Yeah, I think for the coastal areas, getting a loan and financing isn’t their primary concern. It’s find a place they actually like. Having worked in personal finance in the past, it continues to amaze me reading forums when people ask who are all these folks with money. There are so many people with tons of cash out there, it’s no surprise. It IS a surprise when people don’t realize their situation is no where near the norm for these folks.
Also, pretty much all my friends have had “help” from family buying homes so pretty much all of them are in 1 mil+ homes now in the bay area, and LA either trading up and parents/family helping.
The question is who can afford all this, but the answer from this example is plenty of people and if you’re waiting for these properties, good luck competing with folks with much deeper pockets. 🙂
Funny thing even if it drops another 20% from here, it won’t faze them at all.
