Cities like Buffalo, Cleveland and Johnstown, PA with massive population declines have massive shortages of homes (party, county)
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Houses are in demand period. Those that can't get out of a city will probably settle for a house in the same city.
The lockdowns made people realize how small apartments can be. Alot of money people don't mind apartments because many constantly work so the nuances and limitations of apt living never stood out. Lockdowns/working from home changed that.
Also near a big city here and a lot of immigrant groups have been telling newcomers avoid living in the city if possible. This puts more demand in suburbs because many are subsidized buyers which raises prices with third party money competing for houses.
In a lot of these cities many of the houses were abandoned, and went derelict . Many of those were torn down. Look at the satellite view of Detroit. There are a lot of missing teeth in the residential areas.
So while these cites once had a lot of housing. But there economies have come back a bit, the population shirk stopped, and there aren't a lot of habitable houses on the market.
In a lot of these cities many of the houses were abandoned, and went derelict . Many of those were torn down. Look at the satellite view of Detroit. There are a lot of missing teeth in the residential areas.
So while these cites once had a lot of housing. But there economies have come back a bit, the population shirk stopped, and there aren't a lot of habitable houses on the market.
Alot cities go through periods where they have to demolish abandoned houses not even leaving a cheap flip for someone. After the first bubble I think a lot of people realized there was money to be made in the cheapest of properties in poor shape. By the same token many banks stopped fire sale pricing and tried to get much closer to a normal sale which helped raise prices as well.
Did any body ever stop to think that many homes are owned by
single individuals rather than the one family one home train of thought?
Homes are snatched up by investors who are willing to take the gamble and
wait it out until the next real estate boom...................
Some of us can't afford to just snatch up homes and wait until the next real estate boom. You need to have alot of cash and alot of mortgages for that. Many of us just need to buy 1 (one) home and living in it full time. A housing shortage can make that really hard.
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