Not that I'm moving, but our neighborhood is seeing comps around $215/sf where it has always been closer to the $175-200/sf range. New home construction is booming around us and these buyers are paying a premium with the extremely inflated cost of materials. I assume they're getting appraisals near cost, so I assume the entire areas comps should be permanently increased.
If I'm a buyer in 5 years, I won't care if the seller paid an extra $30k to build the house in 2021. I'll just see that they overpaid to build it 5 years prior. That's their loss, not mine. Why should I pay a premium 5-10 years in the future for current 250% price increases on building materials?
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