We need the single family home to be half a million now!
(twitter.com)
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Boomers are stuck to this notion that their home must be an investment that shoots up in value forever. It doesn't benefit me at all living in my house if the value goes up unless I want to get more debt on it (bad idea) or pay more taxes (government loves that).
What’s funny is boomers are now demanding no property taxes (just for them). They know what they’re doing, they just don’t care about the future generations or the country at all. Here I remembered growing up boomers saying millennials were the “me” generation and going to be the selfish ones.
I wonder where we learned it from... smdh
It was projection.
It's also difficult to actually capitalize on the realized gains of your inflated real estate residential asset.
If the inflated asset is your primary residence, you might feel rich selling. But all the other homes are inflated as well. And you still need a place to live. So you will similarly be buying another inflated asset, wiping out most of your gains.
Not to mention that the realtors, the lawyers, the stagers, the government, the movers, etc all have their hands in your pocket based taking percentages based on the inflated assessed value as well. So you are losing huge rakes off your home's value every time you sell one & purchase another.
The only way to really extract true gains out of your primary residence is so sort of unique scenario - significantly downsizing, moving to a very low CoL area, leaving the country, becoming institutionalized, etc.