I live in an area of New England where property values have basically doubled in the last few years (since spring of 2020). Yeah I get that people moved up here in a kind of reactionary moment during covid, but it doesn't completely explain how housing costs increased at such a rate and keep growing even as we are in a quote-unquote lull in the housing market during higher interest rates. You cannot buy a home here without offering cash at over asking price.
I hate to be conspiratorial but there are times when I think this market is so irrational that there is some kind of larger force at play. It's not like the pandemic created more demand for homes -- if anything (and I hate to be morbid about this) there should be fewer buyers in the market and yet everything continues too tick up. And on top of that the rental market is completely irrational as well.
It's really hard not to give in to the idea that the market for housing isn't being manipulated by larger forces.
I hate to be conspiratorial but there are times when I think this market is so irrational that there is some kind of larger force at play. It's not like the pandemic created more demand for homes -- if anything (and I hate to be morbid about this) there should be fewer buyers in the market and yet everything continues too tick up. And on top of that the rental market is completely irrational as well.
It's really hard not to give in to the idea that the market for housing isn't being manipulated by larger forces.