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44% of American households have less than $1,000 in savings
- Thread starter kidfury
- Start date
People aren't doing the bidding up, investor groups are bidding up those houses. The individual family buyer for an SFR has had the market stolen from them by the investor groups. Zillow and a couple of others are the big gorillas but there are hundreds probably thousands of smaller groups the pool their cash to buy into the flip and/or rental market. The individual family buyer has the odds stacked against them and you have to have cash $$$$ to lay down and a good, tough agent/broker working for you to have a chance.
Last I saw, it's about 18% of all home sales to investors. That's still up quite a bit, but it's really a problem now simply because for sale inventory is so low.
The low inventory has really exasperated the situation.
My wife has a buyer with a $650K budget. She is moving down here from OR for a job at UCSD. She has so far lost out on 3 offers on crap condos in La Mesa and Mission Valley. Two of those were sold to investor groups the other to a family who bought with all cash. The two investor groups consisted of a couple of friends that pooled their money to buy into the rental market.
And now rising interest rates will put even great strain on individual families looking to enter the market. The $600K - $1.0Mil range is brutally competitive for buyers.
Is that nationwide or for California?
I imagine that for certain zip codes that number is a far amount higher.
Hey man, don't go bringing personal responsibility into this! All poor people are powerless victims!
Poverty in the US is just as much cultural as it is circumstantial.