Yea, we got two of those builders building neighborhoods full of cracker box homes. As you look at them, they just exude fine construction quality...not!
We just got an offer to manage the eight plex we are living in. We do not have to mow the lawn, and we do not have to clean the apartments if a tenant leaves it messy, and we do not have to shovel snow. We just have to drag the lawn sprinkler out in the summer time, take care of calling the plumber, electrician or the cleaning service for the proprietor, should there be a problem. We have to show the apartments that are being rented and change the filters in AC/heating units.
This drops our rent down to 450 a month for a two-bedroom apartment, which is less than 7 years old.
We are looking for a house, but even with low interest rates, those sumbatchin bascages have raised the prices of their homes through the roof. In the nice neighbor hood around the corner from us, there is at least 5 nice houses for sale and I bet they will still be sitting there next summer and into winter again. If interest rates go up, they will become crack houses before they sell. One just got finished being built, the siding does not match and they want 279,000 for it. The whole time those people were building it, it had a for sale sign in front of it. Good luck.
One of the houses for sale back there, that was actually close in price to what we could afford, was taken off the market because the owner could not sell it. It was a split-level and the wife was not interested in it. I thought about putting a low-ball offer on it, but I bet the person selling probably was tired of low-ball offers and decided to stay in it.
Another one back there is an L shaped ranch that is for sale. Nobody has lived in it for at least a year. I do not know how a person can afford to make a house payment on a house and turn down reasonable offers. It went from "for sale by owner" to being listed by a real estate agency. I would put in a lowball offer on that property, but 450 a month rent in a nice apartment is hard to give up.
There is a certain amount of flexibility with living in an apartment. No lawns to mow, money left over every month to play with or save and if a new job comes up, I can move without some albatross of a house hanging around my neck.
We just lost a bunch of manufacturing jobs in our state and that trend has been going on for over two years now. I would expect that even if interest rates do go up a bit, all these people trying to make a million dollars off their 175,000 dollar homes are going to have to wake up and smell the stagnant home selling coffee and list them houses at real prices. Not get rich quick prices.