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Epic Buyer’s Market Fails To Break US Housing Deadlock
If you were curious, there are still nearly 40% more sellers than buyers in the US housing market, a
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Patience will be rewarded. Just wait until the boomers start selling en masse.
That is, assuming one wants to live where they did- often in a McMansion in the burbs.
As a seller that resides in the upper leg of the K shaped economy, we just removed the listing for the winter and will try again next spring. We don’t need to sell our mountain vacation home view property, and we can wait and put it back on the vacation rental market. I wonder how many others are in a similar situation.
Where’s it at? The vacation home?
On the side of a mountain looking directly into Rocky Mountain National Park. It is actually the top floor of a two-unit condo.
It is at 8600 feet of elevation which is more than I can take in my advancing age.
You can pipe oxygen into it.
Most of the baby boomers who own homes may not sell their homes enmass if they refinanced into a two or three or four handle mortgage over the past few years when rates were low. I think this is particularly true of those that own smaller homes, ranchers, etc. Not sure where those people are gonna go if they sell.
“Those who can afford to buy”, record high prices, stifling interest rates, insurance costs that seemingly rise – if available. Oh additionally many local governments budgets rely on the high property taxes being taken in their coffers. Any collapse of housing prices, could spell doom for these municipalities.