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She points out that a median home in a metro like San Francisco costs 69.5% of a family’s median income, so an increase in inventory wouldn’t really assuage a first-time homebuyer who is still very much priced out of the market
Most metros aren't San Francisco. There are places in the US where there are jobs and where you would NOT be priced out of the market. Consider looking for a job in one of them.
She points out that a median home in a metro like San Francisco costs 69.5% of a family’s median income, so an increase in inventory wouldn’t really assuage a first-time homebuyer who is still very much priced out of the market
So were still price out of the market..
That's because Demand far exceeds Supply.
If you don't like it then either stop consuming or increase supply.
Or do what Homo Erectus and Homo Habilis did and move on to greener pastures. It's not rocket science, as even stupid hominids could figure it out.
“If you only have 24 hours in a day, your success is dependent upon how you use the 24. You got to hear me. I don’t care how much money you have. We only have 24 hours. The difference between a person who is successful and one who is not, is that one uses their time wisely. Listen to me. I don’t care if you grew up broke. Or rich. In college. Out of college. You only get 24 hours in a day. You have to get a grip on your 24 hours or you’re going to be broke the rest of your life.
I can tell you all about your life if you just write down your 24 hours. I can tell you where you’re going to be if you let me look at it in 5 years, in 10 years, and in 20 years if you just keep to that schedule.”
Everytime you spend time to research how something is too hard or can’t be done. Or how you can’t improve the quality of life, I would love to ask that you instead go spend 5 minutes listening to les brown.
In my part of the world, a smattering of more years of healthy real-estate market appreciation will finally bring residential single-family prices back up to where they crested during the so-called bubble… which is to say, to become cumulatively positive for the 21st century. It is remarkable how, 30 or 40 years ago, there was considerably less nationwide stratification in prices. Prices were always higher in better school districts, than in worse ones; in more pleasant and well-sorted neighborhoods, than in coarse and bedraggled ones. But on a national map, by region and metro-area, distinctions were not so vast. In less than two generations, markets have so vastly diverged, that one is confounded to regard the aggregate as being one nation, rather than a patchwork of ones, Balkanized and segregated. For every exasperated frustration, that even after some pause or outright decline in prices, prices remain still ridiculously too high, there is a countervailing frustration, that local real-estate remains a depreciating asset, like a car or a mattress or article of clothing: perhaps comfortable, personally appealing and useful, but not something to be sold later for a profit.
I really wish that we had a nationwide exchange program, where say Bay Area Californians could spend a year or two in the small-town Midwest, and vice versa, learning about their counterparts, immersing themselves in the respective local culture, partaking of the local economy. This would be lovely on both economic and social grounds, but sadly, such a thing is unlikely in a nation the venerates local-control, and recoils in ghastly horror from any national/federal program of this sort.
If you don't like it then either stop consuming or increase supply.
Or do what Homo Erectus and Homo Habilis did and move on to greener pastures. It's not rocket science, as even stupid hominids could figure it out.
There will always be demand no matter how many house you build. Its up to the owner to sell or rent it to help with the supply instead of letting it sit empty.. but thats been discussed already.
But no matter what, their will always be demand, and builders and other environments needs to learn how to increase the supply faster. In the end, some hold out to increase the value by holding back new builds.
New inventory will not lower the price of housing. These builders are not building cheapo, entry-level homes.
This red-hot market is the perfect time for each home built, to be something that is sold at a price that is above and beyond all comparables in the area. That is what builders are shooting for.
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