4 ms·
When it comes to real estate the 3 most important things are location, location, location. Most city centers do not have options to allow more housing as they a
by adrianmn 14y ago
When it comes to real estate the 3 most important things are location, location, location. Most city centers do not have options to allow more housing as they are fully built.
The improved materials already reduce the house building costs compared to 10-20 years ago but this mostly applies for rural areas....
- mpg33 14y agoSo what about increasing supply by building more?
- adrianmn 14y agomost of the highly desirable areas are either fully built or land costs a fortune. this is exactly the problem for housing prices: supply can't increase while more and more people want to live there(world population keeps growing and migration is at peak levels) opposed to that there are countries, cities or neighbourhoods where you can buy property cheaper than the price of building it
- GFischer 14y agoFor example: a lot of Detroit, Michigan.
- dinkumthinkum 14y agoThis really shouldn't be downvoted because it's completely right. Improved materials can have the opposite effect as well. There are other factors besides location but that's the primary issue. Now, two houses in the same neighborhood, comparable view, etc could vary in price because one is new, more modern, more energy efficient etc.