COLORADO SPRINGS“The statistics do not tell the entire story. We may show only a 1.1% drop in the median sales price for all properties, and a slight uptick in active properties, but the real
Unhealthy housing and diets???
Dated: December 21 2021
Views: 196
“November tosses most of our diets into chaos as we enter the holiday season. It is the time of year that we all look towards January, admitting there is a wagon we will need to get back on after demoing our diets over the season of festive parties and holiday gatherings. This year may add to that over-indulgence as buyers and sellers cross paths in a tight real estate market. Losing out on 13 homes in a row and going back to being a tenant will likely have many spiking their eggnog and having to admit to failure. It has become a seasonal celebration of defeat for many potential homeowners.
“Active and sold properties dropped in November making for a very tight market. Again, the normal is double digit appreciation year-over-year. This is not healthy. Housing is being locked up and buyers locked out by corporate hedge funds who are buying homes before they ever get a chance to hit the market. Entire townhome complexes, gone. Portfolios of small landlords selling to big hedge funds are tying up those homes. Right now, we are witnessing a buying frenzy where the biggest competition to middle America is a corporate housing buy out. Almost 20% of the homes nationwide are going to hedge funds. Zillow sold part of its overpaid inventory to a hedge fund. Within the last six months, a builder in Texas sold an entire neighborhood to a hedge fund. And stories continue to roll in on how buyers lose out to corporate entities who then force prices up and more buyers to be tenants – their tenants.
“As many promote home buying in all markets at all times, I pause. At what point do we admit we have a serious issue both here in the Front Range and the entire nation? When do we admit that housing has been pushed up due to manipulated interest rates by the FED and then inventory being gobbled up by corporate America? As inflation drives up, at what point does that begin to really push Americans into economic stress and debt they can’t afford? The FED admits the inflation is not transitory. That means it is here to stay and the money being printed is going to push prices even higher on goods and services many of us need. It seems to be a recipe for disaster. Sellers can rejoice, but buyers are being pushed into being full-time tenants and I do not think that is the way we want to see our country go,” said Colorado Springs-area REALTOR® Patrick Muldoon.
Patrick Muldoon
I have many interests and hobbies to supplement my busy career in real estate. Although I enjoy my work I also enjoy finding free time to enjoy the most important things in life. This includes being w....
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