crazy exaggerated like what we're seeing in a lot of areas.

The Butcher wrote: ↑

Mon May 23, 2022 11:24 am

St George wrote: ↑

Sun May 22, 2022 7:46 pm

Drawbacks:
1. Poor air travel connections unless you live in Boise
2. Liberals moving in wanting to change it to a blue state.

You might be one of the only people that think that.
https://www.theguardian.com/world/2022/ ... epublicans

Some of the most extreme politicians are coming out of Idaho these days.

Thank you. The extremist far-right wackos in this state and the extent of their reach and power is frightening. Even the bluest zip codes in Boise still went for Trump in the last election. I don't think flipping Idaho to a blue state is high on the Democrats' list of priorities or possibilities.

I see this thread is headed in the wrong direction.

A couple of points about rising home prices. The gov injected trillions into the economy in response to covid and that is a tried and true cause of inflation. Couple that with suppressed interest rates and a stock market that many see as over heated, many investors were buying homes. In some real estate markets, I heard figures of up to 20% of the home were purchased by investors. This fact creates a supply shortage for people who wanted to buy a home to live in. Supply shortage = higher prices.

Now that mortgage rates are above 5%, a lot of the craziness seen in the last year+ is lessening. The big question is where will the real estate market go. Will home prices stabilize with rising interest rates and the accompanying increased supply or is it a bubble that will pop and home prices drop?

I visited my uncle in the Inland Empire California for Thanksgiving. I remember looking at his nice four bedroom place (he retired from California Department of Corrections and had a lot of overtime) and wondering how much it cost. Inland Empire is boring, a miserable weekday commute to San Diego or LA, a wonderful weekend jaunt down to the former.

The answer is roughly $450k, since they're building nice four bedroom places all over and have signs showing exactly what those places cost. Probably a third of what it would go for in Bozeman.