Reply to Will houses ever become affordable again?

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Reply to "Will houses ever become affordable again?"

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[quote=Anonymous][quote=Anonymous]Boomers are responsible for most of the home purchases since COVID. They are the ones with the cash, they are a big generation. [b]Some are downsizing.[/b] But many of them are just adding to their RE portfolio without shedding properties - adding a vacation home, building their new construction "dream home," or simply up-sizing to something nicer. They also are severely tax adverse and don't want to sell if it incurs a big tax bill.

In short, lots of housing is effectively locked up by high rates, rich Boomers who loathe taxes, or professional investors crowding out owner-occupants.

The only way to "unlock" housing is through policy change or a major recession. [/quote]

We experienced SO much of this when in the market for turnkey, close-in 3,4BR/2.5+BA houses. Things were being snapped up left and right by “downsizing” boomers (so insulting!) offering all cash or way above list. We knew to avoid the obvious areas where we’d be outbid by all-cash, no-contingency developers, but weren’t anticipating the boomer effect (“to be closer to [rich!] grandkids”).

We were close-in before but ended up way outside the beltway with a little too much house and some land, which I think was why we were only competing with other families, no boomers skewing things for us.[/quote]

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