New Normal real estate market

Is This the New Normal?


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.
4pm Thursday. Use the Meeting ID:
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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.

New Normal real estate market
Jonathan Miller, Founder of Miller Samuel Inc
A housing crash is unlikely, but a correction could be around the corner Business Insider.
“talk of a housing bubble has intensified amid surging housing costs…a crash is unlikely”Post Covid, Millennial Buyers Want Larger Homes World Property Journal
“millenials are now in favor of a larger home and home builders are responding”U.S. Home Sellers Beginning to Drop Asking Prices  World Property Journal
“suggesting that the seller’s tight grip on the market is starting to loosen”Toronto Home Prices Drop Most in Two Years as Rates Slam Market Bloomberg
“higher borrowing costs start to bite in what has been one of the world’s hottest markets”We’re Having this Long-Term and Short-Term Transition to Remote Work  Thomas Cooke
conversation with Professor Cooke on why people are content to stay putHistoric Home Affordability Issues Continue in 80 Percent of U.S. Markets Monsef Rachid
up from just 38% of counties in the first quarter of 2021. Houses spiked 16% while
wages rose just 7%. The 26.3% of wages to buy a home…highest point since 2008.