Posted by ss55 on October 31, 2022 at 00:34:11 from (96.42.227.92):
In Reply to: Home Prices Thoughtd ? posted by whizkidkyus on October 30, 2022 at 21:59:52:
Interest rates and real estate prices move in opposite directions. It can take six months for inflated home prices to catch up with reality.
I'm guessing that you are looking at older homes in a rural area or a very small isolated town out of commuting distance to a growing town, as $80K for a modern house that size on an acre lot sounds very low. That would be more like a late 1980s price in most growing Midwest towns. Prices in already depressed areas may not drop much more.
Similar to vehicles and tractors, updating an old house will usually cost more than buying one that already has the updates that you want.
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