43
Realtors "running out of money" as housing market struggles
(www.newsweek.com)
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 03 Jul 2024
43 points (100.0% liked)
Housing Bubble 2: Return of the Ugly
141 readers
133 users here now
A community for discussing and documenting the second great housing bubble.
founded 2 months ago
MODERATORS
I work in tech around property preservation. The SFR (single family rental) has boomed to the point where it has evolved into a new market, BTR (built to rent). Real estate companies are buying tons of viable land for real estate and building homes they will never sell. They've realized they make more money, that scales with inflation, by never selling homes. So while I get your distinction, the problem is very real, there is nothing for them to sell or for people to buy.
Yeah that's true for developers but individual realtors are not to blame
That's fair, I suppose the point I was getting at with that is that it's putting pressure on buyers, sellers, and realtors.
There will always be a need for rentals but I am wholly against corporatized housing. I think the only people who should own homes are individuals, non-primary homes should be heavily taxed, and there should be a hard limit on how many buildings anyone can own.
Housing should not be an "investment opportunity." People shouldn't be able to buy houses just to rent them out.
This so hard!
I %100 feel like this is more of the same: corporations controlling basic needs to extract every dollar they can from people. Renting makes sense, if you can't afford a home you can at least have a place in the intrum. But with companies controlling the entire housing market, this is textbook late-stage capitalism when you don't have a choice. No longer is there competition, they are all working together.
Yeah... it's all super fucked. I just sold my condo (short sale during the last collapse) and am staying with family in the meantime but I am struggling to find a house that won't cost 2/3 of my above-average income. I have a 180k down payment to offer. Prices are that insane by me.
I feel guilty saying it because innocent people will suffer....but I am praying for another collapse. Or at least for homes to go back to normal prices.
I think prices are starting to come back down in my area. I'm seeing homes on Zillow that were bought a year ago put up for rent. Prices are reduced every other month and it still won't rent, so they're selling it.
I'm anxiously waiting. Prices have barely dropped here but the inventory basically disappeared. I have a huge search radius and get 1-2 listings a day max