Just putting my house on the market. Realtor says 50% of home buyers in my area enter a bidding war.
Home prices UP nearly 2% nationally…..once again frustrating crash predictors.
- Thread starter GON
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I look at a home as a place of shelter, that’s it.
For me it’s NOT an investment….
SW Florida is in bad shape and I believe a harbinger for what to come in Florida, especially in areas with lots of real estate speculators now trying to dump their properties.
Southern Life on YouTube has been filming in SW Florida of newly finished homes / duplexes abandoned and builders walking away from construction projects (25% completed) and speculators cutting their losses.
Mom & Pop investors took on too much debt and leverage if they bought after Covid or thought they would get into the landlord game buying overpriced properties with very low interest rate loans.
Get ready for another 2008 in SW Florida.
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Wait, wasn't that the "housing crisis" of 2007/08?
I have vacationed in just about every part of Florida over the years many times. Both sides and the keys frequently, some or our favorites over and over. I used to think I wanted to live there someday but not anymore.
Its starting to remind me a lot of Southern California every time I go - multi lane highways bumper to bumper through miles of urban sprawl. Beaches packed like a rock concert. I don't see how it ends well for Florida. The good news is that most of those moving there now are retirees with money - so economically it might be OK. I am not sure how all the people they are going to need to provide the services they require in their old age will be able to afford to live there however.
Well, first time buyers of 24% is still significant. (however like motorcycles, another thread) buying a home is not as much as a dream for the young, either is getting married and the same goes for having children. The young are living it up, not concerned about housing or owning something.
What is happening instead is my opinion (and I know you wont agree *LOL*) Well I said it above. Young are unwilling to sacrifice for home when they rather buy so many other things and toys to enjoy their lives. This is all about marketing and they are in everyone's head now. There is a special on how it's done regarding Amazon.
Young still spend but other interests are far above owning a house for many, but by no means all. (my daughter just bought her own home instead of paying rent, has no plans for kids yet) My son, married and two kids jsut upgraded to a 5 br and much of that money came from building equity in their first home, which he bought as a foreclosure 8 years ago. Officially sold it recently at 150% higher than the purchase pice.
SO what is happening instead? I think you see it where you live, I CERTAINLY see it here. Massive amounts of apartments being built. After all if not interested in marriage or having kids, why buy a home would be the thinking. With that said, WOW!! I never in my life thought I would see this!
Corporations building entire communities of rental homes. Now you can live in a home and make others rich but not having any equity over time.
Marketing is a science taken to levels unseen. Youth are living it up, the internet is their enemy, like I say, life has never been more easy in the USA... but those who cant buy a home just dont get it.
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If this change is purely a a lifestyle choice, that choice would have needed to change drastically in the last 3 years. Median first time homebuyer age was consistently around 32 for decades up until the last 3 years. Median first time homebuyer age below - source https://www.resiclubanalytics.com/p...buyer-age-jumps-from-28-in-1991-to-38-in-2024
I have trouble believing that suddenly 3 years ago that homeownership opinions changed organically among young people. Data seems to suggest a forced change.
We had a jump it looks like starting around 33 looks closer to covid. However your own source shows a dramatic change as far back as 1991. With a 15% rise in age. Seems like another 15% rise now to 38.. I doubt that will change significantly lower and remain that way for decades to come as the last 15% jump shows. I think my thinking in the post #26 is valid.
So you pull exactly ONE data point out 33 years ago to validate your opinion.
That might be the best example of confirmation bias on this board.
You've seen glowing references to RAT540's site by some people on here, right?
Why did you post the graph of the history then?So you pull exactly ONE data point out 33 years ago to validate your opinion.
That might be the best example of confirmation bias on this board.
And compare it to one data point in the last few years.
Not worth the conversation to me.
I find your reply ridiculous
Some people get stuck in the past and cannot understand the changes in society. Changes in the family structure, changes in the amount of children, changes in desirability to purchase other products as well as the effect Covid has had.
I know you think the world is unfair and the young of being cheated out of housing. We can cry all we want.
Life has never been more easy in the USA
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Please don’t attempt to identify what “you know I think”. You have no clue what I think.
3 points is infinitesimally more than one when attempting to identify a “trend”.
At least I post actual data to discuss rather than simply repeating an opinion over and over.
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