valerie wrote: Too much population, don't ya think?
Places to live in New York are expensive but when we say New York in the USA we
are referring to the New York, New York. Primarily the big city and near surrounding
area. I would guess that houses in New York State, is much much lower priced.
If people would stop buying, people would either stop selling and stop selling at
such an extravagant price.
I became interested in a program 'Alone'. Netflix has two seasons of it but not
any more. They drop people off alone on Vancouver Island. So beautiful.
People are crazy to spend so much money in homes at that price when they are in dire need of renovation, imagine now buying a standard home for $500k, even though knowingly you know that you probably will end of spending another $100k in repairs alone, and that is not even remodels yet. People ACCEPT to be ripped off, the more people buy the more prices increases, until people stop buying and things settle and the real estate bubble explodes. Then you have banks offering lower interest rates, people just pile debt and rather spend their entire life repaying their home. Affordable housing is something that is lacking - middle class is disappearing - you either have wealthy people living in decent homes or poor people living in the slums or on the street.....and the so-called affordable living areas are mostly buildings infested with rats, bed bugs, mice, cockroaches and other rodents.
As far as Vancouver, yeah nice areas, but crime rate is high there, housing is very high there too. It's crazy that people have to spend $400k-$500k to buy mostly 50-100 year old homes that need SERIOUS repairs. There used to be a time where you could build a brand new home for under $200k. Greedy people are destroying the economy. There is usually a median price for housing in a specific area, but you have the odd owner who's house is officially valued at $300k, but wants to sell it for $600k, and strangely enough there are cases here which have succeeded, old shitty homes that are small, tight, probably requires serious foundation repairs, landscaping,etc, it's disgusting, and people buy, that's fine they never can repay that anyway, 30-50 year mortgages, either that or there are wealthy people ! Of course wealthy people pay little taxes so they can afford it I guess.
There used to be a time where you could buy a decent house fro $80k-$100k requiring very little repair, now home owners here are selling their crap and new owners are expected to paint, roof, fix foundation, landscape, remodel.
People are buying homes as investments now, too much greed and over valuation of housing is NOT helping matters, it is only helping the real estate market, the agents and the sellers. Imagine in 10-20 years from now most homes will be worth close to a million, how the hell can we expect next generation of young families to establish themselves in a decent home, it is unlikely that in 10-20 years salaries will increase - nope, inflation will continue at the rate of 2%-3% per year, cost of living will go up, how will people pay for rent, housing, etc.........
Homes are valued far more than their worth, some homes here should be valued at no more than $180k-$200k, YET, they are being sold and valued to over $450k ! Once that real estate bubble explodes, who's going to get F.I.T.A. those buyers who have stupidly purchased a $600k home that was actually worth $200k.
Another housing crisis is expected eventually.