Housing Appears To Be Primarily Targeting The Bourgeoisie? (laminate, hot water heater, curtains)

[openmike]

There are a few observations our circle of money managers have made over the past three years. Housing prices have gone off the roof!! There are tens of thousands of vacant homes that hsve an average value of $79k- 175k yet are stickered by tens of thousands of real estate agents ( like locust!) Influencing a range of 150k - 400k. and naturally. Into the millions. So who can afford to "play" and the answer are old and new money. The bourgeois are good people not attempting to degrade them, but when your well healed for whatever reason looking at the inflated prices don't even raise eyebrows. Losing hundreds of thousands on many investment properties is a moot point. Many of the six figure homes smell like a badly run nursing home, with their rotting curtains, 1950 ish green refrigerator, paneled living room, dining room and wallpapered bathrooms all evidence of disfunctional real estate agents and owners a quart low mentally. The audacity of asking big bucks with zero effort to prepare for sale!! At 400k there is NO fixer upper . The place better have been totally remodelled including Hot Water heater, air and that disgusting carpet replace with laminate or wood. That cracked driveway replaced duh! Any home with the exception of an old mansion should be "turn key" . As a retired therapist I'm out of the loop except for a VA loan on new construction of a small cottage, but otherwise I'm done and can't afford to play this insane game boo hoo!

[Pitt Chick]

Originally Posted by openmike

At 400k there is NO fixer upper .

$400,000 would get you a very large new construction in my area.
Housing is not overpriced everywhere.

[nybbler]

https://en.wikipedia.org/wiki/Supply_and_demand

[Nonesuch]

It's the same in any industry, commissioned salesfolk are going to focus on the market and product with the best margins. Assuming every buyer has a minimum baseline investment of time and effort, why would an agent put that effort into a $79K FHA pre-qualified first time buyer when there are $790K cash deals to close?

OP doesn't mention what city he is in. It's been decades since I've seen a $79K house in a neighborhood within commuting distance of my office.

[NOLA2SGF]

Just for fun, here's a definition courtesy of Google Search:

bour·geoi·sie
ˌbo͝orZHwäˈzē/
noun




noun: bourgeoisie; plural noun: bourgeoisies

1. the middle class, typically with reference to its perceived materialistic values or conventional attitudes.

OK, so housing is primarily targeting the middle class. Seems fine to me, since the poor usually cannot afford to buy their own homes, and the wealthy can get what they want or have it built. Buying a house is about the most materialistic thing that anyone ever does, so I think that accounts for the materialism referred to in the definition.

Yes, housing is in a bubble in some locations. But it's supply and demand. If people didn't want these homes enough to pay such inflated prices, they wouldn't sell.

It's frustrating for those who can't find a home they even like at an a price they can afford. My advice would be to just keep looking and be ready to pounce on the right home immediately if/when it shows up. Remember that looking is free.

[1969351]

Originally Posted by openmike

At 400k there is NO fixer upper

Depends on the area......inside the beltway in the DC area 400K would be a major fixer, if not a tear down

[davebarnes]

Current price in my neighborhood for a scraper is $450K.

[silibran]

Bourgeoisie is a very dated term, IMO.

[CaseyB]

Originally Posted by 1969351

Depends on the area......inside the beltway in the DC area 400K would be a major fixer, if not a tear down

Same in the Boston area.

[cargoman]

Here in the Salem Oregon area...400k would fetch you a very nice and updated home.