this post was submitted on 03 Dec 2023
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A boomer I know blames young people being in house debt because "they all buy houses with quarts and granite counters, hardwood floors and heated tile floor bathrooms. They skip the starter homes and go right to the forever homes".
He doesn't consider the fact that no one is building starter homes anymore. Everything has heated tile floors, granite counters and hardwood floors because the contractors are demolishing all the older "starter" homes to build luxury houses and 55+ only condos to sell to boomers who throw all their money at it. There's no profit in building starter homes anymore.
At least in our area, most of the starter homes were purchased and then completely redone internally to fancy up and then flipped. All of the homes went up about $100,000 at minimum because of people trying to profit off the housing market.
My first house, I bought in 2009 (so right during the crash). We offered full asking price, only to be told there was 3 higher cash offers, which I couldn't compete with as a mortgage (FHA) offer. The seller made living in the house for 1 year a condition of sale, and all the higher offers disappeared. Guarantee those were just flippers looking to make a profit, rather than homebuyers.
I think capital gains taxes should be sky high on real estate if owned for less than a year.
Like 90% tax on any profit from a sale owned less than one year.
Only problem, is that house flippers are also the only ones you can rehab old POS falling down shacks I to a saleable and occupiable house. So many houses near where I live have been rehabbed from a teardown into a usable house.
Maybe exempt if the purchase price was a certain amount below the average for the market.
Like if the price per sq. ft / acre of the house was 75% of market average when purchased it's exempt, that way the houses that really need to be repaired and fixed with get the attention they need to keep them in the market.
Then people can't just buy a house, slap a coat of paint on it and some new counters then sell for $100k over the purchased price 6 months later.