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You only compete against other private homeowners at the ultra high-end of the market. Everywhere else, you're competing against investors. They are paying cash
by subpixel 3y ago
You only compete against other private homeowners at the ultra high-end of the market. Everywhere else, you're competing against investors. They are paying cash.
- jrockway 3y agoThis really depends on the details of the market. Much of the housing stock in NYC are Co-ops that require the owner to use the apartment as their primary residence. (My building is 100% owner-occupied, though we do allow subletting for a couple years.) You can compare prices in these buildings to restrictionless condos and see how much effect investors have. It is noticeable, but not earth-shattering. Many people that live in co-ops probably could have bought a condo if it's what they wanted.
- DontchaKnowit 3y agoYeah thats just not true. You are competing against both but not on every home.