The low interest rates on mortgages coupled with relatively low home prices originally meant that first-time homebuyers (with decent credit, at least) could afford a house.
That is, until real estate investors got involved. For them, the current housing situation is a veritable buffet of home-shaped piggy banks, which is pricing many of us out of the market in some areas and giving house-hunters anxiety dreams. A friend who had been looking to buy a starter home was frequently outbid by cash-carrying buyers who offered up to $100k over the asking price.
The newest sign of ridiculousness comes in the form of the above video, which tells us that now many multimillion dollar condos are being bought sight unseen.
My feelings about this (meaning: everything about real estate at nearly every price point now) can only be summed up in GIF form:
Filthy rich? Why not add an indoor swimming pool to your place? (And then adopt me.)
Do you have a home story idea or tip? Email us at email@example.com. (PR pitches sent to this address will be ignored.)