Pam Hyjek: The twisted real estate market

Does it occur to anyone else that this real estate market is absolutely not for anyone who is actually seeking housing?

The sky-high lending rates help no one (except the lenders), as it stands, and no seller will even consider a buyer who needs financing anyway. It has now been the case for several years.

This means all buyers are in competition with cash and cash alone. Cash-equipped buyers are mostly exclusively now investors, because rich people can only acquire so many residences before it becomes ridiculous.

“Investors” and rich people drive up rents and turn tenants into homeless persons. No working person alive now in the U.S. can buy a home to actually live in if they need to finance a mortgage with a bank or credit union. Very few working people can afford the super-inflated rents that such a twisted market has produced.

Pam Hyjek

Northampton