By Dr Denver H. Bubble
We often take a serious view on things at this blog, pounding home stats about the limited inventory of houses in the metro Denver area, high median prices that keep on climbing month over month and borrowing terms that are getting tighter and tighter. Luckily, USA Today had a light-hearted article (we think) that highlighted the role of social media in the home purchasing decisions of millennials. One-third of all millennials when they view pictures of homes purchased by other people on social media thought "if they can buy, so can I." Well dear millennial buyer glued to Facebook, perhaps they saved for a down payment and have a steady job to pay the monthly mortgage payments. A quarter felt they were missing out or they needed to "grow and buy." Again not solid reasons to buy a house.
A more prudent strategy would wait for the housing market bubble to pop in metro Denver rather than chasing the dwindling supply of homes and pushing up prices even higher or worse buying a home at the top of the market and then having negative equity when the dust settles.
Image and article source: USA Today