Quote:
Originally Posted by Marathon Man
They are not the reason. The people who buy houses from them are the reason. It's the people moving here from other areas. Without that, all comes to a stop.
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The guy I am quoting above has the correct take on this.
This time the underlying factors in high real estate prices are very different than they were when the bubble burst in 2007, but, even so, I think this market will slow………
There is no inventory in other places the country. A lot of first-time homebuyers are waiting and saving to get a good size downpayment — and besides, there is nothing for sale anyway.
I am back North now and in my Ohio city, developers are slapping up “stackable” condos and apartments for millennials to buy in the ‘burbs. (I think those buildings look like filing cabinets and they basically are, in a way, but they sure are not cheap — just more affordable than buying a retired boomer’s house.)
I think the next big step in real estate is to convert all this empty office space I am seeing now into condos. That space will never fill up with workers again. There is too much of it. (REITs have to be hurting.)
But, hey, I gotta get outa here tonight. I got lured in with this thread of real estate talk — which I love.
Seeya,
Boomer