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property values are going up everywhere because there's very little inventory.

I know for example in South Florida there is literally none. It's the lowest number of homes listed for sale on the MLS in at least 13 years. And there is next to no new construction, as there is literally no land. Can't make new land.

Shit ton of people moving to South Florida + little new construction + lowest number of homes for sale on MLS = crazy high prices. Shit ton of demand, but no supply. And the demand isn't stopping any time soon.

So true.  I am blessed to be in the Home Lending business right now. 

also, I have had numerous offers for my home even though it is not for sale. Very generous offers. 

the county assessed my house quite a bit higher than last year

oh well, property tax stays in the local area, I don't mind paying.

Just don't care for Federal taxes

I'm legitimately perplexed. It seems like we have a multi-year trend of significantly lower inventory and raising prices, making it a seller's market. Shouldn't that attract more sellers?

As our realtor friend said to us, he'd sell their house, but then what?

490 W Paces Ferry Rd NW, Atlanta, GA 30305 | MLS #6829067 | Zillow

Been on the market a while, I hear they are willing to deal.

As our realtor friend said to us, he'd sell their house, but then what?

I get it. I had a coworker who had sold their house around 2006-2007 because he saw what was coming, and went to go rent for a few years. 

Pissed his wife off something fierce, but I think a couple years later she realized that he'd seen what was coming, and it was a hell of a leap of faith, and it worked out because they were able to buy in at a much lower price. 

I could have SWORN that COVID was going to disrupt the economy enough to reset the housing market. Didn't happen. 

If your realtor friend doesn't see things dropping in the near future, I completely agree... "Then what?" But then, realtors who predict the housing market is about to crash aren't exactly common. Usually they're pretty bullish on the market. 

I just wonder how long this can last. It's gotta correct sometime, right? 

I get it. I had a coworker who had sold their house around 2006-2007 because he saw what was coming, and went to go rent for a few years.

Pissed his wife off something fierce, but I think a couple years later she realized that he'd seen what was coming, and it was a hell of a leap of faith, and it worked out because they were able to buy in at a much lower price.

I could have SWORN that COVID was going to disrupt the economy enough to reset the housing market. Didn't happen.

If your realtor friend doesn't see things dropping in the near future, I completely agree... "Then what?" But then, realtors who predict the housing market is about to crash aren't exactly common. Usually they're pretty bullish on the market.

I just wonder how long this can last. It's gotta correct sometime, right?

Well I think in a lot of ways it affected the market, just not the way many anticipated.  As noted above, new construction materials and labor costs have skyrocketed, to the point where it's been paused or abandoned in many markets.  This means the only inventory can come from existing homes, so the supply is shorter, and if you hold demand steady, then the prices must increase accordingly.

I get it. I had a coworker who had sold their house around 2006-2007 because he saw what was coming, and went to go rent for a few years.

Pissed his wife off something fierce, but I think a couple years later she realized that he'd seen what was coming, and it was a hell of a leap of faith, and it worked out because they were able to buy in at a much lower price.

I could have SWORN that COVID was going to disrupt the economy enough to reset the housing market. Didn't happen.

If your realtor friend doesn't see things dropping in the near future, I completely agree... "Then what?" But then, realtors who predict the housing market is about to crash aren't exactly common. Usually they're pretty bullish on the market.

I just wonder how long this can last. It's gotta correct sometime, right?

It actually is starting to but I would not call it a correction. The housing market is often a zero sum game so to speak. People would love to sell to get top dollar but they have nowhere to go because inventory is low and they have to now pay top dollar to get a new house. As rates start to rise which they have a little prices will flatten out and more buyers will enter the market causing more sellers because most of the buyers have a home.  Closer to “normal”.