Animal Spirits: The State of the Housing Market
I was at the dentist this week getting my teeth cleaned.
I hate conversations while in the dentist’s chair because your mouth is constantly being picked and prodded. I prefer to occasionally nod yes or no.
The woman in the chair next to mine was a talker. And she spent a lot of time talking about the housing market.
Can you believe how fast houses are selling?!
The house next to mine listed for $185k…it sold for $215k the first day it was listed.
Maybe I should put my house on the market…
Two-thirds of people in this country own their home. It’s the one asset where the majority of people have skin in the game. And that’s what makes the current housing market so intoxicating.
Everyone has some thoughts on it. Some think it’s a bubble. Others feel this is all justified, if not a little out of hand. Still others are just confused.
To ease some of that confusion, Michael and I talked to
Logan Mohtashami from Housing Wire for his thoughts on this crazy housing market. We discuss:
The rise of ibuyers
Why aren’t homebuilders building more homes?
Homebuyers don’t look at housing as an investment like the stock market
Blackrock isn’t buying as many homes as you think
Why aren’t investors selling their rental houses?
Why this is such an unhealthy housing market
We’re never going to get enough homes built
Worst position — existing homebuyers or building new?
It’s hard to see housing prices fall from here
The relocation story from higher cost of living areas to lower cost of living areas
Why this is nothing like the last housing bubble
Should homebuyers wait to buy?
The rental marketplace
Why a 30 year fixed rate mortgage is the greatest inflation hedge in history
Will baby boomers begin selling their homes en masse?
Will mortgage rates stay low for a very long time?
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