[sbahr001]

This is really scary as a whole. Even though you have less interest rate you could be overpaying for you house by 100k+ in the current market. When interest rates do rise in the future(if it doesn't we will have larger problems) more people will be underwater with their homes, some may choose not to pay as they may never be able to be positive on their homes.

Take into account that salaries are not rising at an equal level. This may be correcting itself: "minimum wage" jobs are paying near/over double to get employees. If this wage increase is temporary homes would be way overpriced. If it is not temporary "white collar"/"blue collar" jobs have to increase their salaries to be competitive; which would allow property values to stay or rise over time.

Increase new home supply. Given that the demand is extremely high and home supply is limited there will likely be an increase in new home supply. On average it will take a few years before new homeowners develop some equity in their homes. During those years are where new homes have a really good market. This would lower the value of homes faster. Especially in states that had the most migration during the pandemic.

Something that negate everything and allow house prices to sore is the upcoming wealth transfer from the boomer + gen x wealth transfer to millennials. This will hurt a lot of minority communities as they didn't have the time to develop as much wealth(segregation being a big hindrance for black communities, and a large of first generation unskilled immigrants who's kids are now starting to improve the situation). Ultimately, this may lead to a larger wealth gap which can destroy a lot of things and how civilizations fall.

Let me leave it with this: Millennials and Gen-Z are going to be living in very interesting times.

[jscheel]

We were about to put an offer down on a home in a rural-ish area of north Nashville when we got additional information that showed it was ~120k overvalued. It still ended up with multiple offers in less that 24 hours.

[atwebb]

Now I'm just curious which area is considered ruralish (assuming it is outside Williamson). There's a ton of buildable land left in Middle TN since there aren't too many natural boundaries, I've always found that interesting when looking at the possible density.

I know it is a bit seasonal and all and anecdotal but prices are stabilizing in several TN areas where it was growing XX%, we'll see I guess.

[jscheel]

I’m talking about Hendersonville (north of Nashville). As for buildable land, not a chance right now. At least not at a reasonable price. My wife and I have been looking for land in Hendersonville for seven years, it’s awful. Old Hickory, the hilly terrain, and poor properly lines make it hard. It’s frustrating because our daughters all go to school in Hendersonville, but we live in White House.