So, You Want to Buy a Home In This Market? Think Again.

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Understanding the forces driving the perfect storm in the real estate market.

Christine Egan, a massage therapist living in Putnam County, New York, has been eagerly searching for a house for almost two years now. She and her 16-year-old daughter, Isabel, have been renting a townhouse in a suburban community located more than an hour north of New York City.

Ms. Egan describes the entire process as extremely frustrating. โ€œThe biggest problems are finding homes in my price range, and then when I do, being outbid by someone else,โ€ she told The Epoch Times. In this region, houses in the $350,000 to $400,000 range are few and far between, and many of them require a tremendous amount of work.

โ€œI canโ€™t believe that these homes are selling for that much money and still need major renovations. After making the down payment, I’ll have no money left to fix things,โ€ Ms. Egan said.

What sheโ€™s looking for ordinarily wouldn’t be that difficult to find: a ranch-style home with three small bedrooms and a little yard.

โ€œI want to stay in the same area, but Iโ€™m now faced with homes priced at $500,000 or more if I want something that doesnโ€™t need serious work,โ€ Ms. Egan said. โ€œTheyโ€™re beautiful homes, but I just canโ€™t afford them.โ€

She said that some of the homes sheโ€™s seen in her price range need new kitchens, bathrooms, appliances, major plumbing, or electrical work. Mortgage rates, now at about 7.5 percent, are also hampering what she can afford.

โ€œThe only good thing is that Iโ€™m not in a rush to move, so I can play the waiting game,โ€ Ms. Egan said. โ€œI donโ€™t need anything big, as my daughter will probably be going to college in a couple of years. I just want to find something I love that needs just a few cosmetic upgrades.โ€

For now, she wants to remain in suburban New York to be close to family and friends. Her situation isn’t unlike many in this country.

The National Housing Conference, a Washington-based coalition of U.S. affordable housing leaders, warns that there’s an escalating housing affordability crisis in the United States.

Byย Mary Prenon

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