a lot of banks own a huge portion of the market. Then there are the baby boomers who are living to be over 100 years old and so two generations are waiting for their houses to turn over, kinda like when you go to a restaurant and you’re waiting for a table and the people spend four hours eating. Then, of course, the people that own the homes have unrealistic expectations of how much money they’re going to make. They will have to get desperate until they start letting go. I just saw someone with a portable barbecue. They pushed it in front of their house with a for sale sign and they wanted $2100. I would probably pay less than 100 for it. I see boats and Sea-Doo’s, with horrible price tags and people‘s front yards. And used cars with crazy prices on them. But they’re always still there. No one is buying them so it’s going to be a while, but I think it’ll eventually break.
If we had a portable grill that didn’t work, we would put in in front of our house with a “For Sale - $250 or best offer” sign, and could count on it being stolen within 24 hours. Sort of free junk hauling. And we live in a fairly low-crime area.
But to your point..... TOO MANY basic residential homes in our area are being bought up by corporations of all sizes and types, then turned into rentals. I am hoping this turns around somewhat, if the scarcity in housing lets up (maybe if millions are deported, some spaces will become available). It is sad that young buyers are not able to compete against the corporate buyers, but is also sad that perfectly nice homes (many would be “starters” or first homes for young families) are turned into rentals. Renters just cannot have the same feeling of trying to create a community; they can just move when the lease comes up - no investment.
“Then there are the baby boomers who are living to be over 100 years old and so two generations are waiting for their houses to turn over, kinda like when you go to a restaurant and you’re waiting for a table and the people spend four hours eating. Then, of course, the people that own the homes have unrealistic expectations of how much money they’re going to make.”
It is a certainty that putting money in the bank will be a losing proposition to inflation - 1% to 3% a year.
Over 20 years that’s 20% to 60% loss to inflation.
Unless you can get a 20% to 60% premium for your house, you should keep it until you die.
House $400,000
How would you make the owner want to sell it for $300,000?
By giving the owner, a transferable option to buy it 20 to 30 years in the future (when your kids are grown-up) for $300,000 less repair costs that one of the owner’s grandchildren might want to exercise.
“Then there are the baby boomers who are living to be over 100 years old and so two generations are waiting for their houses to turn over,....”
Maybe it’s because of Income Tax on the accumulated Inflation of money over 48 years....
“I just saw someone with a portable barbecue. They pushed it in front of their house with a for sale sign and they wanted $2100. I would probably pay less than 100 for it. “
A photo or it doesn’t exist.
I expect eventually they will try to increase property taxes for certain houses if the owners are over 65, to try to force them to sell.