As I mentioned in a previous article my family and I were in the market for a piece of rural/farm property. I thought going into my search that I would find what we were looking for at a reasonable price. I assumed that there would not be a lot of other people competing for the land.
Several of the real estate agents I talked to told me that their phones were ringing off the hook with people calling (and buying) from out of state. I was beat out on two of the most wonderful properties by such competition. Several others disappeared over night before I had the chance to even talk to anyone about them.
I blame it on two things. First, there may be people just like me that want a place that they could live sustainably if they had to. Second, and more troubling, is the end result of our own government interfering with the free market - by lowering interest rates to reignite the mortgage boom. This article talks about the very real possibility that a vast availability of financing and low interest rates will cause property prices to increase rapidly - the same thing that caused much of this mess in the first place.
I feel personally injured by this. If the people I was "competing" with to buy this land were simply opportunist using low interest loans made available by the government using some of my own money I can only say in the simplest of terms - I was screwed.
I made an offer to buy a place yesterday that has less land than I hoped to get (but is also a lot less that what I was planning and willing to pay). It has all the things I wanted, rural, plenty of acreage, two ponds a stream, some woods, some pasture and a little cabin. It was not my first or second choice, but I am happy all the same. I am still angry at our meddling government - but that is nothing new.
Perhaps that "opportunist" that bought that piece of land adjacent to the piece I just bought will be happy to sell it to me in a few months if the bad news keeps on rolling in -perhaps I will get it pretty cheap too.
Reports on consumer spending, jobless claims, durable goods show more weakness is likely
U.S. falls deeper into recession
''We seek him here, we seek him there, Those Frenchies seek him everywhere. Is he in heaven? —Is he in hell? That demmed, elusive Pimpernel.''
Congratulations. I would recommend developing the new property using an effective building material that's six times stronger than an equivalent weight of concrete. Unfortunately, I can't recommend it for use in the USA, since it uses a devilish weed known as "hemp" that was used in paper, rope, and clothing for centuries and still grows wild all over the planet. But it is strengt verboten in the USA.
ReplyDeleteThankfully, solar panels and wind turbines were still legal in the USA, last time I checked.
Ah, but I hear that Nobammy is going to legalize the stuff
ReplyDelete