whatsinaname

Member
Oct 25, 2017
15,151
How often do houses appraise at or above the bidding price in this market? (looking for anecdotes rather than what anyone might expect, unless you have hard data) Is it often because houses are worth so much, rare because it's a seller's market or just variable?

In the past few years I would say it is the other way round. Houses sometimes appraise for less than bidding price, making people add appraisal clauses in the offer or pay the difference between appraisal and bidding price.

I would think bidding price (which will be higher than listing price) being lower than appraisal would be rare. Any half-decent selling agent would do their own appraisal and try to list higher.
 
Oct 27, 2017
12,374
Trying to convince
How often do houses appraise at or above the bidding price in this market? (looking for anecdotes rather than what anyone might expect, unless you have hard data) Is it often because houses are worth so much, rare because it's a seller's market or just variable?

From talking with my realtor the other day- don't expect to pay asking or below at all, assume you'll have to bid above but it's not really due to the house being worth so much. There's low stock driving up competitive bids, especially at whatever your areas "lower" price range is. For example, here in Cleveland any decent 130k-160k house (which in good condition and in good neighborhoods can be sporadic right now) are barely on the market for a couple of days. Yet they aren't houses that are exactly running high in value just a few years back in the market, and I'm not sure I see them holding value because they're frankly not very good for what is being asked.
 

heathen earth

Member
Mar 21, 2020
2,007
So my wife and I do own a home, but we were starting to think about trading up. Obviously not now, because I have absolutely no interest in getting involved in this bidding war bullshit, but I have to wonder: how long can this go on? Conditions weren't very different when we bought our current place three years ago - we had to put an offer in the day our house came on the market. It seems things have only gotten worse since then. I know this is highly dependent on your location - we're in the Twin Cities area - but it seems like the same story all over the country.
 
Oct 25, 2017
1,006
The void
Looks like I'm finally getting a house! Not exactly how I wanted to do it, but at this point, I'm like whatever, I don't want to do this any more. Sellers had it listed for 420k, we offered 414k with an appraisal contingency that the appraisal has to meet the purchase price. The appraisal came in at 400k, and so we countered at 400k or gave them the option to rebut it. They didn't want to do the rebuttal as it was a waste of time, in their opinion. They countered at 410k - we said no, because that's $10k extra we have to come up with out of pocket and would mess our loan up. We offered 404k, still no. We offered 405k, still no. They finally accepted an offer of 407k on the condition that they're taking the furniture they were previously going to leave so they can turn around and sell it. And not only are they not taking ALL the furniture, they're only taking part of the furniture that is a set... Like c'mon, really? Probably gonna get a hundred bucks or maybe a couple hundred if it sells. The whole time, they're like basically acting like we are screwing them over and telling us how the agent has to cut into their commission to go down on price, and how they have this other interested person/couple that literally calls them every day to see if the deal fell through because they really want to live in the subdivision!

Left a really, really sour taste in my mouth, but am glad we are finally getting a house we want.
 

Br3wnor

Banned
Oct 27, 2017
4,982
I'm actively considering it and just going back to Toronto in the summer and rent there. I see no real reason to stick around here and rent, when I can pay a little bit more and be closer to better job opportunities in the future, remote or not.

My pre-approval is till end of May, so I might just cool off my head and plan around my contingency in the meantime. Just nothing worthwhile at all showing up in my range and people are bidding over the asking price too, which is just nuts. My only fear is that the bubble grows so much that when it crashes, we're back to numbers higher than what it is right now.



That is absolutely INSANE. Especially considering how that's in USD. What in the hell is going on right now???
So my wife and I do own a home, but we were starting to think about trading up. Obviously not now, because I have absolutely no interest in getting involved in this bidding war bullshit, but I have to wonder: how long can this go on? Conditions weren't very different when we bought our current place three years ago - we had to put an offer in the day our house came on the market. It seems things have only gotten worse since then. I know this is highly dependent on your location - we're in the Twin Cities area - but it seems like the same story all over the country.

I think for a while, mortgage rates are gonna remain low for a few years and the economy is going to start heating up big time this summer. Top that off with the biggest generation since the Baby Boomers coming into prime first time home buying age (on a delay for some cuz of 2009 recession depressing earnings trajectory), if just seems like the perfect storm to keep this going a while.

Bought our house in 2016 for 395 and right now it's worth at least 550, it's absolutely insane and our market just keeps getting hotter and hotter (NYC metro area).
 

sfedai0

Member
Oct 27, 2017
10,237
These appreciating home values doesnt benefit anyone. You sell for a profit and then what? Uinless you move out of the country or live in the boonies, all the other locations are also sky high insane. Then you have the increase in property tax too. Shit is really stupid.
 

fick

Alt-Account
Banned
Nov 24, 2018
2,261
Jesus Christ the LA market is insane. BIL looked at a house listed at 650k. It had foundation issues. He sends a contractor out the next day to see what the repair costs would be, and apparently there were like 20+ other contractors out there, and the price had gone up to 950k. What the fuck?
 

LebGuns

Member
Oct 25, 2017
4,135
Finally ready to buy a house. Looked at the Arizona market in Chandler area and quickly noped out of that decision.
 
Nov 14, 2017
279
Trying to convince


From talking with my realtor the other day- don't expect to pay asking or below at all, assume you'll have to bid above but it's not really due to the house being worth so much. There's low stock driving up competitive bids, especially at whatever your areas "lower" price range is. For example, here in Cleveland any decent 130k-160k house (which in good condition and in good neighborhoods can be sporadic right now) are barely on the market for a couple of days. Yet they aren't houses that are exactly running high in value just a few years back in the market, and I'm not sure I see them holding value because they're frankly not very good for what is being asked.

Can confirm. We had a tour of a house this last Thursday. The house was listed on Wednesday. Had to put in an offer (put in for 140k, even though the sellers were asking 125K) on Friday and that same evening, the seller decided on an offer that was even higher than that.
 

Darren Lamb

Member
Dec 1, 2017
2,850
These appreciating home values doesnt benefit anyone. You sell for a profit and then what? Uinless you move out of the country or live in the boonies, all the other locations are also sky high insane. Then you have the increase in property tax too. Shit is really stupid.

But then you can use that profit to roll into the down payment of your next over priced home!

For people currently looking to buy, what kind of neighborhoods are you looking in? I'm renting in an area I like a lot, but buying my current apartment (2.5 bedroom, 1 bath) would be something like 700-800k. I think eventually I'm going to have to say good bye to my walkable shops and being 15 minutes from a subway stop, but it bums me out
 

Travo

Member
Oct 27, 2017
6,608
South Carolina
My story: My wife and I have been searching for a new home for a few years. I almost purchased a new home September 2019, but chickened out because of unexpected expenses. I was pissed at myself for letting it go though but the mortgage was beyond what I could realistically afford. Fast forward to December 2020 and we just fell in love with this new home. We made a bid and they accepted contingent on us selling our house. We sold it for nearly thirty grand more than I was offered during September and the new home is way better than the first one that we wanted.I had to pay the new owners for expenses rather than repair things myself and my hvac compressor went out and I had to pay for a new one after the hvac inspector reported that it was fine.
We've been out of a home since January 21 , staying with my mom. Covid has slowed down everything. The attorneys office said that they were not able to look at records because of Covid and I truly wondered if we would get a house. I felt fucking hopeless. Exhausted with my soul crushed. I'm now sitting with a certified check for closing costs and down payment. We close in 45 minutes and I'm so happy we waited!
 
Oct 27, 2017
8,025
My story: My wife and I have been searching for a new home for a few years. I almost purchased a new home September 2019, but chickened out because of unexpected expenses. I was pissed at myself for letting it go though but the mortgage was beyond what I could realistically afford. Fast forward to December 2020 and we just fell in love with this new home. We made a bid and they accepted contingent on us selling our house. We sold it for nearly thirty grand more than I was offered during September and the new home is way better than the first one that we wanted.I had to pay the new owners for expenses rather than repair things myself and my hvac compressor went out and I had to pay for a new one after the hvac inspector reported that it was fine.
We've been out of a home since January 21 , staying with my mom. Covid has slowed down everything. The attorneys office said that they were not able to look at records because of Covid and I truly wondered if we would get a house. I felt fucking hopeless. Exhausted with my soul crushed. I'm now sitting with a certified check for closing costs and down payment. We close in 45 minutes and I'm so happy we waited!
Hopefully you're signing the papers right now, Congratulations!
 

Noctilum

Member
Nov 28, 2017
369
Finally ready to buy a house. Looked at the Arizona market in Chandler area and quickly noped out of that decision.

It won't get any better any time soon, either. My brother-in-law flips houses. He is in constant bidding wars for run down shacks in AZ. We ended up biting the bullet and getting a new build in Maricopa. We signed at beginning of January and the prices have gone up $4k each week since then.
 

SonicXtreme

Member
Oct 27, 2017
1,716
Why are interest rates people get on a home they will live in and a home they will outsource the same? Wouldn't it make sense to have a higher rate for non primary domiciles to counteract these insane price wars?
 

LebGuns

Member
Oct 25, 2017
4,135
It won't get any better any time soon, either. My brother-in-law flips houses. He is in constant bidding wars for run down shacks in AZ. We ended up biting the bullet and getting a new build in Maricopa. We signed at beginning of January and the prices have gone up $4k each week since then.
Oh dear lord. Welp.
 

Oliver James

Avenger
Oct 25, 2017
8,240
So I'm trying to do this too and I'm at a loss. Should've tried doing this way much earlier. Anyway I'd like to find a 3 BR 2 T&B 2-car garage with a garden. My budget is $10,000.
 
Oct 25, 2017
1,006
The void
Almost at the end of this nightmare journey. The closing is happening on Wednesday. The sellers have been nothing but difficult and apparently are very upset because they thought they would get so much more for the house. It is on my PA that they pay for the home warranty and they're trying to call us last minute saying they don't want to pay it and for us to pay it. We told our realtor to tell them to kindly eff off basically lol.
 

Rolento

Member
Oct 25, 2017
2,594
Alright, my wife and I are about to start the process of getting a house. We already started a little back working on getting our credit scores to get better, but we are unsure what to do next since.

We know we need a minimum up-front (10%?) which we have (mostly) for our price range, but don't know what is the next step...

We aren't in a massive rush, but are hoping to find something this year if possible.



Do I talk with someone or a bank or... I am terrible at this right now.
 
Oct 27, 2017
8,025
Alright, my wife and I are about to start the process of getting a house. We already started a little back working on getting our credit scores to get better, but we are unsure what to do next since.

We know we need a minimum up-front (10%?) which we have (mostly) for our price range, but don't know what is the next step...

We aren't in a massive rush, but are hoping to find something this year if possible.



Do I talk with someone or a bank or... I am terrible at this right now.
Find a Realtor, ideally through a referral, they'll walk you through the steps.

Get a Pre-Approval. They're easy to get and will give you an idea of what you can afford. Be aware that they'll pre appove you for a much more expensive house than you may want though. Just because they say they'll lend it to you doesn't mean it's a good idea to borrow that much

It's been awhile since we bought something for the first time, someone here will likely have better, more timely advice.

Good luck!
 

Tom Nook

Avenger
Oct 25, 2017
15,879
Alright, my wife and I are about to start the process of getting a house. We already started a little back working on getting our credit scores to get better, but we are unsure what to do next since.

We know we need a minimum up-front (10%?) which we have (mostly) for our price range, but don't know what is the next step...

We aren't in a massive rush, but are hoping to find something this year if possible.



Do I talk with someone or a bank or... I am terrible at this right now.
A realtor will help you what to do in buying a home. Step by step.
 

Spartacris

Member
Oct 26, 2017
1,065
Los Angeles
Moving next week. Frankly, aside from the exhaustion, I loved the experience.

Got the house we loved and knew we wanted as soon as we entered it. Me and my partner sent a 4 min video with our bid that apparently did the trick, even though there where higher offers. We had to go over asking pretty significantly though, lots of competing offers- around 20 for our house.
 

RedNalgene

Member
Oct 25, 2017
965
Alright, my wife and I are about to start the process of getting a house. We already started a little back working on getting our credit scores to get better, but we are unsure what to do next since.

We know we need a minimum up-front (10%?) which we have (mostly) for our price range, but don't know what is the next step...

We aren't in a massive rush, but are hoping to find something this year if possible.



Do I talk with someone or a bank or... I am terrible at this right now.

Beyond getting a realtor and a pre-approval, you should also put together a list of your top 10 things and rank them. Number of bedrooms, style, location, big/small yard, finished basement, attic, central air, pool, etc. Know that you won't get all 10 but note the ones that are non-negotiable. That will help your realtor narrow down properties.
And I'm not sure where you live, but in many markets things move quickly (like in a day or two) so when you see something you like you'll have to move on it immediately.
 

TheAquaticApe

Member
Oct 25, 2017
1,149
Came to vent.

My wife and I are in the market for our first home. We started our search Dec 2020. We are looking in the NW Burbs of Chicago and the market is insane. Homes are coming up and gone within 1-4 days.

We actually found a nice one, had our offer accepted, and walked after a bad inspection. The most recent one, we saw a house Thursday, put in the offer Friday afternoon and the sellers had already accepted something else.

I'm just exhausted. I never thought this experience would be so mentally taxing. I realize low rates and a pandemic aren't helping. It's just really annoying because we saved aggressively, are putting full 20% down in our range, and we still can't get our foot in the door because everyone is going nuts.
 

Charcoal

Member
Nov 2, 2017
7,792
Came to vent.

My wife and I are in the market for our first home. We started our search Dec 2020. We are looking in the NW Burbs of Chicago and the market is insane. Homes are coming up and gone within 1-4 days.

We actually found a nice one, had our offer accepted, and walked after a bad inspection. The most recent one, we saw a house Thursday, put in the offer Friday afternoon and the sellers had already accepted something else.

I'm just exhausted. I never thought this experience would be so mentally taxing. I realize low rates and a pandemic aren't helping. It's just really annoying because we saved aggressively, are putting full 20% down in our range, and we still can't get our foot in the door because everyone is going nuts.
Arlington Heights area?

I feel your pain. The suburbs around big cities like Chicago are super hot and it makes finding something in your budget nearly impossible.
 

Culex

Member
Oct 29, 2017
7,068
Figure I'll chime in after a while:

The housing market is still quite insane right now, if you are a seller. Basically, inventory is pretty scarce in any suburb near a city. If you are selling your house in the 180k to 300k price range, expect it to get into contract in less than 7 days, with multiple offers. In the past 10 months, I've gone over about two dozen mortgages, and zero have fallen through due to lack of he house selling, if a contingency was in effect.

The northeast is especially brutal, if you are in CT. Inventory goes in less than 5 days on average if it's less than a jumbo mortgage. Interest rates are near 2 for both 15 and 30 year mortgages which is exasperating things.

It's a double edge sword right now, though. If you are selling in CT, and if you bought your home within the last 5 years, you MADE BANK (think 15-30% increase over what you bought). But...now the home you are purchasing is also inflated.
 
Nov 26, 2018
827
Our market is terrifying. Models sell in less than 24 hours. Empty plots of land sell in less than 24 hours. I'm so ready for a house but we're gonna have to be super aggressive
 

mhayes86

Member
Oct 27, 2017
5,295
Maryland
My wife and I have been house searching for the past couple of months. We've been in VA for six years and are ready to move back to MD. Our realtor said we could get at least $30k from selling our townhouse which would be awesome, and that it could sell really fast especially since we're in a fairly low-cost, nice area in NoVA, and also seeing other townhouses around here sell within days last year.

So far we've put in four offers that did not get accepted, one of which was because the lender I was going to try couldn't close in less than 45 days. It was frustrating because the lenders I've been speaking to stopped responding to my emails or wouldn't return my calls, so I tried something else. Places are going under contract within just a few days of going on sale, and people want to close ASAP. Fortunately my new job is ready to start, so we have some more buying power, but we also have a baby due in 2.5 months that will really put a damper on things.
 

RedNalgene

Member
Oct 25, 2017
965
Figure I'll chime in after a while:

The housing market is still quite insane right now, if you are a seller. Basically, inventory is pretty scarce in any suburb near a city. If you are selling your house in the 180k to 300k price range, expect it to get into contract in less than 7 days, with multiple offers. In the past 10 months, I've gone over about two dozen mortgages, and zero have fallen through due to lack of he house selling, if a contingency was in effect.

The northeast is especially brutal, if you are in CT. Inventory goes in less than 5 days on average if it's less than a jumbo mortgage. Interest rates are near 2 for both 15 and 30 year mortgages which is exasperating things.

It's a double edge sword right now, though. If you are selling in CT, and if you bought your home within the last 5 years, you MADE BANK (think 15-30% increase over what you bought). But...now the home you are purchasing is also inflated.

I can definitely vouch for this in CT. We're looking in the southern CT area (Greenwich, Stamford, Norwalk, Fairfield) and houses go up on a Friday and have an accepted offer on Sunday. It's brutal. And all houses are going over ask. It's just a matter of how much over ask you're willing to go. Like, houses will list for $650k and go for $700k, sometimes more. We've lost out on at least 10 houses so far, and the one we did get had a horrible inspection so we walked. But almost considered it because we just got denied left and and right!
 

TheAquaticApe

Member
Oct 25, 2017
1,149
I can definitely vouch for this in CT. We're looking in the southern CT area (Greenwich, Stamford, Norwalk, Fairfield) and houses go up on a Friday and have an accepted offer on Sunday. It's brutal. And all houses are going over ask. It's just a matter of how much over ask you're willing to go. Like, houses will list for $650k and go for $700k, sometimes more. We've lost out on at least 10 houses so far, and the one we did get had a horrible inspection so we walked. But almost considered it because we just got denied left and and right!

I feel this so much. We walked on a house because the repairs needed from the inspection would have been an additional 20K after we took possession. Everyone involved was surprised we walked too. I think that adds another bit of frustration for me. My wife and I are very good with our money and it feels like people are just throwing around these crazy numbers because money is so cheap right now.

Like, I don't think there's been any house I've seen so far that I'd be willing to pay asking for (I'm also weird, I love a good negotiation)
 

Razgriz417

Member
Oct 25, 2017
9,152
Friend of the family is a big realtor in NJ and she has had a ton of clients whose offers were declined because the houses were being sold as is with no inspections. They requested one and were passed over for those who didnt require them
 

subpar spatula

Refuses to Wash his Ass
Member
Oct 26, 2017
22,249
Friend of the family is a big realtor in NJ and she has had a ton of clients whose offers were declined because the houses were being sold as is with no inspections. They requested one and were passed over for those who didnt require them
Unless there are foundational or structural issues, an inspection is just an inspection. I've had friends who've walked away from deals because the inspection noted some normal things like a slightly uneven floor, earthquake clamp visible, fake tile (it's the plastic stuff that looks like real tile), water stains, etc. People don't realize but remodeling your house is actually pretty easy. The only thing you really want professionally done is tiles and cabinets for the kitchen. Everything else can be done on your own cause the shit is so easy. Like, I've had friends actually pay painters. I am not surprised people forgo inspections. I'm guessing they are paying in cash, though, cause banks will want to know if they're sinking money into a money pit.
 
Oct 27, 2017
8,025
Friend of the family is a big realtor in NJ and she has had a ton of clients whose offers were declined because the houses were being sold as is with no inspections. They requested one and were passed over for those who didnt require them
We sold ours and let people do pre-inspections, before they put in an offer but we wanted everyone's best and final offer. That's how confident we were we'd get above asking. 7 people went through with it, the people we sold it to had an all cash offer $30,000 above asking. A couple of the offers were higher but required the banks to be involved (property had to appraise), the all cash offer made it painless
 

SRG01

Member
Oct 25, 2017
7,051
I'm kind of dismayed at how my partner and I are effectively priced out of our local market. The only way we can afford a property is if we purchase a much older home with obvious maintenance issues, or a home that's more than an hour away from work.

The third option is to buy in a rough neighbourhood, but that's not something we want to consider.

This whole game seems like it wants us to over-leverage ourselves into a large mortgage so that we can buy into the more expensive properties. But we don't make a lot of money, and we have elderly parents to support too :(
 

balohna

Member
Nov 1, 2017
4,333
Trying to get ready to sell my condo and I'm constantly anxious about patching up every little issue (old caulk, chipped paint, etc.) to the point that it's almost paralyzing. Doesn't help that I have a toddler and my wife is pregnant again and doesn't have much energy to help out... had been really hoping to get into a new place before the new baby comes, but at this point it just isn't realistic at all. Hoping to just somehow pull it all together long enough to get some nice photos taken to list this place. I almost wouldn't care, but every place I see listed when I browse looks immaculate. Feel like we need to at least come close to that, but maybe I'm just overthinking it.

After we can sell, I'm hoping buying the next place will just be easy. Over the past few months I've seen a bunch of places in our price range that would work for us. The real estate market here (Vancouver area) is nuts, so we're looking at something like $600-700k CAD for a medium sized townhouse an hour out of downtown. Hoping to sell our condo in the mid 400s. Our increased pay and equity in our place, plus lower interest, will make moving to something bigger almost a no-brainer. We also got a 30k inheritance recently so we're hoping to put like 100k down and keep our payments manageable.
 

L.E.D.

Member
Oct 27, 2017
640
Put our first bid on a house today, got way out bid. Probably the worst time to try a find a fairly priced home lol. God I hope the supply opens up.
 

Emergency & I

Banned
Oct 27, 2017
6,634
Wife and I stepped back from the housing ledge. Like, we're still checking but it's putting too much stress on us.
It sucks because rates are hiking up but this market is such a fuckface.
Los Angeles really blows.
 

L.E.D.

Member
Oct 27, 2017
640
Wife and I stepped back from the housing ledge. Like, we're still checking but it's putting too much stress on us.
It sucks because rates are hiking up but this market is such a fuckface.
Los Angeles really blows.

Going to stop looking all together? Luckily we aren't time crunched to find a place so we really just waiting out the bad weather and hoping people are willing to move in the warmer months.
 

Emergency & I

Banned
Oct 27, 2017
6,634
Going to stop looking all together? Luckily we aren't time crunched to find a place so we really just waiting out the bad weather and hoping people are willing to move in the warmer months.

Not completely but the LA market is a nightmare. We also have a baby due in June so it's a balancing act.

We shall see!
 

RisingStar

Banned
Oct 8, 2019
4,849
Haven't posted in here in a while, but got an offer accepted and mortgage approved for a condo over the past week, after being completely demotivated about a month ago. I don't regret my bid at all, but it does feel terrible how I had to bid nearly 16% higher than asking to beat out all the offers, (there were about 20). I also had to cut a few things from my must-haves, but I feel pretty good about the property in the end.

More importantly, it really does stink how the market is getting worse. I just saw a property go for 30% higher than asking. I did nab a great interest rate of 1.72 before it shot back up here in Montreal, but I don't know if this is getting better any time soon.. Toronto and the GTA in general is a complete shitshow, so I'm pretty much priced out of there until lord knows when.
 

L.E.D.

Member
Oct 27, 2017
640
I don't understand this market at all, all of the 10 houses we looked at, people have paid 20% to 50% over asking with cash. Who the fuck has this kind of money laying around? I'm really kicking myself for not buying 3/4 years ago.
 

Kirie

Member
Oct 25, 2017
278
After seeing like 40 houses and losing out on 6 of them, we finally are under contract ;_; what a shitshow this has all been. Almost didn't get this one, but the seller didn't want to sell to an investor apparently and liked that we were wanting to start our family in the house. Our appraisal gap clause sure saved our asses, but I feel like we got seriously super lucky overall..
 
Oct 27, 2017
8,025
After seeing like 40 houses and losing out on 6 of them, we finally are under contract ;_; what a shitshow this has all been. Almost didn't get this one, but the seller didn't want to sell to an investor apparently and liked that we were wanting to start our family in the house. Our appraisal gap clause sure saved our asses, but I feel like we got seriously super lucky overall..
Congratulations! It really is exhausting and soul-crushing.
 

entremet

You wouldn't toast a NES cartridge
Member
Oct 26, 2017
61,758
I don't understand this market at all, all of the 10 houses we looked at, people have paid 20% to 50% over asking with cash. Who the fuck has this kind of money laying around? I'm really kicking myself for not buying 3/4 years ago.
Generational wealth.

we're currently undergoing the biggest transfer of private wealth in history. Boomers got lucky and they're transferring their money to their kids and grandkids.
 

Kill3r7

Member
Oct 25, 2017
25,006
Generational wealth.

we're currently undergoing the biggest transfer of private wealth in history. Boomers got lucky and they're transferring their money to their kids and grandkids.

That's a major part of it. Another part is people in our generation (mid to late 30s) are also getting their next round of major promotions which affords them significantly more buying power. I will say that out of 6 friends that bought new houses in the last year only 1 sold their previous home. The rest are renting them out. Plus moving from NYC (most cities) to the burbs allows you to buy a larger home and still feel like it was a bargain.
 

entremet

You wouldn't toast a NES cartridge
Member
Oct 26, 2017
61,758
That's a major part of it. Another part is people in our generation (mid to late 30s) are also getting their next round of major promotions which affords them significantly more buying power. I will say that out of 6 friends that bought new houses in the last year only 1 sold their previous home. The rest are renting them out. Plus moving from NYC (most cities) to the burbs allows you to buy a larger home and still feel like it was a bargain.
I agree.

I hate that housing is treated like an asset in this country (in many others as well to be fair). It restricts construction. Homeowners basically own this country.