Tempting as this boom is, we're not ready to move from here. We'll have to wait for the next real estate wave, probably a dozen years from now. We sold in 2004 at the top of a boom (and bought a much larger house in a cheaper area). That boom ended in 2008. Prior to that, there was a late 1980s boom that turned into a bust by 1991. It takes several years to ramp up and then bust. I'd expect the bust at any moment now, since inflation is finally happening.
It's ironic, really, because I remember reading all these claims by young people that they would never buy a house, especially one in the suburbs. Yet here they are after all, desperate to buy.
In our rural area, individual spec houses and small developments of under ten houses are springing up, but what I don't see are the For Sale signs on established homes we saw here in 2004. In other words, not everybody is joining the bandwagon. The price for raw acreage remains at $10k. I'd heard at one time during the prior boom it was going for $20k an acre. Much land changing hands. I'm not sure that's happening here. In more suburban areas, I don't know if they've reached the stage we saw back in Massachusetts in the 1980s, where people were madly subdividing their properties and building new homes in what had been their back or side yards.
Bottom line for us is where would we go? If we return to Maryland we'd return to high prices, and we aren't ready to downsize yet. Maybe one should do it before one is ready, but that's a hard call.
Meanwhile, we continue to ignore the spam offers.