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If less people are buying houses these days, why is it so hard to find a place?
Posted on 2/15/17 at 4:33 pm
Posted on 2/15/17 at 4:33 pm
I'm sure this is a stupid question, but as someone who is totally clueless about the real estate market...
I keep reading that fewer Millennials are buying houses, having kids, getting married, etc...so why is it so hard to buy a house these days? You could probably count on your fingers how many cities in the top 50 or 75 US cities (by population) aren't seeing a huge boom in prices and a very limited market with decent places getting multiple offers, receiving over asking price, etc.
I'm even dealing with this in sunny shithole Memphis, Tennessee so I know it must be godawful elsewhere.
I keep reading that fewer Millennials are buying houses, having kids, getting married, etc...so why is it so hard to buy a house these days? You could probably count on your fingers how many cities in the top 50 or 75 US cities (by population) aren't seeing a huge boom in prices and a very limited market with decent places getting multiple offers, receiving over asking price, etc.
I'm even dealing with this in sunny shithole Memphis, Tennessee so I know it must be godawful elsewhere.
7
Posted on 2/15/17 at 4:34 pm to zacata88
There is a shortage of new houses in great locations.
Posted on 2/15/17 at 4:35 pm to zacata88
Demand is greater than supply.
Posted on 2/15/17 at 4:36 pm to AUCE05
quote:
There is a shortage of new houses in great locations.
And land.
Posted on 2/15/17 at 4:38 pm to zacata88
depends on cities and states, Housing market here in St.louis(suburbs) is booming.
Our home value has gone up 20K in less than 2 years.
Every house that goes up for sale by me, gets a boat load of people checking it out, and then it's gone as soon as the papers are ok'd and checks are cleared.
3 years ago, our house went down 9ishK, was disappointed, now it's booming again.
Our home value has gone up 20K in less than 2 years.
Every house that goes up for sale by me, gets a boat load of people checking it out, and then it's gone as soon as the papers are ok'd and checks are cleared.
3 years ago, our house went down 9ishK, was disappointed, now it's booming again.
Posted on 2/15/17 at 4:39 pm to stlslick
quote:
Housing market here in St.louis(suburbs) is booming.
lol
Posted on 2/15/17 at 4:42 pm to zacata88
quote:
If less people are buying houses these days, why is it so hard to find a place?
Supply should take its lead from demand in a healthy economic system. Less people in the market for houses should mean less supply of houses for sale (i.e., less new construction, less resales).
Posted on 2/15/17 at 4:43 pm to TigersHuskers
look, it's the loser bugeater from Nebraska, lol
Posted on 2/15/17 at 4:43 pm to TigersHuskers
quote:
lol
Is it not booming?
Posted on 2/15/17 at 4:44 pm to zacata88
Lots of cash was used to buy up units for cheap after housing crisis. Demand for rentals went up as a result. In other words more people own real estate as rentals.
This is just one of the reasons, like those posted above.
This is just one of the reasons, like those posted above.
Posted on 2/15/17 at 4:46 pm to zacata88
sold my house in 2 days
Posted on 2/15/17 at 4:49 pm to tke857
Market here was flat for about a 2 year span, but towards middle of last year to now, shite it selling and people are buying.
Bosnians are literally buying everything up around me.Which is good, they take care of their shite and are good neighbors and good for community.
Bosnians are literally buying everything up around me.Which is good, they take care of their shite and are good neighbors and good for community.
Posted on 2/15/17 at 4:53 pm to OceanMan
quote:
Lots of cash was used to buy up units for cheap after housing crisis. Demand for rentals went up as a result. In other words more people own real estate as rentals.
There's a lot of truth to this.
I work in the surplus lines commercial insurance market. Even in "un-cool" S Louisiana cities there are whole neighborhoods that were bought up in the downtown by singular landlord companies and turned into rentals, greatly reducing the housing stock actually available to individuals who want to buy a house, and eventually driving up prices. They look like normal neighborhoods, but they are all rentals.
There's a LOT of that, way more than the average person is aware, all over the country.
Posted on 2/15/17 at 4:57 pm to Cooter Davenport
There was a report by local news about that.
Some company out of texas was buying houses up in North St.Louis and North St.Louis County, and section 8 them for rent.
People were fricking pissed, because although their areas are kind of shitty, they kept their houses in shape and looking decent. These companies are renting to anything that can get section 8, and it's causing the street to go to shite. shite, the reporter said one company owned 10 of the 20 homes in the subdivision and all have gone to hell.
Some company out of texas was buying houses up in North St.Louis and North St.Louis County, and section 8 them for rent.
People were fricking pissed, because although their areas are kind of shitty, they kept their houses in shape and looking decent. These companies are renting to anything that can get section 8, and it's causing the street to go to shite. shite, the reporter said one company owned 10 of the 20 homes in the subdivision and all have gone to hell.
Posted on 2/15/17 at 4:59 pm to Cooter Davenport
That, and the amount of houses in actually desirable neighborhoods that go to good schools is limited anywhere.
I hear Houston people say real estate in Austin is expensive but it's no more expensive than Houston inside the loop. They are just comparing Austin proper to super far flung Houston suburbs which is a false dichotomy.
I hear Houston people say real estate in Austin is expensive but it's no more expensive than Houston inside the loop. They are just comparing Austin proper to super far flung Houston suburbs which is a false dichotomy.
Posted on 2/15/17 at 5:01 pm to stlslick
quote:
shite, the reporter said one company owned 10 of the 20 homes in the subdivision and all have gone to hell
Yup. I see location schedules with 30 houses in the same subdivision, more if it's a bigger neighborhood. And they have a dozen neighborhoods like that. Hundreds and hundreds of subdivision houses leased out. Probably Section 8'd them too, even though we are talking what are ostensibly at first glance decently nice neighborhoods. And there are scores of companies like this.
That sort of thing is rampant.
Another way this drives prices is because people see this happening and then feel compelled to buy in a price range or area above which they will ever find themselves surrounded by rent houses, which is more than they really want to or should spend. Overspending to buy security against ghettofication basically.
Overspending to secure good schools is another thing and has been going on forever, but now that there are fewer and fewer good schools, it's picking up pace.
This post was edited on 2/15/17 at 5:08 pm
Posted on 2/15/17 at 5:13 pm to zacata88
Population in major cities is growing faster than number of houses.
Younger first time home buyers usually are limited on what they can afford and investors buy up a lot of affordable properties and turn them into rental units.
Younger first time home buyers usually are limited on what they can afford and investors buy up a lot of affordable properties and turn them into rental units.
Posted on 2/15/17 at 5:16 pm to Tiger Prawn
DONT REMIND MEEEEE
DFW r.i.p
DFW r.i.p
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