“The number of starter homes on the market dropped by 8.7%, while the share of starter homes dropped from 26.1% to 25.9%. Starter homebuyers today will need to shell out 2.9% more of their income towards a home purchase than last year”
Go smaller folks..less maintenance, lower bills!
“With the S&P CoreLogic Case-Shiller National Home Price Index rising at about 5.5% annual rate over the last two-and-a-half years and having reached a new all-time high recently, one can argue that housing has recovered from the boom-bust cycle that began a dozen years ago,”
“When looking at which cities had the largest gap between the price of a luxury home and the price of an average home, Florida came out on top, with seven of the top 10 most unequal cities. The most unequal city, Fort Lauderdale, had an average luxury home sell for 8.3 times that of a home in the bottom 95 percent of the market there.”
But now, because of digital marketing and the masses of online information available to consumers, “all the rules about timing are gone,” said Barbara Fox, the founder and president of the Fox Residential Group. “The rules are out the window. My theory is: Get it out there. Let’s see if there’s someone out there waiting for it.’’
Kathy Braddock, a managing director of William Raveis New York City, agreed. “Pre-internet, we were much more seasonal,” she said. “Now, real estate is a 24/7 exercise. Some people are buying from photos. There’s always, always a market.”
The affordability crisis in US cities is not just about buying homes. Rents, too, have been rising since the Great Recession. In the coastal and hot cities like Denver and Austin, those increases have put even rentals out of reach for many in the middle class–defined as those making between $50 to $125,000 depending on household size.