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Last week my neighbor and I went and bought all the materials to rebuild the 50 ft. cedar fence between our backyards. I was a bit shocked at the prices, but even more shocked at what seemed to be a run on lumber in general. Supplies were very low, and looking at the lines of people buying lumber it seemed like a lot more people than usual.
My nephew is getting ready to tear down their entire 70's 3300 sq. ft. house and build a new home on the foundation. He told me the local lumber supplier has raised the price enough in the last 6 months that the lumber will cost him 35% more than their first estimate.
 

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My 24 year old daughter, who single, has been looking to purchase a house. Anything that she can afford is simply non habitable. Every time another run down house comes on the market, I think there is no way they can sell that for the asking price and less than a week later it is under contract. I have built several houses myself over the years and said I won’t do it again after completing the one I am in now. I may have to do one more for my daughter if that’s the only way she can get in. I thought about advising her to wait, logic says lumber prices will come down eventually, but that’s no guarantee. The one positive is that interest rates are somewhat off setting the increased prices.
She should wait. With the rising cost of materials she could find herself in a money pit.
 

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Lumber prices are going to start to decline beginning of third quarter. Raw log prices are set to drop by $25-40 per thousand board foot on Monday.
I'm following lumber prices as well, "from what I gather", supply is down due to limits on production from covid restrictions. Distribution is an issue due to shortage of truck drivers, and there is a big demand for the lumber. I guess rising fuel prices will be a factor as well. Some "industry sources" say the lumber ( called softwood by some industry publications) say the prices will drop , but vary as to when . This can handicap a potential buyer/ builder.
 

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Yes, there are a multitude of factors contributing to it but the majority of it is just playing gouging. Sierra Pacific corporation for the 1st time in history give every one of their employees a bonus at the end of 1st quarter for their record profits over the prior four quarters. Their profit margin for our four local sawmills was up over 300%.
 

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Lumber prices are going to start to decline beginning of third quarter. Raw log prices are set to drop by $25-40 per thousand board foot on Monday.
Just because the price they pay you drops...doesn't mean the price I pay at the store drops. We will see.
 

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Discussion Starter · #27 ·
I thought the meaning of my post was rather obvious, but I will explain it to you. Lately it seems like there is always a need to keep the public afraid or excited/agitated about something or other..."the sky is falling". We already have a full plate with the virus and all. Housing/land/gas/food prices will always rise, hasn't stopped in my lifetime (75 years). And to answer your question, I do live in a very special place, filled up my car the other day...$2.89 gal.
Thanx for the explanation. Sometimes words and sentences in the English language can be interpreted in more than one way, especially in just printed words.

As far as "the sky is falling", only the most knot-headed could actually run around pretending that all is normal and well. That pertains especially this time since income is increasingly lagging behind what it costs to support a household. Those in the upper income brackets will of course only feel a bit of a prick to the skin, but everyday worker bees feel a huge gash. Kinda hard to feel normal when you're leaving a trail of vital fluids with every step. Then there's the threat of increased taxes to swallow.

I know it's sorta foolish for me to feel this way, but I just want this crazy carnival ride to stop before things start flying apart. Too late for that I guess.

And I'm glad for you that you don't have the ridiculous gas taxes up there that I have to deal with here. Almost wish I lived up close to your border. Your gas attendants would get pretty familiar with my ugly face. lol
 

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I know prices are up, but traditionally the ability to buy a house has been out of reach economically for single people in their early 20s ever since I was that age, and that's been a long time. So it's time for patience for her, and your hopes for her.
I bought my first house when I was 19 but that was in 1973. Interest rates were right around 7-8 percent and I could barely qualify for the mortgage but I took the plunge and ate beans for a year before I finally got a small raise at work. I think it comes down to what you decide that is right for you, sometimes it just a guess and it works out. That’s just life.
 

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The time frame to get my garage face project finished is now . So a trip to home depot and ......a 4x8 sheet of 3/4" OSB , $67 .00 ...at least 3x from normal market. Luckily I only needed 7 . In our area housing is demanding way over asking price. Sadly a friend is closing up his paint shop that is behind his house ....he said his property doubled in the last year and is selling out . . Gonna miss him . Great sellers market if you have another place already . We all hope things return to more affordable prices but I'm afraid we all will suffer higher taxes.
 

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One thing it says is that some Kalifornians have more $$ than cents! :)
 

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I thought our housing market was nuts, but that home in Ca. would probably sell for under $300,000 here. Still crazy here, but obviously not as bad as there.
 

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Last week my neighbor and I went and bought all the materials to rebuild the 50 ft. cedar fence between our backyards. I was a bit shocked at the prices, but even more shocked at what seemed to be a run on lumber in general. Supplies were very low, and looking at the lines of people buying lumber it seemed like a lot more people than usual.
My nephew is getting ready to tear down their entire 70's 3300 sq. ft. house and build a new home on the foundation. He told me the local lumber supplier has raised the price enough in the last 6 months that the lumber will cost him 35% more than their first estimate.
Not sure I read it or heard it, but the average cost of building a house, has gone up $36,000.00, in the past year. Wish I could have recalled what the average cost was. Regardless, that's just plain crazy, Carmine.
 

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I feel quite sure that here in Huntsville that 900 sf home would be under $100K... it didn't look 'new', so comparing 'new construction prices' to a 40-50 yr old home is NOT apples and oranges...
 

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I feel quite sure that here in Huntsville that 900 sf home would be under $100K... it didn't look 'new', so comparing 'new construction prices' to a 40-50 yr old home is NOT apples and oranges...
Safe to say I never watch those "what you get for your money" home buyer shows on TV. Too depressing. lol.
 

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But... let me stir things up a bit... Isn't the tri-five game just like owning property in Los Angeles? You've got the kids who belong because their parents handed something down to them and those who belong because they have a ton of extra money, making seemingly unreasonable purchases. :unsure:
 

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Discussion Starter · #40 ·
With the price of the above house in California for 946,000 and marked sold- wow looks like the market went off the rails there long ago
In THAT huge population center it has for sure. Once you get away from the big city madness the prices start to lower (relatively) though. It does however continually amaze me how much my house would sell for vs an equivalent in some other states. There's many others in other places that can say the same though.
 
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