I don’t think the housing cooling down is going to be for a long term. Sure the interest rates are high, and housing has gotten more expensive. However, I think a factor that doesn’t get discussed is house building costs.
I’m currently shopping for insurance and realized the cost to re-build per square ft is ~$330, and that was based on the Louisville fires so it’s recent. If your house is 1,750 sq ft, that’s $577,500… So, you’re technically buying a house for cheaper than it costs to build.
I don’t think the housing cooling down is going to be for a long term. Sure the interest rates are high, and housing has gotten more expensive. However, I think a factor that doesn’t get discussed is house building costs.
I’m currently shopping for insurance and realized the cost to re-build per square ft is ~$330, and that was based on the Louisville fires so it’s recent. If your house is 1,750 sq ft, that’s $577,500… So, you’re technically buying a house for cheaper than it costs to build.