Denied From The Housing Market Rebound

Sometimes the shortest feedback is the best.  Yesterday, in addition to a couple AR comments,

What If The Housing Market Rebounds And No One Else Can Jump In?

several off-line individuals took the time to comment on the possibility that the housing market is generally, slowly  rebounding throughout the United States of America, but not everyone can jump in. 

Don't 750 have a credit score?  I don't think you're going to be able to buy one of them at the Dollar Store or the local convenience store.  

Don't have 20% down-payment for sitting in a savings account accumulating a whopping .000000001% interest?  I don't think you're going to be able to reply to an email-scam and suddenly find $7,000,000,000 billion sent to you by the Prince of the Long Lost Kalahachi Tribe that sits atop the world's largest iron ore reserve.

Don't have a job?  Maybe you could buy your way into one of these for the right price at the right company, but these days so many of the open positions are for individuals who do not exist with the necessary skillset to fill the position. 

Don't have one of your offspring you're ready to trade-in for securing a mortgage?  This one is a bit more iffy and completely dependent on if the Loan Officer likes your child-offering.  Otherwise, as Suzie Orman would scream out in her nasaly-voice 'DENIED'.

Surely, this is a bit exaggerated, but for some in our community, they feel like the perpetual window-shopper.  Wanting to go in the nice store on the Magnificent Mile along Michigan Avenue in downtown Chicago, but they lack the financial horsepower to actually make a purchase of the fine quality items which the purveyors offer.

What if the American dream of owning a home transforms into the American dream of being asset-light and experience-heavy.  Maybe some forward-thinking individuals like Rachel Botsman have it right.  "People don't want the drill, they want the hole the drill can make."  Collaborative Consumption is right now in the hands of early-adapters, but a century ago, so too was gasoline-powered automobile engines in the hands of early-adapters and look how far we've come.

Michael Hobbs, SRA     PahRoo Appraisal & Consultancy

Twitter @PahRoo

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