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So sales are down..
..but prices are up?
Ah yes, the "free market"
Yep. Some people see houses as ever increasing appreciating assets and don’t want to take a loss. Hence, maintain high prices and price out buyers
corporate landlords and real estates do, thats why they buy up houses and sit on them til the end of time.
And buy up more houses when they become available. Because too many available houses will drop the price of their current holdings and they can't allow that, so they are obliged to keep snapping up anything that drops below market, keeping the price up.
For most people it's the single largest investment they've ever made. So yeah, they're reluctant to just see the price tank.
My vehicle is my second largest investment I’ve made and it is a depreciating asset. I’d argue that my house is too, as my 7 year old appliance may need to be replaced soon.
While I can certainly keep my current house when I move and I am encouraged to do so, I plan to sell. If I can manage, at a profit. If I can’t, oh fucking well. Why do we need to prevent utilizing an empty house?
So is your house. Do little to no up-keep on it and see how it affects the value over time. But you don't just get a new house when your roof starts to leak or when your furnace breaks do you? You replace it and fix it over time. You don't do that as much with a car. At some point those maintenance costs outweigh the costs of getting a new vehicle.
But it's also not just "the house" - it's "property". And property values change based on many other factors - lots of which are outside your direct control.
I do up keep on my house and it still feels like a depreciating asset. I’m behind on it because there’s an ever long laundry list.
Over-under, straight to jail.