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Someone will surely step in to tell me why I’m wrong, but it seems to me that with new housing developments going up every day the prices will go down. It’s not as if old houses get thrown away like something disposable, or age out and become obsolete like cars. People still live in 40, 50 etc year old houses. So, if we continue to build (especially the speculators who build without a buyer) it may get harder to sell the houses that are already out there and not brand new.
At least that is my fear (as a homeowner).
susie

Legal immigration will need to increase for America to thrive. Someone will need to be working to pay those social security taxes. Lots of retiring going on out there.

I hope we get a system in place that encourages the best and brightest to come to America.

“Someone will surely step in to tell me why I’m wrong, but it seems to me that with new housing developments going up every day the prices will go down. It’s not as if old houses get thrown away like something disposable, or age out and become obsolete like cars. People still live in 40, 50 etc year old houses. So, if we continue to build (especially the speculators who build without a buyer) it may get harder to sell the houses that are already out there and not brand new.
At least that is my fear (as a homeowner).”

I bought my home last February and only wish I had waited to buy. I had a lease that was up on my apartment and I didn’t want to stay another year or move into a cheaper place because I wanted to own. I bought a 50+ year old Cape Cod in a neighborhood I grew up in as a child and always wanted to return to. After almost 20 grand in repairs (flooded basement that had to be repaired by a basement foundation company, new flooring, new walls, backed up drains, painting, etc. plus problems in other parts of the house), I could have spent that money and bought a newer home for a higher price. But, I didn’t know the repairs were to occur, obviously, and only hope some of the money I put in will pay off at the end. Had I waited, I could have moved into a newer, nicer place without the hassles of an older home. BUT, it’s my very first place so I’m learning and am just darn happy to be away from apartment living.

The reason houses are still going up, for the most part, is that the builders have already secured the loans and pulled their developer’s fees out.

The builders and bankers were clearly bamboozled in this last frenzy, into thinking that these were REAL buyers, when in fact, they were phantoms.

So, the majority of homes, imo, going into foreclosure are not primary residences. They are homes speculators bought thinking they’d make a killing on flipping it. And the builders bought into it.

Older houses have their charm, and, when compared to what's being built today, it's irresistible. I bought a 40 year-old house last April. It was one of the first I looked at. Sure, it had aluminum wiring, galvanized steel pipes, a bad roof, and the bathrooms were not palacial --as is the modern trend -- but it was large, close to the city with an easy commute, and over the years the past owners has installed some nifty upgrades, like granite counter tops, a huge gas furnace, a large deck and a shead, and real oak hardwood floors through out.

That's the essential trade-off I found. Newer means smaller, more cheaply appointed, and built so far away that where you are was a cow pasture only a few years ago, with supporting roads and infrastructure appropriate for a cow pasture. Older means larger, closer-in, and an easy commute, but you have to sink money into things like plumbing, wiring, and a roof.

it may get harder to sell the houses that are already out there and not brand new.

Walk through some new houses. They are built like !#@$% and typically have no yards at all.

They aren't building many nice houses these days. Just ugly boxes on tiny lots with walls made of chip board and HOA boards checking your prostate weekly (to make sure it's still compliant with their precious rules).

Your old house will outlast the new ones. You made the right choice.