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Zillow could skew housing prices and push younger homebuyers out of market
- blntechie 5y agoOnly solution is to build more houses but NIMBYs and people with vested interests in the keeping the home prices appreciating will never allow it.
- miguelazo 5y agoThe TYPE of housing being constructed also matters. There has been plenty of construction in some areas, but all luxury condos to serve as bank accounts for foreigners.
- moneywoes 5y agoMirror anywhere
- data-cat 5y agohttp://archive.today/MROLK http://archive.today/MROLK
- denkmoon 5y agopfft, they're late to the party.
- tolleydbg 5y ago~could~?
- Iefthandrule 5y agoDoes any real estate company really care about who buys if they can profit from it?
- PebblesHD 5y agoOh don’t worry Zillow, in places like Sydney young people have already been well and truly priced out of the market. Our median house price for the massive ‘Greater Sydney Area’ is a massive 1.5 million dollars. With an average salary around $60k something is already fatally broken with the system.
- redis_mlc 5y agoFYI: Australia has income tax incentives for owning property roughly equivalent conceptually to the effect of Prop 13 in California. So houses are a tax shelter, not personal shelter. That's how a penal colony (err ... remote) mining and tourist economy can support $1.5 million dollar houses.
- noahtallen 5y agoDefinitely true for any mid to large size city anywhere in the west of the US as well. Not quite $1.5M bad, but even if you’re making a hefty $100k as a young person in tech (way above normal salaries for these areas), saving towards a $500k starter house is a very hard ask on top of paying off student debt and rent. If you don’t have existing equity or an abnormally large salary, you’re screwed.
- sergers 5y agoSame here in Vancouver BC and every other major metropolitan city in Canada... I bought my house 10 years ago, for a modest 600k.(good deal at the time). My neighbour which has a lower value home (same builder, I live in his former personal home which he put more money into, larger lot size aswell) sold his house 2 months ago for 1.4million. I supposedly live in the once cheaper suburbs... I could never afford to buy into this market as a first time home buyer Average household salary is like 60k or less, heck I am in low 6 figures and can hardly afford cost of living with my existing mortgage payments (I spend about 70% on mortgage/utilities/insurance etc).
- taurath 5y agoIt is basically if you aren’t in tech or in an industry with access to legacy money and connections (real estate, law, etc), homeownership is out of reach in many metro areas in the US. However, there’s a constant drone of people migrating, and only a few “acceptable” places to go. 2nd and 3rd “tier” cities on that acceptable list are now growing massively.
- miguelazo 5y agoHouse of cards. The degree to which they’ve skewed prices even before iBuyer is staggering. The BS “zestimate” prices they post have an enormous influence in key markets.