Honestly hoping something like this happens in residential real estate, if it isn’t happening already. Housing is well overdue for a correction.
You can’t tell me that most people can afford a $400,000-$700,000 mortgage. Median incomes don’t support that price point. Median household incomes might support the lower end…barely. So I am starting to wonder just who is buying/selling all these houses. When I see a $600,000 “average” house last 3 days on the market and then sell for $760,000…I have questions.
I’ve been reading that nobody can afforrd to buy houses for at least a decade now and the price just keeps going up so clearly people can afford it.
In my blue collar, median wage earning workplace the vast majority are homeowners and having an investment property is seen as normal and expected., it’s the new baseline for doing ok. They have dual incomes, two cars, and overseas holidays every year. They are migrants who had no bank of mom and dad and they prefer to send their kids to private or carholic schools.
They are not poor, but if you believe what you read on the internet they should have zero kids and be living paycheck to paycheck.
I bet every single one of them bought prior to the bubble and rate increase that started during the pandemic.
You are outta your mind if you think they are dropping $100,000-$300,000 for a down payment on a house, only to turn around and pay $3,000-$6,000/mo for a mortgage.
Those properties you see being sold are wealthy folks using them as investment vehicles.
Honestly hoping something like this happens in residential real estate, if it isn’t happening already. Housing is well overdue for a correction.
You can’t tell me that most people can afford a $400,000-$700,000 mortgage. Median incomes don’t support that price point. Median household incomes might support the lower end…barely. So I am starting to wonder just who is buying/selling all these houses. When I see a $600,000 “average” house last 3 days on the market and then sell for $760,000…I have questions.
I swear if I ever marry it will just be to combine finances so we can actually buy a house and stuff
I am married with a household income in the 200,000-300,000 range and we can’t afford anything here.
I’ve been reading that nobody can afforrd to buy houses for at least a decade now and the price just keeps going up so clearly people can afford it.
In my blue collar, median wage earning workplace the vast majority are homeowners and having an investment property is seen as normal and expected., it’s the new baseline for doing ok. They have dual incomes, two cars, and overseas holidays every year. They are migrants who had no bank of mom and dad and they prefer to send their kids to private or carholic schools.
They are not poor, but if you believe what you read on the internet they should have zero kids and be living paycheck to paycheck.
I bet every single one of them bought prior to the bubble and rate increase that started during the pandemic.
You are outta your mind if you think they are dropping $100,000-$300,000 for a down payment on a house, only to turn around and pay $3,000-$6,000/mo for a mortgage.
Those properties you see being sold are wealthy folks using them as investment vehicles.