[quote=The-Shoveler]At least coming from L.A., in SoCal it has ALWAYS been that way, it has always been tough for the 20 somethings to buy their first home and get started,
Well at least as long as this boomer has been here,
(with the exception of the last three years actually which I think have been exceptional for first time buyers WHO Were not TOO DANG PICKY!!!).
inflation for as long as this boomer has been alive has always been the home buyers friend, if they can make it the first 10 years.[/quote]
Wholeheartedly agree with everything said here.
However, I want to add that the rock-bottom interest rates of recent years have had the effect of “raising the standards” of FTB’s, often unrealistically so, to where they can’t see the forest for the trees if they haven’t purchased yet.
Never in a million years would I have “looked at dozens of homes” all over the map in order to buy my first, second, fifth or 7th home or beyond.
What exactly is the point in doing that?
I always had location parameters and purchased a “suitable” residence within those narrow parameters in very short order. Three of my moves were less than 1.5 miles apart.
As I stated before on this thread, “suitable” is in the eye of the beholder.
Multiple dozens of showings over many months is bordering on lunacy and is just confusing FTB’s.
The current “low-inventory problem” is having the effect of separating the “serious buyers” from the unrealistic perpetual looky-loos and the “prepared buyers” from the ones who didn’t bother to get their house fully in order to properly compete (which in SD, means saving a 20%+ downpayment).
Even for the “prepared buyers,” house hunting is not a sport. You only need ONE residence at a time and it needs to be as close to the “right location” for your needs as possible. When you find it, you need to jump on it (excepting expensive structural damage, condition be damned). It’s ALL eventually “fixable.”
I’m noticing one of the house-hunters in the article in the OP is quoted as saying they were “picky” when they first started their search but now are “not as picky” since they are living with parents/in-laws during their l-o-o-o-ng search in which they are ostensibly “holding out” for just the right house.
LOL. This type of buyer is NOT going to ever find what they are looking for in their price range in this RE climate and will be in a parents’ back bdrm for the duration … and beyond.
They were “houseless” after a year+ long “search” (much of it at decidedly lower prices than today) because they did it to themselves :=0
