Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Not likely to get a definitive answer from any realtor, but you can ask all you want. The answers you want are not necessarily public knowledge in all states and/or considered "privileged" information. It would be "absurd" as you put it to expect it to be provided.
Quote:
Originally Posted by thewisteriavn
Not likely to get a definitive answer from any realtor, but you can ask all you want. The answers you want are not necessarily public knowledge in all states and/or considered "privileged" information. It would be "absurd" as you put it to expect it to be provided.
I’m just trying to understand where all this money came from. I mean, I’m pretty sure it’s not from wages. Before the pandemic the ratio of median home price over median income was around 5.5, which was already kind of high. Now it’s around 7.5. So regular working class people cannot be paying these prices. So who is? Rich people trying to buy tangible assets to escape inflation? Foreigners? Corporations buying residential properties to rent them out? How did this happen?
Look at places like Irvine CA or Vancouver Canada, most of the money in those areas are wealthy Chinese nationals paying cash.
One example of many is these new build homes, Buyers from China and Asian-Americans purchased about 80 percent of the 47 houses sold at Tri Pointe Homes Inc.s Arcadia at Stonegate community in Irvine, CA.
There is also a lack of planning and a housing shortage, if there are say 10,000 new arrivals to the country, there are not 3,333 new places built to house them figuring 3 people per apartment or house on average.
The current housing shortage according to CNN is 6.6 million units short, it was 5 million a couple years ago and gets worse and worse. Simple supply and Demand economics at play.
From before the pandemic to now the Case-Shiller US National Home Price index has gone up about 50%, which is absurd. What I’d like to know from realtors is: who were the buyers? Were they corporations mostly or individuals? Were they buying as an investment or to have a place to live? Mostly cash or loans? I’m just trying to understand where this insanity came from. Thanks in advance.
What exactly would you do with the information, provided you could get an answer?
What you need to do is compare home prices now to their previous peak back in 2006.
That was nearly 18 years ago and home prices have only increased modestly since then in most of the United States.
San Francisco bay area is the biggest exception.
Not here in the middle of SC. Our median home price in 2006 was around 150k. This year it's around 275k. That is not a modest increase, especially when you look at it from a percent increase perspective. However, we've been an area that has had significant population increase as we've been a popular relocation spot for multiple reasons including jobs, cost of living, and retirement.
Not here in the middle of SC. Our median home price in 2006 was around 150k. This year it's around 275k. That is not a modest increase, especially when you look at it from a percent increase perspective. However, we've been an area that has had significant population increase as we've been a popular relocation spot for multiple reasons including jobs, cost of living, and retirement.
I'd say it's doubled in most places. Then, in SF and NY it's multiple times instead of just doubling. Actually, in our outlying areas they went from underpriced to closer in to overpriced from closer in.
I'd say it's doubled in most places. Then, in SF and NY it's multiple times instead of just doubling. Actually, in our outlying areas they went from underpriced to closer in to overpriced from closer in.
According to the chart below, the median home price in the NYC metro area was about $500,000 in 2006.
Now, it looks to be a little over $600,000. That's a 20-25% increase.
In most of the United States, home prices crashed and took 14 years to recover to the previous high.
San Jose and San Francisco are the big outliers on the chart.
Well every place is different I know people in San Diego, San Francisco, The East Bay, Houston, Tuscon, Phoenix, Dallas, Naples, Denver, etc., etc. and I know what has transpired with their properties (and it's not 25%).
Well every place is different I know people in San Diego, San Francisco, The East Bay, Houston, Tuscon, Phoenix, Dallas, Naples, Denver, etc., etc. and I know what has transpired with their properties (and it's not 25%).
I agree. I believe the average nationally since 2010 is a little over 70%. Our home in the SF Bay Area doubled.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
