Right now new construction prices are insane, mostly due to a shortage in both lumbar and labor. Everyone built more last year, and same for this year. Contractors are already pushed out to Sep for smaller jobs, and lumber prices are up 100-200%. This is pushing existing house prices way up, then again, I am in a non urban area where the population is growing.

But you nailed it with with the remodel costing more than new construction, unfortunately the cost of land has also been climbing quickly.

I expect several bubbles to pop, but honestly think it is going to be while before it gets here. If things can manage to open/stay open people are going to spend!!!

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