TL;DR: Americans now need to make $120K a year to afford a typical middle-class life and qualify to purchase a home. Minimum.
TL;DR: Americans now need to make $120K a year to afford a typical middle-class life and qualify to purchase a home. Minimum.
Yeah, sellers (flippers really) are asking 70-80k over the value of the house, and they want no-inspection, as is, and you need to bring cash to the closing to cover appraisal gap, which is usually in the 60-100k range.
We need to start taxing unoccupied single-family home at their list price. There is no incentive to sell at a reasonable price.
I haven’t been in the market for nearly a decade. This seems pants-on-head crazy to me.
All I can hope for is that when the market inevitably collapses again (let’s face it, this is not sustainable) all these assholes hit rock bottom and the government FINES them instead of bailing them out.
Isn’t what’s been happening that corporations buy them for cash they have on hand and now they’re all rentals? It’d have to crash pretty hard to push those guys out I think. [pure speculation by me]