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Just a second anecdata point. I was looking for a plot of land for the past few years. I'm not going to say where, but let me just summarize that I have been mo
by coding123 6y ago
Just a second anecdata point. I was looking for a plot of land for the past few years. I'm not going to say where, but let me just summarize that I have been monitoring pretty much all the areas I've travelled (roughly 1/6 of the US) to just in case something nice popped up. The available land options have quite astonishingly disappeared starting in February. The ones that remain are bad ones (next to trains or under an airport landing) and even those have prices going up. In some areas there is literally nothing left, and when one does pop into the market, the price is about DOUBLE what it was a year ago.
I don't have like any analytics on this, but I'm sure Zillow could easily produce something.
Also just in case people are wondering, for land with a house, I see a trend where the listings are marked up about 100k more than it was a year ago. The actual sales price of those listings isn't kinda available yet for much of the pandemic (since that data lags behind the when it drops off the market a few months). But a year ago if you saw a house at 200k it will sell at 200k. 300k will sell at 250, 400 will sell at 320, 500 will sell at 400, 600 will sell 450ish (you get the idea). I have the feeling that the speed at which 500k rural homes are selling that they are going for very close to asking now.
- lotsofpulp 6y ago> But a year ago if you saw a house at 200k it will sell at 200k. 300k will sell at 250, 400 will sell at 320, 500 will sell at 400, 600 will sell 450ish (you get the idea) I have not seen this in suburbs of cities in the Rocky Mountains or West coast. If anything, the houses would sell for more than list price for anything in the $500k to $1M range.
- jjeaff 6y agoIn Southern California, I'm seeing prices remain about the same and just recently start to fall a bit. A lot of people are taking property off the market right now rather than drop the price severely. I'm sure there are exceptions, but I don't think that many people are buying houses right now. Most people are in a wait and see mode.
- coding123 6y agoIs that in an urban setting or rural? I'm seeing the change in rural.
- jjeaff 6y agosuburb
- lotsofpulp 6y agoI was referring to the previous commenter's claim of houses selling for less than list price a year ago.
- notahacker 6y agoAnother COVID related reason for land being snapped up might be shifting of investment preferences away from stock and corporate/municipal bonds. Land with long term development potential is a relatively safe bet if you're prepared to hold it for long enough.