The overheated housing market | Sheneman

 The overheated housing market | Sheneman

The housing market is red hot! Everyone besides Cristiano Ronaldo is making out like bandits. The market is so hot you could sell a pup tent for 20% over asking price. I’m sure this will end well.

The market has apparently become fairly cutthroat with buyers bribing sellers with luxe vacations, paying competitors to take a hike and throwing in piles of crypto currency to sweeten the pot. This of course drives the price of existing housing stock through the roof putting first time buyers and anyone not able to pony up $300 grand in Dogecoin at a disadvantage. Pricing younger, middle-class buyers out of the market will only further widen the wealth gap.

This orgy of equity is, of course, entirely dependent on what region of the country you’re looking to buy in. I’m also unclear on the buyer’s logic in overpaying so much. Isn’t the idea of real estate to build equity and make a profit? If you paid $850,000 for a haunted Fotomat…

Read full article…www.nj.com