Ironically, the fed is getting closer to lowering interest rates, because inflation is finally getting close to the numbers that they want to see. If interest rates drop, then mortgages suddenly get more affordable, which makes the market heat up again.
Strictly anecdotal, but there are multiple land-only properties in my area that have been on he market for years because building is too expensive. The guy that bought a parcel of land right next to ours planned on starting to build three years ago, and then two years ago, and then last year, and each time he ends up not being able to afford to build, because construction contractors are so in-demand right now that their rates are sky-high. So he’s paying taxes and HOA fees on land that he can’t do anything with.
Ironically, the fed is getting closer to lowering interest rates, because inflation is finally getting close to the numbers that they want to see. If interest rates drop, then mortgages suddenly get more affordable, which makes the market heat up again.
Strictly anecdotal, but there are multiple land-only properties in my area that have been on he market for years because building is too expensive. The guy that bought a parcel of land right next to ours planned on starting to build three years ago, and then two years ago, and then last year, and each time he ends up not being able to afford to build, because construction contractors are so in-demand right now that their rates are sky-high. So he’s paying taxes and HOA fees on land that he can’t do anything with.