Price memory on such a high value asset is also a factor here. People don't want to lose hundreds of thousands on real estate, so they refuse to lower their selling prices. They feel entitled to their inflated housing values.
I can't really blame them. The prospect of taking a six figure hit followed by doubling or tripling the interest rate on a new place will remove any motivation to sell from anyone who doesn't have to leave the area.
That isn't just taking it in the ass. That's being bent over and spitroasted.
That's true, but even if you manage to say sell your middle class home for $700k, you're going to lose about 10% of that, and if you're a first time seller I think there's still that 4% Obama tax.
And then you basically can't purchase a similar home again.
Price memory on such a high value asset is also a factor here. People don't want to lose hundreds of thousands on real estate, so they refuse to lower their selling prices. They feel entitled to their inflated housing values.
I can't really blame them. The prospect of taking a six figure hit followed by doubling or tripling the interest rate on a new place will remove any motivation to sell from anyone who doesn't have to leave the area.
That isn't just taking it in the ass. That's being bent over and spitroasted.
That's true, but even if you manage to say sell your middle class home for $700k, you're going to lose about 10% of that, and if you're a first time seller I think there's still that 4% Obama tax.
And then you basically can't purchase a similar home again.
Curious if there is going to be a massive value decrease as they try to dump properties to prevent paying property taxes.