Priced out of home ownership – 'It makes me want to throw up'

Re:Priced out of home ownership – 'It makes me want to throw... by rcpt on Monday May 27, 2024 @05:29PM (#40494924)

Higher rates don't do anything because incumbent owners simply pull houses off the market to wait it out.

You need to increase carrying costs. Land value tax is the best way but it's about as far as you can get from what's implemented anywhere

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Re:Priced out of home ownership – 'It makes me want to throw... by tmnvix on Monday May 27, 2024 @05:47PM (#40495072)

I have a feeling that those hoping to wait it out in the hopes of a return to low rates might be caught out this time around.

The past few decades (coinciding with the property price boom) have been all about ever decreasing interest rates. What is happening now looks a lot like a paradigm shift. I wouldn't bet on rates falling substantially anytime soon.

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Re:Priced out of home ownership – 'It makes me want to throw... by matwood on Monday May 27, 2024 @06:39PM (#40495457)

> Higher rates don't do anything because incumbent owners simply pull houses off the market to wait it out.

You need a recession.

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Re:Priced out of home ownership – 'It makes me want to throw... by abenga on Tuesday May 28, 2024 @02:39AM (#40497988)

Do lower house prices in a recession matter if no one has money, and everyone is being laid off from work? I feel like no one, except the very rich, benefits.

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Re:Priced out of home ownership – 'It makes me want to throw... by matwood on Tuesday May 28, 2024 @07:29AM (#40499642)

Unfortunately recessions and job losses are how you get lower prices. You need forced selling. As long as we're labor constrained with a hot GDP, people with a house and low rate will continue living their best life.

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