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Real Estate
Reply to "Isn't trading up going to end as folks are priced out?"
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[quote=Anonymous]I completely understand and appreciate the concept of "you need to buy a starter home, build equity, trade up, etc". But this makes sense only up until a certain house price point. DCUM loves to say save, get your foot in the door, get that fixer upper, etc. I agree. But home prices are rising dramatically faster than wages are, interest rates are higher, and new housing starts are still low. I think i read something like 70% of existing outstanding mortgages in America are 3 points lower than the current rate. So at some point, isn't there going to be a severe lack of buyers for the $1.5M+ home? I know, tiniest violin, but I am genuinely curious if someone who owns a $600K home thinks the trade-up can still happen. [/quote]
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