Reply to WSJ: rapidly growing mismatch between the price of available housing inventory and demand

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]You can certainly have a 2500 sq foot house close in north Arlington etc., you just need to pay $1.5-$2 million for it. If you want one for cheaper you can go oive in loudon. There is no shortage. The people who can afford to live close in also want to get a nice big house for their million+ dollars. House sizes are exactly where they should be. If you only earn 100-200k per year you don't qualify for a short commute and a nice house. Sorry. [/quote]

+1.  20 percent of transactions in 2016 were all cash.  [/quote]

73.4% of all quoted statistics are made up[/quote]

Haha truth.  I agree [somewhat] that there's demand for the $1.5M+ and up homes in desirable close-in areas...but the $1-$1.2M new construction in one-off places (further out suburbs, otherwise un-redeveloped neighborhoods, etc.) is sitting.  Too many giant spec houses on tiny lots, and the builders can't lower the sale price due to the aforementioned lot, site work, and permitting costs.  In terms of a bubble happening again, I think the risk factor there is that a lot of people are in debt up to their eyeballs...we got pre-approved for up to a $1M house, which is absolutely INSANE on our HHI (a shade under $250K), even taking into account our frugal lifestyle and solid savings.  I imagine many people in this area don't make the same pragmatic decisions that we do, though...so we'll see if the job market and local economy (which, like it or not, are both heavily fed-dependent) support their risk-taking.
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