Bloomberg to home buyers: You’re morons

Hate to say it, but Bloomberg has a point.

Right now it’s party time if you’re a seller or a builder. The NAHB/Wells Fargo HMI just hit an all-time record in September for the second month in a row.

Redfin says home prices are up 13% YoY, and the August sale-price-to-listing-price ratio was 99.3%, “an all-time high and a full percentage point higher than a year earlier.”

And Bloomberg columnist Teresa Ghilarducci is here to point out that this is the worst time you could possibly choose to buy a home.

Buying in a seller’s market is not a good move. The housing market may be soaring because of bad information and short-term thinking. You don’t know whether bosses will make work-from-home permanent or who will be targeted for downsizing. You may come to rue buying at a time when inventory is so low and prices so high.

Read the full article here.

 

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