The news is very confusing these days. There are many contradictions. We hear talk of a bubble and runaway housing costs are met with Fed tightening and the end of the stimulus. We know Millenials are starting families, experiencing record low unemployment and rising wages. And yet record inflation, supply chain problems, rising energy prices and rising commodity prices seem to add a level of uncertainty not seen in our lifetime. Oh, and robots will take our jobs, and we could experience world war. So, we are trying to separate the signal from the noise. This week we talk to a man who has been studying housing prices since founding his firm in 1986. We’ll ask him which of those headlines matter most to the real estate market, and which of those factors we can largely ignore.
Jonathan Miller’s firm Miller Samuel Inc. provides appraisal services on roughly $5 billion worth of property per year in the New York City metropolitan area.
Mr. Miller is the author of a series of market reports considered the “report of record” covering New York, Connecticut, New Jersey, Long Island, Boston, Florida, Southern California and Aspen. His reports are relied on by the Federal Reserve, the IRS, the US Department of Housing and Urban Development, the NYC Office of Management and Budget, and others.