Whoever coined the phrase that homeownership is attainable was certainly on point! It is in fact true, however, it is becoming more and more challenging and extremely difficult in certain markets. There are some cities whereby multiple offers are simply the norm, but wait there are more “just like the commercial on TV selling products” above the list price is also the new norm.
There is a dual-edge sword that makes homeownership a tall order. To add more to the equation, it’s a sellers’ market in that the inventory numbers are so low, the buyer outwaits the homes that are available.
This is creating an issue for the buyers and the dream of discovering homeownership is becoming a nightmare to many. Let take Cindy in Austin, Texas who has worked on positioning for homeownership for the past 4 years. Today, the new so-called Silicon Valley is AU. It appears that way in Austin Texas. Homes here have skyrocketed as a result of all the relocation from California as companies like Tesla, Google, and Facebook have moved on to set up additional locations in Austin, Texas. Or look at Deon in San Jose who managed to get into a beautiful home about 18 months ago.
Deon would still be in an apartment given today’s price points. There is Columbus, Ohio which ranks as the hottest city in the country and builders are using a lottery selection process just to have a chance to build and enjoy the possibility of homeownership.
Currently, looking at various cities like Denver, Kansas, Memphis, Indianapolis & Raleigh, it speaks volumes that homeownership is out of reach, or at least it appears that way. We don’t know of any special formulas or systems to make things better. We do know between an infuse of stimulus money and super-low interest rates has created monsters in the housing market.